Singular Health Group has moved to Phase 2 of its MOU with Provider Network Solutions after successfully completing the Phase 1 technical proof of concept. Pic: Getty Images
Health & Biotech
Special Report: Singular Health Group has successfully demonstrated the technical proof of concept for Phase 1 of its memorandum of understanding with Provider Network Solutions.
This was achieved by using Singular’s proprietary 3Dicom Gateway and MFTP from multiple remote demonstration facilities to search, retrieve, share and analyse medical images in minutes as opposed to hours or days by manual processes.
It also demonstrated the audit trial and use of a third-party AI model to provide quantitative analysis of medical images and report generation without adding to radiologists’ workload.
The results successfully meet all conditions for Phase 1 of the MOU, leading both Singular Health Group (ASX:SHG) and PNS to move into implementing and satisfying Phase 2.
This will focus on detailed planning and budgeting for the initiative, which is scheduled for execution in Q2 this calendar year and set to provide further momentum for the company to progress towards Phase 3 – the commencement of the commercial pilot in Puerto Rico or the US mainland.
The MOU seeks to demonstrate the feasibility of the company’s 3Dicom solution, which seeks to reduce duplicate imaging and improve access to imaging across disparate picture archiving and communications systems (PACS), along with applying analysis to historical and recent images.
Its Medical File Transfer Protocol (MFTP) enables access to imaging data across different PACS networks, regardless of location, resulting in a potential reduction of duplicate imaging costs to payors, risk providers and other MSOs across the US healthcare industry.
“We are very pleased to announce the successful completion of the proof of concept, being Phase 1 of our memorandum of understanding with PNS and marking a significant milestone in our collaboration with PNS,” managing director Denning Chong said.
“We are now into Phase 2 of the MOU which will help quantify the significant savings and technological benefits to PNS and provide the road map for a future roll out of MFTP.
“This Phase 1 achievement is important as it sets the stage for the paid pilot, which will subsequently take place in the United States and/or Puerto Rico as part of Phase 3 of the MOU.
“With the successful completion of Phase 1 we look forward to furthering our already extensive engagement with PNS, including in respect of the planning and budgeting for the paid pilot.”
Providing a sign into just how well Phase 1 went, PNS chief executive officer Dr Jose Pelayo said his company was blown away by the speed of the DICOM retrievals and is confident that the solution will “remove significant costs associated with unnecessary duplicate imaging within PNS and the broader MSO network”.
“After participating in the recent SHG placement we are very pleased to continue our collaboration with Singular Health and we look forward to progressing towards completing Phase 2 of our MOU with SHG being a commercial pilot within one of our hospital systems,” he added.
This article was developed in collaboration with Singular Health Group, 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.
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