IMPORTANT INFORMATION
Important noticeThis Prospectus relates to the Offer of ordinary shares in Orion Health Group Limited. The Offer and the Offer Shares are described further in Section 10 Offer Details.
This Prospectus has been prepared in accordance with the Securities Act and the Securities Regulations and is prepared as at, and dated, 28 October 2014.
This is an important document and should be read carefully before deciding whether or not to invest in Orion Health. Other important information about Orion Health, the Shares and the Offer is set out in other documents, including the Constitution and the Investment Statement.
No one is authorised by the Directors or the Issuers to give any information or make any representation in connection with the Offer which is not contained in this Prospectus, the Investment Statement or in other communications from the directors of the Issuers and the Issuers. You should not rely upon any other information or representation.
If you have any questions about the Offer, you should consult your financial or legal adviser or an NZX Firm. You should seek your own taxation advice on the implications of investing in the Shares.
Orion Health and the Offeror are the issuers of the Offer Shares for the purposes of the Securities Act. No guarantee
No person guarantees the Shares offered under this Prospectus. No person warrants or guarantees the performance of the Shares or any return on any investments made pursuant to this Prospectus.
Registration
A copy of this Prospectus, duly signed by or on behalf of the directors of the Issuers, and having
endorsed thereon or attached thereto copies of the documents and other materials required by section 41 of the Securities Act, has been delivered to the Registrar of Financial Service Providers for registration in accordance with section 42 of the Securities Act.
The documents required by section 41 of the Securities Act to be attached to the copy of this Prospectus delivered to the Registrar of Financial Service Providers are:
- the Auditorās report in respect of certain financial information set out in this Prospectus, which includes the signed consent of the Auditor to the audit report appearing in this Prospectus; and - copies of the contracts referred to in Section 12.17 Material Contracts.
Consideration period
Under section 43C of the Securities Act, the Financial Markets Authority will be notified once this Prospectus is registered with the Registrar of Financial Service Providers. The Financial Markets Authority will have the opportunity to consider whether this Prospectus: (a) complies with the Securities Act and the Securities Regulations; (b) contains any material misdescription or error or any material matter that is not clearly legible; or (c) is false or misleading as to a material particular or omits any material particular. Nothing in this section or in any other provision of the Securities Act limits the Financial Markets Authorityās power to consider or reconsider these matters at any time.
The consideration period commences on the date this Prospectus is registered and ends at the close of five working days after the date of registration. The Financial Markets Authority may shorten the
Under section 43D of the Securities Act, no allotment of Offer Shares may be made and no Applications or subscriptions for Offer Shares may be accepted during the Financial Markets Authorityās consideration period.
The nature and extent of the consideration (if any) that the Financial Markets Authority gives to this Prospectus is at the Financial Markets Authorityās discretion. The Financial Markets Authority has not approved, and will not at any time approve, the Offer or this Prospectus, and does not guarantee the Shares.
Selling restrictions
The Offer is only being made to New Zealand resident clients of NZX Firms under the Broker Firm Offer and to selected Institutional Investors in New Zealand, Australia and certain other jurisdictions (excluding the United States and any persons who are, or are acting for the account or benefit of, US Persons) under the Institutional Offer.
This Prospectus is intended for use only in connection with the Offer and does not constitute an offer or invitation in any place in which, or to any person to whom, it would not be lawful to make such an offer or invitation. No action has been, or will be, taken to register or qualify the Offer Shares, the Offer or this Prospectus in any jurisdiction other than New Zealand and Australia or to otherwise permit a public offering of Shares outside of New Zealand and Australia. The distribution of this Prospectus (including in any electronic form) outside New Zealand and Australia may be restricted by law and persons who come into possession of this Prospectus outside New Zealand and Australia should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities law.
You may not offer, sell, resell, pledge, deliver or transfer or invite any other person to so offer, sell, resell, pledge, deliver or transfer any Offer Shares or distribute any documents (including this Prospectus) in relation to the Offer Shares to any person outside New Zealand or Australia, except in accordance with all of the legal requirements of the relevant jurisdiction.
In particular, the Offer Shares have not been, and will not be, registered under the US Securities Act of 1933, as amended (US Securities Act) or the securities laws of any state or other jurisdiction of the United States and may not be offered, sold, directly or indirectly, in the United States unless the Offer Shares are registered under the US Securities Act or are offered and sold in transactions exempt from, or not subject to registration requirements of, the US Securities Act and any other applicable United States securities laws.
