Multi-year hospital contract for Induction Switch

RNS Number : 4029T

Induction Healthcare Group PLC

25 March 2021

 

Induction Healthcare Group PLC

("Induction", the "Company", or the "Group")

Multi-year hospital contract for Induction Switch

Continues strong momentum in recurring revenue run-rate across all subscription-based software products
 

Induction (AIM: INHC), a leading virtual care platform driving digital transformation of healthcare systems worldwide, announces that a London-based NHS Foundation Trust has chosen Induction Switch to support its 8,000 clinicians and staff over a three-year contract. Induction Switch is a time-saving iOS and Android app used by most junior doctors in the NHS.

Induction Switch is part of a suite of Software as a Service ("SaaS") tools that combine to deliver a virtual care platform. Induction is contracted with 171 of the 214 NHS hospital trusts and is interoperable with 62% of UK hospital Electronic Health Record systems. The contract award was made via the NHSX Clinical Communications Tools Framework, of which a key focus is to upgrade outdated systems, such as overreliance on bleepers. Induction was admitted to the framework in August 2020. 

This contract award reinforces the strong momentum in sales and annual recurring revenue run-rate seen across all of Induction's subscription-based software products in the second half of the financial year. The Board expects to deliver strong revenue growth for the year ending 31 March 2021, the Company's first full year of revenue generation, and further details will be provided in a trading update in early May.

About Induction Switch

Induction Switch saves healthcare professionals time by allowing them to bypass the hospital's switchboard, helping them locate extensions, return bleeps quickly or send instant and roles based messages in a secure environment (which includes TeamSpaces and a broadcast newsfeed, among other features). This is all provided as a fully authenticated and clinically safe service. An Induction study of its own users showed that using Induction Switch rather than traditional methods could save clinicians an estimated 2.5 hours a week with attendant cost savings.

Induction Joint CEO, James Balmain, said:

"Engagement with our tools and technology from one of London's largest hospitals reflects the demand for secure information sharing solutions in a period of unprecedented pressure on global healthcare professionals and services. We have generated excellent commercial momentum in our first full year of revenues and, through our SaaS-based business model, contracts like this have been contributing to a growing annual recurring revenue run-rate across the Group."

-ENDS-

ENQUIRIES

Induction Healthcare Group PLC Dr Hugo Stephenson, Joint Chief Executive Officer	Via Walbrook PR Ltd: [e-mail]
James Balmain, Joint Chief Executive Officer
N+1 Singer (Nominated Adviser and Broker)	[phone]
Philip Davies / Kailey Aliyar
Walbrook PR Ltd	[phone]
Paul McManus / Alice Woodings

 

About Induction Healthcare Group PLC -  https://inductionhealthcare.com

Induction Healthcare (AIM: INHC) is a leading virtual care platform driving digital transformation of healthcare systems worldwide. Induction solutions enhance the investments hospital systems have made and lay the foundation for their future. Our products can enable information share between busy doctors, alleviate operational burdens on hospitals or put patients in better control of their care, all while ensuring the highest standards of clinical safety and information security. We unchain staff and patients from the limitations of paper-based and desktop systems - and that creates massive time and cost efficiencies.

More than 200,000 hospital doctors across multiple territories, including the UK, Ireland, Australia and South Africa, as well as a rapidly growing number of more than 200,000 UK patients, choose Induction solutions.

Induction Switch is the number one healthcare collaboration app in the UK, used by the majority of hospital doctors within the NHS. The app helps to increase productivity and enhance communication by securely sharing phone numbers and bleeps, bookmarks, documents and messages in a clinical setting.

Induction Guidance provides medical organisations, including most hospital trusts within the NHS, with the ability to collaboratively create, edit, and publish their own local medical guidelines in a secure and locally administrated environment. This increases knowledge of, and adherence to, guidance.

Induction Zesty is a market-leading digital platform for patients visiting hospitals. The platform allows patients to book and access their appointments, read their clinical letters, store a copy of their clinical record and provide data to their care teams remotely. It is not just a compelling patient experience, but also delivers significant cost benefits to hospitals.

Induction HealthStream is a proprietary data integration platform that reads and writes patient demographic, appointment and clinical record data between a growing number of hospital EHR systems and the Induction platforms. This connectivity between stakeholders and legacy IT systems adds substantial value to pre-existing health IT investment and allows large-scale adoption of Induction app-based services.

 

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