IBA will deliver to AsiaMedic a world class internet enabled health care infrastructure and application platform that supports the seemless delivery of point of care diagnostics testing in a multi-practice, multi-disciplinary environment.
Growth in point of care diagnostic testing in a clinic environment has been made possible through advances in technology, automation and information processing with AsiaMedic being one of the leading multi-clinic adopters in the Asian region.
Point of care clinic based diagnostic testing allows clinicians to diagnose patients more rapidly, often within minutes. The most important advantage a patient can have to survive a life threatening disease is early detection. A faster diagnosis enables a quicker start to appropriate therapy, offering the potential to improve clinical outcomes, while reducing costs.
KBMC, a 60-bed multi-speciality centre located in Kuala Lumpur, provides a comprehensive range of integrated health care services, encompassing specialist medical care, general practice medicine, gastro-enterology, rheumatology, paediatric care, ENT, orthopaedic and sports injury treatment together with diagnostics services such as pathology and medical imaging.
KBMC also has visiting specialists for Dermatology, Plastic Surgery and Cardiology. Its integrated network of health care services allows patients to be treated in a multi-disciplinary manner within one health care centre.
IBA will deliver to KBMC a solution that supports the administrative and financial needs of KBMC and the seemless delivery of patient care including diagnostics testing in a multi-practice, multi-disciplinary environment. Implementation will start in August and is expected to be completed by October.
With hundreds of thousands of hospitals, clinics and community centres and a population of nearly three billion in China, South Asia and ASEAN, IBA's enterprise wide clinic solutions are entering a significant and largely untapped market, even a minimal level of market penetration is expected to generate a significant volume of business.
Steve Garrington, CEO of IBA Health, stated: "The agreements with AsiaMedic and KBMC together with our existing hospital, community doctor and community care business in Asia further consolidates the critical mass that will allow IBA to access greater economies of scale as we deliver a broader range of innovative, internet-enabled applications to an expanding and profitable sector of the Asian market."
Since January of 2007 IBA Health has signed agreements with an additional 10 health funds to connect to IBA's eHealth network. The network has seen an increase in the number of health providers taking up the HealthPoint service grow by over 22 percent since July 2006. Transaction volumes from providers in the IBA network have grown at an annualised rate of 14 percent and are continuing to rise following the implementation of new services covering five modalities during the past six months i.e. Dieticians, Speech Pathology, Naturopathy, Acupuncture and Remedial Massage Therapists.
IBA's HealthPoint provides health care professionals and their patients with an efficient, easy to use single point solution for EFTPOS, Patient Claims to Health Funds and, where applicable, Medicare Claims. More than 88 percent of privately insured Australians will be able to settle their accounts on the spot with their health insurer through connectivity to IBA's point of care claiming system.
In addition, inroads continue to be made into improving the efficiency of electronic billing and claiming for hospital services through agreements with leading health funds to enable their systems to receive electronic hospital claims from IBA's hospital solution. Working collaboratively with the health funds, IBA's Electronic Claims Management (ECM) System is being used to assemble and deliver hospital claims to the health funds electronically.
When fully operational, IBA's ECM is expected to deliver nearly half a million hospital claims to the health funds annually. Steve Garrington stated: "With HealthPoint, ancillary health care providers - health professionals such as Chiropractors, Optometrists, Physiotherapists and Dentists, etc. - and health fund insurers are able to automate and streamline many of the administrative processes associated with claims processing, thereby lowering the costs of managing and operating their business whilst providing a significant service to their mutual clients."
"In particular health care providers have welcomed IBA HealthPoint service as a simple add on which is ready and available. It does not require expensive practice management software, nor does it require expensive business quality internet connections, firewall security or virus protection software. Staff training is easily done over the phone."
"IBA is delivering real business benefits to a growing list of health funds, health care providers and hospitals who are committed to processing and settling claims at the point of care. We are the only company to provide Medclaims, HealthClaims and EFTPOS from a single easy to use low cost HealthPoint terminal", concluded Mr. Garrington.
IBA Health Limited is the largest health information technology company listed on the Australian Securities Exchange. IBA Health provides information and communication solutions to connect providers, payers, patients and communities. IBA Health's range of systems are designed to support work flows across all health sectors including hospitals, clinics, aged and community care facilities, primary care as well as claims and payments processes.
IBA Health has a global team of over 500 health and technology professionals who work with health care providers to bring an in-depth of experience to address all aspects of their partners' care delivery needs. IBA Health has over 500 hospital and clinic installations covering Australia, New Zealand, South East Asia, China, India, the Middle East and South Africa. Industry leading customers include tertiary research and teaching facilities and multi-enterprise care delivery organisations.
In Australia IBA Health is a provider to over 5000 Primary Care providers, 300 Aged and Community Care facilities, 50 percent of Private Hospitals, public hospitals and the Australian Defence Force. With one of the largest eHealth networks in the southern hemisphere IBA is at the forefront of transmitting both financial and clinical data to General, Specialist and Allied Health professionals, Medicare Australia and Private Health Funds. More company news is available in the VMW January 2007 article IBA Health signs $2,25 million licence extension with IPN in Australia.