Aged care AI innovator InteliCare cracks $14.3 billion residential aged care vertical with a new contract win.

InteliCare Holdings (ASX:ICR) is accelerating its strategic growth with a groundbreaking new contract win that opens up the lucrative residential aged care vertical.

The partnership, through InteliCare’s five year supply agreement with Optus, will see the Perth-based SaaS company trial its tech with one of Western Australia’s largest aged care providers, Bethanie.

The three-month proof-of-concept contract will allow Bethanie staff to proactively monitor customers and collect real-time behavioral and health data to give carers richer insight into a customer’s health and wellbeing.

Bethanie has 13 residential aged care homes in WA and provides care to more than 3,000 Western Australians across residential care, home care, retirement villages and community housing.

CEO Chris How called the pilot an important milestone in the delivery of the company’s innovation strategy.

“Leveraging market-leading technology and data-driven insights we aim to further improve the health and wellbeing outcomes of all of our customers,” How said.


New vertical 

Although not material in value (the contract is worth around $40,000) the deal is significant for InteliCare and its growth strategy in that it markets the company’s entry into a new healthcare vertical with a leading sector provider.

InteliCare CEO Jason Waller said the agreement would further drive the company’s growth strategy.

“This drive ensures we can conquer new verticals with health and aged care services.”

“InteliCare has innovation and exploration embedded deep into its core, we look forward to the continuous expansion of our offerings and successes,” he said.


Booming sector, in need of support

Waller also said the company was committed to continuously improving its product to match the growing needs of health care providers nationwide.

Demand for services in the sector has increased significantly on the back of COVID-related staff shortages and demand for better quality care in the wake of the Royal Commission into Aged Care Quality and Safety.

The Federal Government has committed to spending $14.3 billion on residential aged care services in this financial year alone.


Improved features

The company also flagged ongoing enhancements to improve user experience for residential aged care staff. Recent updates included an enhanced real time dashboard, configurable event alerting, and continuous vitals monitoring. This will be expanded further based on machine learning AI R&D through InteliCare’s partnership with the University of Sydney.

This article was developed in collaboration with InteliCare, 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.