





PatientSky $PSKY.OL was founded in 2014 in Norway and started as a patient administration tool for clinics
It serves as a platform for ordering appointments, prescriptions, video consultations and e-consultations

The solution grew rapidly from 100.000 to 1.8m app downloads in less than 4 years
And it added a myriad of possibilities along the way, starting from a simple EHR management tool to a MedTech platform







PatientSky’s offering is made of a Patient management tool and a MetTech Platform



This is a conventional Electronic Health Records software, enabling clinics and hospitals to track their patient’s health
It also enables medical staff to arrange their patient’s bookings, book e-visits and sort out their patient’s medications
This tool works as a cloud Software-as-a-Service model and is:
· Used by over 25,000 practitioners and over 4,800 clinics
· Used most by General Practitioners, Physiotherapists and Psychologists
· Used by over 25,000 practitioners and over 4,800 clinics
· Used most by General Practitioners, Physiotherapists and Psychologists
It enables practitioners to centralise all of their administrative tasks into one tool
Reducing prescription errors by op to 70%
Reduces yearly costs by NOK 78k per clinic on average
Their mobile app reduces inbound calls with 54%



These solutions are replacing legacy systems which failed to integrate new technologies and operated on-premise
PatientSky and other alternatives are cloud-based and can be customised to a greater extent to the physician’s needs


The market for patient management tools / healthcare CRM tools is crowded with (local) alternatives

PatientSky therefore decided to gradually transform their SaaS tool into a Platform-as-a-Service
Providing a No-Code / Low-Code platform to other MedTech developers and clinics
Enabling these to build an app 100% customised to their own needs



· Patient communications
· Security (patient verification, authority delegation, encryption)
· Internationalisation (translation, cross-border EHR)
· Mobile & apps
· Compliance (Secure file storage, audit tracking)
· Collaboration (Calendars, messages, patient records sharing)
· Hosting services and data-base management services
· Data migration
· Enterprise business intelligence integration
· Hosting services and data-base management services
· Data migration
· Enterprise business intelligence integration
PatientSky’s platform is open to third-parties, these are the ones that build apps for PatientSky
Effectively creating an ecosystem of healthcare-focussed apps for patient management

Similar to conventional applications stores, PatientSky will take a cut of the app’s revenue
The platform currently offers over 60 services

Great! But where are we now?
PatientSky’s SaaS-tool generates all of the NOK 170m in sales for 2020
It plans to monetise its app into 2021 in order to generate additional sales
The PaaS platform might start providing “additional upside” going into 2021



What about the market?
According to Grand View Research, the healthcare CRM market is set to reach $ 17.8B by 2025, a CAGR of 9.1% over the 2014 - 2025 period






https://www.mordorintelligence.com/industry-reports/practice-management-system-market
The market is fragmented, with local players providing the tools local practitioners need
But governments are constantly raising the bar for software to be eligible for subsidies
Raising the barrier to entries and chasing away smaller, local solutions


In order to expand its customer base and consolidate its position PatientSky acquired Infodoc
Infodoc provides EHR, billing modules and appointment scheduling
It paid $ 32m and Infodoc had sales of around $ 6.7m and is debt-free, for an EV / Sales of around 5


What do we have here?
PatientSky generates $ 20m a year in sales through its cloud-based patient management tool
It plans to monetise its app, which has been downloaded 1.8m times by 2020 (vs 1m in 2019)



“PatientSky is positioning itself to be the preferred platform for healthcare, upon which third party vendors can build applications that both work within the ecosystem in the platform and as stand-alone applications. […]”
Johan Zetterström, Group CEO of PatientSky
Johan Zetterström, Group CEO of PatientSky





















Disclaimer - This is not investment advice in any form and investors are responsible for conducting their own research before investing.
Sources
✑ Investor presentation
✑ Company website
✑ Mordor Intelligence
✑ Grand View Research
✑ Market Research Future
Sources
✑ Investor presentation
✑ Company website
✑ Mordor Intelligence
✑ Grand View Research
✑ Market Research Future
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