An independent diagnostic testing facilities (IDTF) platform developed by medical device and telehealth company G Medical Innovations (ASX: GMV) has been adopted by four US university hospitals for patients requiring cardiac and remote monitoring technologies.
Implementation with each hospital is expected to lead to an increase in patient numbers while revenue from new enrolments will be progressively booked over the next 90 days.
Once patients are enrolled, they will commence an individualised monitoring service ranging from a 24-hour period to 30 days or longer for mobile cardiac telemetry, Holter monitoring and ambulatory electrocardiography.
The hospitals have already processed a combined total of 2,000 patient referrals.
G Medical chief executive officer Dr Yacov Geva said a “substantial number of hospitals” in the US and internationally are expected to be added to the company’s IDTF books.
“To date, IDTF has predominantly been made available through doctor’s clinics, cardiologists, electro-physiologists and internists [but we expect] hospital deployments will become a major revenue driver for us and provide an excellent foundation to promote and sell our other monitoring devices,” he said.
“Telehealth is a growing medium in the current market, and we are confident that a number of new hospitals will be progressively added and this will continue to increase patient referrals,” Dr Geva added.
In 2019, IDTF was responsible for monitoring 27,946 patients and it is expected this number will increase threefold by year end based on current activities.
The majority of its revenue has been sourced through smaller healthcare facilities and hospital implementation is considered a key catalyst to scale patient numbers.
Institutional deployment of the IDTF platform this year is expected to surpass G Medical’s 2019 IDTF revenue of US$5.42 million (A$7.75 million).
Since its inception in August 2014, G Medical has focused on the development of next generation mobile and e-health solutions and monitoring service platforms.
The company specialises in breakthrough technologies that help increase the efficiency of healthcare providers and empower patients to better manage their health.
G Medical’s two product verticals – the Prizma medical smartphone case and the Vital Signs Monitoring System (VSMS) patch – are diagnostic solutions that have been specifically tailored for remote patient monitoring service programs.
At mid-morning, shares in G Medical were trading 8.93% higher at $0.061.