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Why this small cap ASX tech share is racing higher today

James Mickleboro
healthcare shares concept

The Alcidion Group Ltd (ASX: ALC) share price is charging higher on Thursday morning.

At the time of writing the health informatics company’s shares are up 5% to 19.5 cents.

Why is Alcidion charging higher?

This morning Alcidion announced that the Taunton and Somerset NHS Foundation Trust has selected Alcidion’s Patientrack solution for a three-year contract worth $0.5 million.

Patientrack is Alcidion’s electronic observations and patient assessment solution. It will be used to digitise the capture of patient vital signs and observations at the bedside.

The release explains that this will ensure that patients’ early warning scores are accurately calculated, and that nurses and doctors are automatically alerted to patients at risk of deterioration, so that they can intervene earlier.

The deployment is expected to deliver significant gains for patient safety and is a component of the trust’s wider digital priorities.

Taunton and Somerset NHS Foundation Trust.

Taunton and Somerset NHS Foundation Trust is one of 17 hospital trusts in the NHS England’s Global Digital Exemplar program. This is a knowledge-sharing program designed to improve patient care through the adoption of world-class technologies.

Importantly, it also aims to create blueprints for other trusts to adopt. So, if things go well for Patientrack, it could potentially be recommended to other NHS Trusts in the future.

The deputy CIO of Taunton and Somerset NHS Foundation Trust, Stuart Hill, explained: “Patientrack will form part of the trust’s ecosystem of clinical solutions, which clinicians use to support patient-centred care. Electronic observations and assessments are vital to the trust’s digital agenda, which fits our GDE program blueprint to advance the use of digitally enabled care.”

Kate Quirke, CEO for Alcidion, said: “The NHS remains our biggest customer base in the world, drawing on proven technology to make a difference for the lives of patients. This is an important opportunity for us to expand our work within a globally respected institution, and to put helpful technology and information into the hands of professionals, where it can really make a difference. We are looking forward to working with this GDE that is also using one of our partners ePrescribing solutions, OPENeP from Better.”

The post Why this small cap ASX tech share is racing higher today appeared first on Motley Fool Australia.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Alcidion Group Ltd. The Motley Fool Australia has recommended Alcidion Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019