G Medical device, telehealth and medical Services company G Medical Innovations (ASX: GMV) has added a new revenue stream to its Independent Diagnostic Testing Facilities (IDTF) platform.
The company will now offer remote patient monitoring services to patients undergoing Transcatheter Aortic Valve Replacement (TAVR) treatment.
Under the programme, hospital partners can now monitor pre-TAVR patients through the use of G Medical’s AECG Patch technology and post-TAVR patients using the Company’s Mobile Cardiac Telemetry (MCT) device.
G Medical will receive reimbursements for the service through insurers. These reimbursements will vary depending on the duration of the monitoring period.
In 2017, TAVR procedures accounted for over one third of the total cardiac surgery market, which was valued at US$5.1 billion. The TAVR market segment has continued to grow since 2017 and is expected to scale up further in the future. First patients have been recruited through existing hospital partnerships, with revenue expected to materialise within the next 90 days.
The TAVR programme is one of a number of collaborative initiatives that G Medical is undertaking to grow IDTF offering in the United States, predominantly through the US hospital sector. IDTF delivers stable and recurring revenue streams through ongoing monthly patient monitoring.
CEO Dr Yacov Geva, said the company’s recent success in penetrating the US hospital sector, and adding new monitoring services, will ensure these revenue streams strengthen considerably.
Providing hospital partners with the ability to monitor patients undergoing TAVR treatment through our IDTF platform is another valuable revenue channel. It is yet again further evidence of the growing demand we are witnessing for our services in the USA and highlights the scalability and versatility of our IDTF operations,” Mr Geva said.
“As the addressable market for telehealth grows, we are very confident IDTF will continue to scale up. We are making excellent headway in the US university hospital market and our large sales team is identifying many more opportunities for growth.”
