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Beamtree wins $1.4m contract to supply PICQ clinical coding software in Saudi Arabia

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By Imelda Cotton - 
Beamtree ASX BMT PICQ Saudi Arabia contract
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Beamtree Holdings (ASX: BMT) has won a $1.4 million contract to supply its clinical coding technology software PICQ to the Centre for National Health Insurance (CNHI) in the Kingdom of Saudi Arabia.

The initial two-year deal will employ PICQ to monitor and audit data quality among hospitals run by the Ministry of Health and is expected to deliver approximately $500,000 in revenue to Beamtree for the remainder of the current financial year.

It follows a $500,000 contract awarded in August for a PICQ licence in Saudi Arabia by the National Health Information Centre.

Shared vision

Beamtree chief executive officer Tim Kelsey said the CNHI contract – which was won in partnership with Saudi health technology solutions provider Lean – marked an important strategic milestone in Saudi Arabia.

“Beamtree and Lean share a vision to improve patient outcomes through the more effective use of data in health services,” he said.

“It is a great privilege to serve the CNHI as it sets world-class standards in data quality and, in this way, supports the best financial and clinical outcomes for healthcare in Saudi Arabia.”

Major reform

Saudi Arabia recently embarked on a major reform of its health system and is prioritising the improvement of hospital data as a core driver of financial efficiency and clinical outcomes.

CNHI’s decision to purchase PICQ is believed to pave the way for the wider use of Beamtree’s technology in coding software sales to more than 400 hospitals across the country.

This includes a new integrated coding platform, which Lean will launch to the local market later this year.

Software subscription

The CNHI win is believed to validate Beamtree’s strategy for new international market entry, in which an initial non-recurrent audit of national data infrastructure leads to a recurrent software subscription.

The company originally deployed the business model in the Republic of Ireland, where PICQ is now under recurrent contract.

Mr Kelsey said Beamtree had been engaged in regional data audits being run by the National Health Service in England and British Columbia and would target future recurrent software contracts following these projects.