Medical device, telehealth and medical Services company G Medical Innovations (ASX: GMV) reports another four US university hospitals have deployed its Independent Diagnostic Testing Facilities (IDTF) platform and remote patient monitoring services.
CEO, Dr Yacov Geva, said this takes the total number of institutions in the treatment phase to ten. An additional seven hospitals have completed the evaluation phase, and are currently finalising Implementation processes.
Dr Geva said the company expects that this process will be completed in the coming weeks and all institutions will progress through to IDTF deployment (active patient enrolment and treatment).
Deploying IDTF services to ten university hospitals is a major achievement for G Medical and will lead to a further increase in patient numbers and revenue. Since initial deployments with university hospitals G Medical has witnessed a significant increase in patient enrolments.
During July, G Medical monitored 3,925 patients through its IDTF platform, with 2,275 being received from six partners in the early stage of the treatment phase. The company anticipates that patient numbers will significantly increase in August and the coming months.
G Medical expects to receive between ~US$175 and ~US$750 per patient monitored via reimbursements from insurers(i.e. Medicare), with the variance based on the specific modality and duration, including; AECG patch, Mobile Cardiac Telemetry (MCT), Cardiac Event Monitoring (CEM). Additional revenue can be earned from potential sales channel for G Medical’s FDA approved Prizma and GMP Patch devices.
Dr Geva said G Medical’s IDTF operations provide the company with a dependable and highly scalable revenue generating platform. Based on sales and ongoing business development efforts, G Medical is confident of meeting its three-fold increase in patient monitoring numbers by the end of CY2020 (CY2019: 27,946 patients monitored).
To underpin additional business development initiatives and pursue other opportunities in the US hospital sector, G Medical has also expanded its US sales force, adding an additional three sales representatives. These individuals will target other US university hospitals that may benefit from IDTF deployment, potentially adding more patient enrolments.
The uptake that we are witnessing of our IDTF platform in the US hospital sector is excellent. We are confident that these new deployments will add to the growing patient enrolments we are witnessing from ibnitial partners, providing G Medical with further diversified, stable revenue,” Dr Geva said.
“Telehealth services in the US continue to gain massive traction and G Medical is well positioned to capitalise on this trend. The addressable market for our remote patient monitoring services is currently valued at US$6.61Bn and is expected to grow to over US$17Bn by 2026i. This highlights the considerable upside potential that G Medical can pursue through its established infrastructure and reliable service offering in the near future.
“Very soon, we will introduce complementary service offerings to our US hospital partners which will further augment and grow revenue streams for the Company. Further detail will be provided on these initiatives shortly.”