Successful 2016 performance by leading medication adherence management company
Medication management software provider, MedAdvisor, has reported strong performance for the last quarter of 2016.
MedAdvisor Limited has released its Appendix 4C Report for the three-month period to 31 December 2016 and it reveals “strong operational performance across all key metrics”.
Among the key successes are:
- A 160% increase in the number of patients using the platform – with over 600,000 patients users as at 31 December 2016. This growth was attributed to the acquisition of Healthnotes, the medication technology company, and to MedAdvisor reaching more patients via increased promotion.
- Over 45% of Australian pharmacies connected to the platform as of December, up from 30% in the previous quarter
- A 77% increase reported in total operating cash receipts – to $1.32 million. This increase was driven by “significant growth across all key metrics in the platform, including the number of pharmacies, the number of patients using the platform and a rapid increase in collections from Patient Engagement Programs (PEPs),” the report states.
- Following the acquisition of Healthnotes, the Company increased the number of GPs connected to the platform to nearly 4,000. Post the end of the period the acquisition of OzDocsOnline was also announced to further strengthen the GP strategy.
- The company’s Patient Engagement Programs (PEPs) have grown rapidly during the December quarter, with 18 medications leveraging educational programs on the platform, up from 8 medications 12 months ago.
- The platform’s Tap-to-Refill function is growing faster than patient numbers and is now processing over $2.5 million worth of script refills by medication value each week and a further $1.5 million of scripts ordered via GP Connect.
- New patient engagement features such as the Diabetes Ordering and Over the Counter (OTC) medicines management modules have also been launched.
The report highlighted the acquisition of Healthnotes as bringing together “the two leaders in medication adherence management, strengthening MedAdvisor’s strategic position, increasing its market share and accelerating its path to profitability”.
MedAdvisor CEO Robert Read said: “This has been a terrific quarter for the company. The integration of Healthnotes is progressing well and we look forward to launching an even better pharmacy product this year.
Patient engagement programs have proven to be incredibly popular among manufacturers and patients and this will increasingly be an important driver of our future cash flows.”
“Our focus remains on reaching more people with the MedAdvisor platform domestically, building a solid foundation for our business in the longer term,” he said.