Major US healthcare provider HMS is investing US$7.5 million in Australian digital health company, MedAdvisor, in a move that could help tackle the global issue of patient non-adherence to medications.
MedAdvisor is Australia’s leading digital medication-management company. Its intuitive app is designed to make medication management easier by arranging all medication and prescription information on a patient's smart phone, tablet or PC.
The app incorporates features such as reminders, pre-ordering of medications and information on medicines. It is estimated that bundling medication information in this way improves adherence to chronic medications by more than 20 per cent.
Based in Texas, HMS has 2,500 employees in 25 offices across the US. The company also has a major stake in Australian digital health. In 2018, the US company became one of the founding partners in Australia’s Digital Health Cooperative Research Centre.
With funding from other healthcare companies, the Australian Government and universities, the centre is one of the world’s largest collaborative programs focussed on digital health.
According to Peter McGauran, Austrade’s Senior Trade Commissioner in Houston, Texas, the HMS investment builds on the company’s existing research network.
‘The HMS investment in MedAvisor signals a welcome expansion of the company’s base of operations into Australia,’ he says. ‘HMS is highly regarded by hospitals and government agencies for its payment integrity systems, revenue enhancement solutions, accounts receivable management and third party electronic claims services.’
The investment aligns with HMS’ strategy to evolve Population Health Management capabilities in the U.S. and foster continued innovation. It makes HMS the largest investor in MedAdvisor and HMS will gain one seat on MedAdvisor’s board of directors.
MedAdvisor will channel the investment into technology development and domestic growth. It will also accelerate international expansion through MedAdvisor's partners in the US, Southeast Asia and UK.
MedAdvisor’s agreement with AdherisHealth, for example, enables streamlined entry into the US via an existing network of more than 26,000 retail pharmacies reaching over 197 million patients. MedAdvisor will also become HMS’ preferred partner for the distribution of its digital health programs in the US and Australia.
‘We look forward to building a highly successful alliance, pairing MedAdvisor’s platform with our Population Health Management solutions,’ says Bill Lucia, Chairman and CEO of HMS.
‘We expect this to expand utilisation of MedAdvisor's digital adherence programs across the US through our health plan customer relationships – and in Australia where we have an opportunity to integrate our patient engagement solutions and leverage our burgeoning partnerships in that country,’ he adds.