Medical imaging software solutions specialist Mach7 Technologies Limited (ASX:M7T) has received a signed sales order from new customer Akumin Inc., a NASDAQ listed outpatient radiology service provider.
The agreement with Akumin involves Mach7’s entire Enterprise Imaging Platform including its Vendor Neutral Archive (VNA), eUnity Diagnostic Viewer and Workflow Applications to provide a true cloud-based, enterprise-wide imaging and informatics solution.
The capital contract has a ten- year term and a Total Contract Value (TCV) of approximately $16.7 million. Payments will be staged annually across the life of the contract on the 30 December anniversary date with revenue of $7.5m expected to be recognised in FY23 and annual support fees weighted to the second half of the contract term.
Mach7’s CEO, Mike Lampron, said the deal is testament to the wide market appeal and application of Mach7’s product suite from smaller, single installation outpatient sites to nationally integrated healthcare organisations. The company is well progressed in discussions with several large healthcare firms and will update the market where these translate to new contract wins.
Headquartered in Florida, Akumin is a national leader in comprehensive outpatient radiology and oncology solutions and a partner of choice for U.S. hospitals, health systems and physician groups. Akumin provides fixed-site outpatient radiology and oncology services through a network of 234 owned and/or operated centres; a mobile division with 300 semi-trailers; as well as outpatient radiology and oncology solutions to approximately 1,000 hospitals and health systems across 48 states.
Akumin combines clinical and operational expertise with the latest advances in technology and information systems to deliver patient-centered innovation, service standardisation and exceptional healthcare value to its patients and partners.
The needs of Akumin’s large teleradiology and radiology reading practices will be met by Mach7 from study ingestion to standardisation and interpretation of data, to workload balancing and assignment, and image-enabled results delivery – all in the cloud. With annual volume in excess of 1.7 million, Mach7’s solution will help Akumin to provide its customers with real-time, high-quality results, and develop a range of superior services that provide insightful and useful clinical information to their referring physicians.
We are delighted that Akumin has chosen Mach7 as its PACS solution partner, replacing numerous disparate alternatives across its network,” Mr Lampron said.
“Our vendor agnostic easily integrated product suite and migration services were key requirements for the massive data ingestion and consolidation associated with Akumin’s cloud-focused radiology ecosystem.
“This deal together with the recent sales order received from our new partner, Nuvodia increases our exposure to the fast-growing outpatient radiology market and demonstrates that our technology appeals to customers across the size spectrum.”
