HeraMED secures landmark commercial agreement with Joondalup Health Campus
Health & Biotech
Health & Biotech
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HeraMED has announced a paid pilot with a leading medical provider for 100 expectant mothers.
HeraMED’s (ASX:HMD) HeraCARE platform will be rolled out to 100 expectant mothers at WA’s Joondalup Health Campus as part of a landmark paid pilot that marks an important step in HeraMED’s commercial plan.
Under the agreement, the HeraCARE solution will be introduced for remote monitoring and care management in pregnant women, allowing the HeraBEAT device and additional medical data such as blood pressure, weight, mood and more to be used in telehealth consultations.
The announcement follows a successful clinical study at JHC, a leading medical institution and one of WA’s biggest hospitals (part of the Ramsay group), and will be based on a Technology as a Service (TaaS) model, delivering recurring revenue of $AU50 PMPU (Per Month Per User) for HeraMED.
The paid pilot marks an important next stage of collaboration between HeraMED and JHC and is expected to be followed by an agreement for the full deployment of the HeraCARE platform as an innovative standard of care and a unique, improved service for JHC’s obstetrics care.
HeraMED CEO and co-founder David Groberman said the agreement marked a great achievement for the medical tech company.
“We are delighted to have reached this agreement with JHC as it represents a significant achievement in our commercialisation strategy. Representing the first agreement for the full-blown HeraCARE platform, on a Technology as a Service basis, it is in line with our commercialisation strategy and is expected to underpin further awareness of our technology amongst global healthcare providers,” said Groberman.
“JHC is part of Australia’s largest private hospital operator; Ramsay Health Care Group and is well regarded as an early adopter of new technologies in obstetrics. It is particularly pleasing that JHC has adopted HeraMED’s innovative technology as it forms part of their strategic plan to become market leaders in embracing innovative care models based on digital health, home-based remote monitoring. We are confident that this partnership will underpin further opportunities with health providers in Australia and globally,” he said.
The adoption of telehealth has been accelerated by the COVID-19 pandemic and is becoming an increasing focus for healthcare providers. HeraMED is well-positioned to take advantage of this trend and provide medical professionals with new ways to empower and connect to pregnant mothers in the comfort of their home or those who may not be able to regularly visit their doctor.
JHC CEO Dr Amanda Ling, said: “We are delighted to have reached this agreement with HeraMED and we look forward to being able to incorporate the HeraCARE platform into our remote monitoring and care management programs for pregnant women.
“At JHC, we are continually evaluating and adopting new technology that will improve the patient care and this agreement is a demonstration of that strategy at work.”.
HeraMED and JHC completed a successful clinical trial late in 2020, validating the HeraBEAT foetal heart rate monitor and its use in monitoring the health of mothers and children remotely.
The trial was peer-reviewed and published in the “Green Journal”, the official journal of ACOG (the American Congress of Obstetricians and Gynecologists) and the leading journal in the world in the OB sector, which is the highest level of validation to the credibility and acknowledgement of the trial’s process and results.
The HeraBEAT device has been found comparable to the gold standard CTG (Phillips Avalon) machine, detecting foetal health rate on 100% of occasions by both clinicians and expectant mothers, and is a cost-effective option for medical providers.
JHC joins other market-leading medical providers that have partnered with HeraMED to use its innovative technology, including Mayo Clinic and eCare 21. The company is currently in advanced discussions with other health operators to expand the adoption of the HeraCARE solution.
This article was developed in collaboration with HeraMED, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.