Induction Healthcare announced a contract renewal with NHS England which secures £6.6m annual recurring revenues for Induction Attend Anywhere on Monday which sent shares flying 20% to 52.5p.
Following the recent contract renewal across NHS England for remote consultation services in secondary care, Induction Attend Anywhere contracts have been successfully extended or renewed across 94% of existing contracts, according to Induction, a leading digital health platform driving healthcare system transformation worldwide.
This is well over management’s estimates, and it went into effect on 1 April 2022.
As a result of the foregoing contract renewals, £6.6m in annual recurring income will be recorded in FY23.
Previously all contracts were for one year, the new contracts range in length from one to three years, with the majority committing to at least two years which amounts to a total contract value of £10.9 million.
Induction Attend Anywhere
Induction Healthcare transforms care delivery by delivering a portfolio of software solutions through a single integrated platform.
The company’s system-wide applications enable healthcare practitioners and managers to give care remotely as well as face-to-face, allowing communities to have a more flexible, efficient, and positive experience.
Hundreds of thousands of physicians and millions of patients across almost every hospital in the British Isles rely on its applications, which are used at scale by national and regional healthcare systems as well as non-health government organisations.
Induction Attend Anywhere is a purpose-built collection of services, tools, and resources that have helped NHS health services in England, Scotland, and Wales integrate video consultations into everyday practice.
It allows patients to attend a medical appointment through video, which helps patients, healthcare providers and the healthcare system as a whole.
Following a successful national roll-out of AA in Scotland and regional trials in England, NHS England centrally contracted with Attend Anywhere in early 2020 to offer healthcare practitioners the option of remote consultations in secondary care for their patients.
The Covid-19 outbreak sprang out a few months later. Attend Anywhere’s rollout under lockdown conditions was one of the fastest in NHS history in terms of a single technology.
This centralised NHS England contract terminated in March 2021 and a series of competitive regional tenders were launched as anticipated.
To enable NHS Trusts to licence a platform of their choosing, central funding has been made available until March 31, 2022.
The directors believe that the NHS contract renewals announced today, which were completed in a highly competitive environment, represent a significant endorsement of the Induction Attend Anywhere solution and a clear justification for the claim to be the UK’s market-leading video consultation service used in secondary care.
Induction Attend Anywhere is now the preferred embedded technology for NHS video consultations throughout the United Kingdom.
Between March 2020 and March 2021, outpatient visits delivered by video utilising the Induction Attend Anywhere platform saved 4.64m hours of inpatient travel and wait times, as well as £40m in patient transport costs and parking charges throughout NHS England.
James Balmain, Chief Executive Officer, Induction Healthcare commented, “We are absolutely delighted by such a significant endorsement of the Induction Attend Anywhere video consultation solution.”
“When we acquired Attend Anywhere in June 2021, we knew that the change to regional procurement might present more of a challenge than national and were aware of the clear competitive pressure from global video conferencing providers, who’ve become household names during the pandemic.”
“It is a testament to the strength and quality of our offering, and to the speed of business integration, that we were in a position to open negotiations within months of the acquisition and complete this complex process within deadline.”
“The conversion rate for these renewals, and the fact that the majority have opted for multi-year contracts, shows that our purpose-built technology has not only become a trusted, long-term solution for secondary care in the UK, but one of the most widely used technologies to be rolled out as part of the digital transformation of the NHS.”
“This not only reinforces the significance of the acquisition but also the intrinsic value that Attend Anywhere brings to the group as part of an integrated and all-encompassing digital health platform.”