See Section 10.13 Selling Restrictions for more detail on selling restrictions that apply to the Offer and the sale of Offer Shares in jurisdictions outside of New Zealand and Australia.
Unless otherwise agreed with Orion Health, by applying for Offer Shares under the Offer you will, by virtue of that Application, be deemed to represent that you are not in a jurisdiction which does not permit the making of an Offer or invitation of the kind described in this Prospectus and are not acting for the account or benefit of a person within such a jurisdiction.
No person involved with the Offer accepts any liability or responsibility to determine whether a person is able to participate in the Offer.
Risk and suitability of an investment in Shares
This Prospectus does not take into account your investment objectives, financial situation and particular needs. You should read this Prospectus in full before deciding whether to invest. In particular, you should consider the risks that could affect the performance of the Shares, particularly with regard to your potential circumstances.
If you are in doubt as to any aspect of the Offer, you should consult your financial or legal adviser or an NZX Firm.
Forward looking statements
This Prospectus contains certain statements which relate to the future. These forward looking statements are not a guarantee of future performance and involve known and unknown risks, uncertainties,
assumptions and other important factors, many of which are beyond the control of Orion Health and which may cause the actual results, performance or achievements of Orion Health to differ materially from those expressed or implied by the statements.
Given these uncertainties, you are cautioned not to place undue reliance on any forward looking statements contained in this Prospectus. Under no circumstances should you regard the inclusion of forward looking statements as a representation or warranty by the Issuers or their respective directors, officers or advisers or any other person referred to in this Prospectus with respect to the achievement of the results set out in any such statement, or that the underlying assumptions used will in fact be realised. Questions about the Offer
If you have any questions about the risk or suitability of an investment in Orion Health you should consult your financial adviser or an NZX Firm. If you wish to apply for Offer Shares, you must receive the Investment Statement and make your Application on the Broker Firm Application Form attached to, or accompanying, the Investment Statement.
Definitions and references
Terms used in this Prospectus have the specific meaning given in Section 14 Glossary. Some industry and Orion Health specific terms are also defined in Section 5 Industry Overview.
Unless otherwise indicated, any references to $ and NZ$ are to New Zealand dollars, US$ are to United States dollars and to dates and times are to dates and times in New Zealand.
This Prospectus refers to various legislation in force in New Zealand as at the date of this Prospectus. You can view free of charge copies of any such legislation online at www.legislation.govt.nz.
TABLE OF CONTENTS
IMPORTANT INFORMATION
... 1
SECTION 1: LETTER FROM THE CHAIRMAN AND THE FOUNDER
... 5
SECTION 2: ORION HEALTH AT A GLANCE
... 7
SECTION 3: OFFER AT A GLANCE
... 9
SECTION 4: INVESTMENT HIGHLIGHTS
... 11
SECTION 5: INDUSTRY OVERVIEW
... 19
SECTION 6: ABOUT ORION HEALTH
... 25
SECTION 7: BOARD, MANAGEMENT AND CORPORATE GOVERNANCE
... 48
SECTION 8: FINANCIAL INFORMATION
... 60
SECTION 9: WHAT ARE MY RISKS?
... 145
SECTION 10: OFFER DETAILS
... 156
SECTION 11: TAXATION SUMMARY
... 171
SECTION 12: STATUTORY INFORMATION
... 175
SECTION 13: INFORMATION FOR AUSTRALIAN INSTITUTIONAL INVESTORS
... 189
SECTION 14: GLOSSARY
... 202
SECTION 1: LETTER FROM THE CHAIRMAN
AND THE FOUNDER
28 October 2014 Dear investor
On behalf of the Orion Health Board of Directors and management team, we are delighted to invite you to become a Shareholder in our company. Established 21 years ago, Orion Health is today a highly
regarded vendor in the global healthcare software industry, with over 450 direct customers and over 1,100 employees.
We have grown operating revenue at a CAGR of 26% over the last ten years, reaching $153 million in FY2014. The pace of our growth has accelerated in recent years as we have broadened our software base and increased the size and number of our customer contracts.
At Orion Health, we believe new technology will give people the opportunity to lead healthier, happier and longer lives. We develop, implement, manage and support a range of healthcare software functionality across our three solution groups ā Intelligent Integration, Smarter Hospitals and Healthier Populations. Intelligent Integration enables the exchange of healthcare information between disparate systems, both within a hospital and across a wider healthcare community. Smarter Hospitals manages the clinical and administrative information flow within a hospital. Healthier Populations ventures beyond the four walls of a hospital, to provide care coordination, analytics and engagement tools for managing the healthcare needs of a āpopulationā.
