PatientSky $PSKY.OL was founded in 2014 in Norway and started as a patient administration tool for clinics
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🩺" title="Stethoskop" aria-label="Emoji: Stethoskop"> 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
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🥼" title="Lab coat" aria-label="Emoji: Lab coat"> 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
https://abs.twimg.com/emoji/v2/... draggable="false" alt="💊" title="Tablette" aria-label="Emoji: Tablette"> Reducing prescription errors by op to 70%
https://abs.twimg.com/emoji/v2/... draggable="false" alt="💸" title="Geld mit Flügeln" aria-label="Emoji: Geld mit Flügeln"> Reduces yearly costs by NOK 78k per clinic on average
https://abs.twimg.com/emoji/v2/... draggable="false" alt="📲" title="Mobiltelefon mit nach rechts zeigendem Pfeil auf der linken Seite" aria-label="Emoji: Mobiltelefon mit nach rechts zeigendem Pfeil auf der linken Seite"> Their mobile app reduces inbound calls with 54%
These solutions are replacing legacy systems which failed to integrate new technologies and operated on-premise
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> 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
https://abs.twimg.com/emoji/v2/... draggable="false" alt="📟" title="Pager" aria-label="Emoji: Pager"> Providing a No-Code / Low-Code platform to other MedTech developers and clinics
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔥" title="Feuer" aria-label="Emoji: Feuer"> 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
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> 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
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🩺" title="Stethoskop" aria-label="Emoji: Stethoskop"> The platform currently offers over 60 services
Great! But where are we now?
https://abs.twimg.com/emoji/v2/... draggable="false" alt="1️⃣" title="Tastenkappe Ziffer 1" aria-label="Emoji: Tastenkappe Ziffer 1"> PatientSky’s SaaS-tool generates all of the NOK 170m in sales for 2020
https://abs.twimg.com/emoji/v2/... draggable="false" alt="2️⃣" title="Tastenkappe Ziffer 2" aria-label="Emoji: Tastenkappe Ziffer 2"> It plans to monetise its app into 2021 in order to generate additional sales
https://abs.twimg.com/emoji/v2/... draggable="false" alt="3️⃣" title="Tastenkappe Ziffer 3" aria-label="Emoji: Tastenkappe Ziffer 3"> The PaaS platform might start providing “additional upside” going into 2021
What about the market?
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🌐" title="Weltkugel mit Längengraden" aria-label="Emoji: Weltkugel mit Längengraden"> 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">https://www.mordorintelligence.com/industry-...
The market is fragmented, with local players providing the tools local practitioners need
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🏛" title="Gebäude im Klassischen Stil" aria-label="Emoji: Gebäude im Klassischen Stil"> But governments are constantly raising the bar for software to be eligible for subsidies
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🏰" title="Europäisches Schloss" aria-label="Emoji: Europäisches Schloss"> 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
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> Infodoc provides EHR, billing modules and appointment scheduling
https://abs.twimg.com/emoji/v2/... draggable="false" alt="💸" title="Geld mit Flügeln" aria-label="Emoji: Geld mit Flügeln"> 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?
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> PatientSky generates $ 20m a year in sales through its cloud-based patient management tool
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔥" title="Feuer" aria-label="Emoji: Feuer"> 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
Hope you liked this thread!
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> For more content, follow us on Twitter
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔥" title="Feuer" aria-label="Emoji: Feuer">
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> EASY BRIEFINGS delivered straight to your inbox
https://abs.twimg.com/emoji/v2/... draggable="false" alt="📩" title="Umschlag mit nach unten zeigendem Pfeil darüber" aria-label="Emoji: Umschlag mit nach unten zeigendem Pfeil darüber"> Don’t MISS IT
https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten"> https://getbenchmark.substack.com"> https://getbenchmark.substack.com