NEW YORK, Jan. 20, 2021 /PRNewswire/ -- The healthcare system has begun to implement some noteworthy changes to its infrastructure under the continued pressure from the pandemic. Various technological solutions, that before the pandemic were being slowly introduced into the system, have become more dominant in 2020. One such solution, telemedicine, is used in diverse sectors including cardiology, radiology, behavioral health, and others. After the pandemic subsides, many patients and other potential customers may prefer a virtual consultation option, as it reduces the cost of healthcare related services such as hospital stays and is also safer. This shift, in turn, could help give momentum to new healthcare business models in telemedicine. Overall, the global telemedicine market size is projected to reach USD 185.66 Billion by 2026 while exhibiting a CAGR of 23.5% during the forecast period of 2020 – 2026, according to data provided by Fortune Business Insights. Beyond Medical Technologies Inc. (CSE: DOCT), American Well Corporation (NYSE: AMWL), Change Healthcare Inc. (NASDAQ: CHNG), Allscripts Healthcare Solutions, Inc. (NASDAQ: MDRX), Evolent Health, Inc. (NYSE: EVH).
Technological changes are also expected to further transform service delivery and scale up the utilization of digital systems, which are key factors that are currently lacking within the healthcare industry. Data provided by a Price Waterhouse Cooper (PwC) report indicates that the health industry is betting that digital transformation will make the difference in delivery and cost. The health industry's appetite for data has grown beyond medical histories. To provide better and cheaper services healthcare, professional are now collecting genetic information, counting calories, steps, fertility cycles and how often we toss and turn at night. Across all industries surveyed by PwC, key obstacles to monetizing data include poor data reliability (34%), data protection and privacy regulations (33%), an inability to adequately protect and secure data (32%), and a lack of analytical talent (30%).
Beyond Medical Technologies Inc. (CSE: DOCT) just announced breaking news that, "that further to its news release dated January 14, 2021 announcing its letter of intent with Kayan Health Limited ("Kayan Health"), Kayan Health has launched a Virtual Medical 'Second Opinion' platform (the "Second Opinion Platform") as part of its suite of digital health products.
The Second Opinion Platform will be a peer-to-peer service that will match clinicians in the Caribbean with clinicians in the United States to review patient medical records. Physicians located in the Caribbean will be able to submit medical records, scans, and answer questions posed by clinicians in the United States, who will then provide a second opinion, which will result in patients in the Caribbean being able to make a more informed decision with respect to their diagnosis or proposed treatment.
The Second Opinion Platform will be executed in collaboration with one of Kayan Health's strategic partners, Black Pearl Global Investments. During the first phase of the Second Opinion Platform, three clinical specialties will be available:
- Pulmonary Medicine;
- Acute Critical Care/Emergency Intensive Care; and
- Mental Health.
Kayan Health believes the Second Opinion Platform will fill the void left in the medical tourism market as many patients are not able to travel due to COVID-19.
About Kayan Health
Kayan Health's proprietary AI-powered health communications platform helps doctors streamline communications with their patients and remotely monitor them. Additionally, Kayan Health's proprietary platform allows patients to schedule virtual consultations with their physicians and communicate with them through chat, audio and video calls. The platform also integrates with wearable devices and diagnostic tools that delivers both patients and doctors with greater visibility into the patient's health and provides them with proactive automated alerts such as elevated blood pressure and heart rates. Storing all this data in a holistic patient profile that is integrated with the clinic's electronic health systems – ensuring their patients' health records are up to date, accessible by all, helps deliver better care and enables clinics to generate more revenue.
Kayan Health's platform has already been deployed in multiple clinics in the United States and is projected to reach $5M in revenue by 2022. Kayan Health's proprietary platform was developed by the founders of HeyDoc!, a telehealth app launched in 2016 that had supported over 3,000 patients globally. Kayan Health is a privately held company based in Toronto, Ontario.
Additionally, the Company announces that it has amended the terms of its previously announced private placement (the "Private Placement") of units (the "Units"), reducing the issuance price of the Units from $0.15 per Unit to $0.125 per Unit. Each Unit will still consist of one common share in the capital of the Company (a "Share") and one Share purchase warrant (a "Warrant"). Each Warrant will be exercisable to purchase one additional Share (each, a "Warrant Share") at a price of $0.20 per Warrant Share, opposed to the previously announced $0.30, for a period of two (2) years from closing of the Private Placement (the "Closing Date").
