Australian digital health startup MedAdvisor has hit a milestone, announcing one million patients have connected with its prescription management app, doubling the number of those signed up in the last year.
The growth spurt by the ASX-listed company, which integrates tools including dose reminders, script renewals, a carer incarnation, refill ordering and medication training, has been fuelled by customer demand, according to MedAdvisor CEO Robert Read.
“Customers expect the same convenience they get in other environments. Patients are people and they have been frustrated by perceived inefficiencies in the healthcare system, so where new tools arrive that make it easier it is not surprising people love it,” Read told Healthcare IT News Australia.
In its push to dominate the medication management space, MedAdvisor acquired competitor Healthnotes in 2016 for $5.5 million and has been releasing additional capabilities to its medication management software.
In Victoria in 2017, it launched its GP Link application allowing patients to request repeat prescriptions from Australian certified and registered doctors through the app. Its PlusOne workflow efficiency platform will soon provide online booking, ecommerce and delivery services options. The company is also currently developing an application targeting hospital patients.
“We are creating a platform that will leverage MedAdvisor’s capabilities to connect with their primary healthcare providers and help patients increase their adherence. Once fully rolled out, MedAdvisor expects this initiative to significantly reduce the number of hospital readmissions.”
Growth has also been driven through MedAdvisor’s pharmacy network, which represents about 3000 of the 5400 pharmacies in Australia.
“The growth is exciting. People love our app and we have continued to welcome more patients onto the MedAdvisor app or SMS reminder services which are typically signed up by their pharmacy,” Read said.
The MedAdvisor app, which is free for patients, improves medication adherence by 20 per cent, the company claims.
“We also have GPs signing up their patients to the Oz Docs Online platform. We have been growing strongly because MedAdvisor makes life easier for people so they don’t have to wait at the pharmacy, they can get all the information they need about their medications and can even order repeats from their GP without having to wait.”
According to Read there remains significant opportunity in the domestic market for continued growth, with over 12 million people suffering from a chronic disease in Australia.
MedAdvisor’s success in commercialising the app is another drawcard for healthcare providers.
“We offer transactional revenue services such as GP script renewals and referrals. We also generate income from SMS which increases as patients do. The Patient Engagement Programs are where companies will provide information to patients about how to best manage the medication they have been prescribed, this may include how to manage side effects or use devices properly.”
In Australia, medication-related hospital admissions cost $1.2 billion each year, with an estimated 50 per cent considered to be potentially avoidable.