Singular Health Group signs MOU and completes equity placement

Medical technology company Singular Health Group rose after it announced the signing of a Memorandum of Understanding (MOU) with Provider Network Solutions (PNS) to collaborate on a technical proof-of-concept and commercial pilot within the PNS Network. Singular Health also announced the completion of a successful equity placement of AUD3.7M at $0.09 per share, including an AUD0.5M cornerstone investment by PNS.

• Singular Health and Miami-based Managed Service Organisation PNS have signed a MOU for Singular Health’s 3Dicom software.
• The MOU provides a definitive pathway towards an initial commercial pilot, a subsequent full-scale rollout throughout the PNS network, and a planned National rollout to PNS’ wider network.
• Singular Health’s Medical File Transfer Protocol (MFTP) enables access to imaging data across disparate PACS networks, regardless of location, resulting in a potential reduction of duplicate imaging costs to payors, risk providers and Managed Service Organisations.
• Singular Health completes a successful equity placement of AUD3.7M at $0.09 per share, including an AUD0.5M cornerstone investment by PNS.
• These new funds will be directed towards further development of the 3Dicom software, the MOU implementation and advancement towards a commercial pilot program along with working capital.

PNS is a Miami-based Managed Service Organisation (MSO) with operations in Florida, Texas, and Puerto Rico, managing the provision of healthcare for more than 3.7M Member Plans.

Throughout 2024, Singular Health has, in collaboration with PNS, co-designed a forward workplan and bespoke solution to demonstrate the feasibility of Singular Health’s 3Dicom solution in solving multiple, highly valuable workflows, within PNS’s network to target the reduction in duplicate imaging and improving access to imaging across disparate PACs  systems along with applying analysis to historical and recent images.

Commenting on the PNS MOU, Singular Health’s Managing Director and CEO, Denning Chong said: “We look ahead to the technical proof-of-concept, which is expected to commence in the coming days and to solidify our relationship with PNS in the coming weeks and months. Our focus on providing solutions to MSOs is part of Singular’s scalable business model that would ultimately lead to significant contracts. Our collaboration with PNS during 2024 has given us confidence in our 3Dicom software and its application to other MSOs in the substantial US market.”