Oneview Healthcare’s world first cloud-based care experience
ASX-listed global healthcare technology company Oneview Healthcare plc (ASX:ONE) recently launched the world’s first and only cloud-based care experience platform. This comes at a critical time to meet the demand for digital services driven by the pandemic.
With a market cap today of A$140m, Oneview Healthcare plc listed in March 2016 and is a leader in the healthcare IT industry providing a digital care experience platform to 60 hospitals on four continents including three of the top 20 ranked hospitals in the United States.
The Oneview care experience platform provides patients with a digital tablet at their bedside that uses contextualised real time information to demystify their hospital stay and provide relevant goals and education to get them home safer, faster and better informed.
The company charges hospitals a fee per bed per day as a managed service for the platform which also includes the ability to conduct telehealth consultations, order meals electronically and provide entertainment and calming content to support the patient through a hospital stay.
Digital transformation in healthcare
The company’s competitive advantage is that it recently became the only Cloud-hosted inpatient care experience platform in the world and is the only company in its category to have earned the globally recognised ISO 27001 certification for information management systems which is considered the benchmark for maintaining customer and stakeholder confidentiality. Oneview partnered with Microsoft and Samsung for their go-to market strategy in the United States and has successfully integrated its technology platform with all major electronic medical record providers in the United States.
We have all become accustomed to consumer-centric digital experiences in our daily lives – whether in e-commerce, finance, travel or entertainment. And yet being admitted to a hospital room has been like going back in time to a pre-digital era.
Efforts to improve the inpatient experience have grown with the shift to value-based care but using innovative digital capabilities has often been deemed as “nice to have.” When COVID-19 hit and health systems and care teams struggled to support growing admission rates and isolated patients, the benefits of technology at the bedside became self-evident to care teams, patients, and their families alike.
In a highly competitive healthcare system, clinicians and nurses are under intense pressure to do more with less. This intelligent use of technology gets back to what matters: providing the patient with convenience and control while lessening the burden on care teams to deal with non-medical service requests.
A key enabler for digital transformation across industries has been the Cloud. Healthcare has been slow to adopt Cloud-hosted solutions, but that transition has finally begun in earnest. The benefits are well documented and include faster less costly deployments that require significantly fewer hospital resources to implement and maintain. This improves team agility and the ability to remain current with technology versions. It also has the added benefit of accelerated technology adoption for the vendor community promoting speed to market and allowing fresh innovation and entrepreneurship.
A long runway for growth
Despite the COVID-19 pandemic, Oneview added three new hospitals to its client portfolio in 2020. Two US-based hospitals, and the 135-bed Central Acute Services Building, which forms part of the Sydney Children’s Hospital Network. Oneview ended the financial year with its inpatient solution live in 9,259 beds with a further 2,555 beds contracted but not yet installed.
Whilst 2019 revenues were flat on the prior year due to the impact of the pandemic, cash operating expenses fell 44 per cent year-on-year. Oneview has provided revenue guidance this year of +45-50 per cent as the impact of the pandemic on hospitals lessens and indicated that cash operating expenses will be broadly in line with 2020 levels.
COVID-19 has accentuated the need for new virtual models of care highlighting the importance of bedside technology. Governments around the world have earmarked billions of dollars to upgrade hospital IT infrastructure and accelerated investment in digital health, especially telehealth. Oneview is ideally placed to capitalise on this seismic shift in the industry.
The company’s technology platform has been built over 12 years and over $100m of research and development has been invested to ensure it is capable of scaling to the demanding needs of some of the most sophisticated hospitals in the world. Oneview is uniquely placed to take advantage of this new paradigm with a clear first-mover advantage.
You can read more about Oneview at their investor centre.