The Warrants will be subject to an acceleration right of the Company (the "Warrant Acceleration Right") if on any ten (10) consecutive trading days the closing price of the Shares is greater than $0.40 per Share. If the Company exercises its Warrant Acceleration Right, the new expiry date of the Warrants will be the 30th day following the notice to Warrant holders of such exercise.
The Private Placement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approvals of the Canadian Securities Exchange (the "CSE").
All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws. A finder's fee may be paid in connection with the Private Placement to eligible arm's length finders in accordance with CSE policies and applicable securities laws.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
About Beyond Medical
Beyond Medical is an industrial/technology company with a manufacturing facility located in Delta, British Columbia. The Company is developing its Organivore and Pharmavore waste digesters using its proprietary technology. The Company, through its subsidiary Micron Technologies, is also manufacturing medical grade facemasks compliant with ASTM F2100 Standards."
American Well Corporation (NYSE: AMWL) reported back in November new connectivity, device and cart offerings, all tailored to meet the evolving needs of care teams and patients. Spurred by the impact of the COVID-19 pandemic, Amwell is introducing Amwell Now, new Touchpoint Tablet software, and the C500 telemedicine cart to help health systems and other healthcare organizations easily leverage telehealth as a safe, quality care option. "Amid COVID-19, healthcare organizations' needs for and expectations surrounding telehealth have fundamentally changed," said Ido Schoenberg, Chairman and Co-CEO, Amwell. "Increasingly, virtual care is being used as core to all types of care delivery, whether it's to safeguard care teams, limit unnecessary exposure for patients, or to prioritize the home as a go-to care setting. Our latest offerings are responsive to industry calls for simplicity, integration, and quality, and in service to the evolving landscape of healthcare and our lives overall."
Change Healthcare Inc. (NASDAQ: CHNG) together with Optum, a diversified health services company and part of UnitedHealth Group, announced earlier this month they the two companies have agreed to combine. Change Healthcare will join with OptumInsight to provide software and data analytics, technology-enabled services and research, advisory and revenue cycle management offerings to help make health care work better for everyone. This combination unites two technology and service companies focused on serving health care. Their combined capabilities will more effectively connect and simplify core clinical, administrative and payment processes - resulting in better health outcomes and experiences for everyone, at lower cost. Change Healthcare brings key technologies, connections and advanced clinical decision, administrative and financial support capabilities, enabling better workflow and transactional connectivity across the health care system. Optum brings modern analytics, comprehensive clinical expertise, innovative technologies and extensive experience in improving operational and clinical performance.
Allscripts Healthcare Solutions, Inc. (NASDAQ: MDRX) announced back in December that Sunrise 20.0 is now generally available. Sunrise is a comprehensive platform of health that connects all aspects of care, including acute, ambulatory, surgical, pharmacy, radiology and laboratory services, and also features an integrated revenue cycle and patient administration system. Sunrise is a clinician-friendly, evidence-based single platform with integrated analytics that helps deliver better health outcomes in hospitals around the world. "Through listening to our global client base and fully understanding their needs, we've developed and delivered the latest version of Sunrise for the entire continuum of care," said Lisa Khorey, Executive Vice President and Client Delivery Officer. "This exciting release includes the choice to move to hosting in Microsoft Azure combined with more than 150 new enhancements, three user experience updates and more than 35 new performance improvements."
Evolent Health, Inc. (NYSE: EVH) announced back in November that it will provide comprehensive oncology specialty management services through its subsidiary New Century Health to Florida Blue Medicare, the Medicare Advantage company of one of Florida's leading health insurance organizations. The partnership will ensure that Florida Blue's 125,000 Medicare Advantage members diagnosed with cancer receive high-quality cancer care across Florida Blue's network of 1,000 physicians in 67 counties statewide. New Century Health will manage the cost and quality of oncology care for Florida Blue's Medicare Advantage PPO and HMO members, including medical and radiation oncology services. New Century Health's comprehensive oncology management program is based on deep provider engagement around evidence-based clinical pathways, peer-to-peer specialist consultations and aligned payment models.
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