We believe that the health industry currently sits on the cusp of the next revolutionary shift, created by the proliferation of healthcare data and the application of IT to that data. We call this shift āthe health data revolutionā. In our view, a key to the health data revolution is the development of software that captures and analyses healthcare information for entire populations to assist clinicians to create precise and informed healthcare plans for individuals. This will reduce the need for expensive treatments and interventions and contribute to controlling healthcare costs. This shift will therefore be driven by Governments, Providers (public and private healthcare providers) and Payers (health insurers), who are all motivated to combat increasing healthcare expenditure and wastage.
The health data revolution presents the single largest opportunity in Orion Healthās history. We believe we are well placed to be an early leader in the emerging global Population Health Management market, as our Healthier Populations solution group and expertise in managing health data across regions should give us a competitive advantage in attracting Payers and Providers to our software.
Although Orion Health has good market positions in a number of countries, currently our most significant opportunity is to become a vendor of choice to Payers in the United States. Approximately one third of all United States healthcare expenditure is funded through Payers. They are now starting to partner with Providers and are looking to utilise fully integrated software systems to ensure that care is provided to their members as efficiently as possible. Orion Health has recently taken an important step into this new market with the signing of contracts with two key Payers.
Capturing this new opportunity while continuing to grow the underlying business has required us to significantly accelerate our development spending to add further functionality to our existing software. This will enable us to more comprehensively service our existing and prospective Payer, Provider and
Government clients. We are raising new capital to fund this opportunity and ongoing growth in our business. The proceeds will be used to continue to increase our research and development capacity, with an emphasis on Healthier Populations, improve our implementation and delivery capability for customers, and provide additional financial liquidity. While Orion Health has an established track record of developing and selling healthcare software, we are making significant changes to our business to enable further substantial growth, including a large increase in employee numbers.
These changes, and the new markets which we are focused on capturing, come with uncertainty and significant management and execution challenges. To that end, we have recently made a number of key appointments to senior management positions.
We encourage you to read and understand Section 9 What are my Risks? before considering an investment in Orion Health.
On behalf of the whole team at Orion Health, we look forward to welcoming you as a Shareholder.
Yours sincerely
Andrew Ferrier Ian McCrae
SECTION 2: ORION HEALTH AT A GLANCE
Orion Health is a global provider of healthcare software, delivered across our three solution groups ā Intelligent Integration, Smarter Hospitals and Healthier Populations.We believe that new generation technology will give people the opportunity to lead healthier, happier and longer lives.
Founded in 1993 by Chief Executive Officer, Ian McCrae
Over 1,100 employees worldwide
27 offices in 15 countries
Over 450 customers in 25 countries
26% operating revenue CAGR over the last 10 years*
$153m FY2014 operating revenue
Winner of the 2014 Hi-Tech Company of the Year. The judges commended us for having ādemonstrated outstanding year on year growth, substantial business acumen in a terribly complex and competitive market, and amazing international diversification...Orion Health is simply a standout example of a New Zealand companyā.
1
1
Total FY2014 operating revenue was $153 million which incorporated $9 million of other operating revenue not attributable to a single solution group along with third party pass through revenue.
SECTION 3: OFFER AT A GLANCE
This is an initial public offering of ordinary shares in Orion Health Group Limited (Orion Health) by Orion Health and McCrae Limited (the Offeror). Orion Health and the Offeror are referred to together as the Issuers.
This Section provides an overview of the Offer. Your decision whether or not to invest in Shares should be based on your consideration of this Prospectus taken as a whole (and of the Investment Statement). As with any investment, there are risks associated with an investment in the Shares. You should therefore consider the risks that could affect Orion Healthās performance described in Section 9 What are my Risks?.
How is the Offer structured?
The Offer comprises the Broker Firm Offer and the Institutional Offer. There is no general public offer. You can find more about the Offer in Section 10 Offer Details.
Size of the Offer
The Offer comprises an offer of $5 million worth of existing Shares by the Offeror and between $120 million and $150 million worth of new Shares by Orion Health (at the discretion of Orion Health). The key Offer statistics set out below assume, for illustrative purposes, an offer of $120 million worth of new Shares by Orion Health.
Key Offer statistics
Indicative Price Range2 $4.30 to $5.70 per Offer Share
Existing Shares on issue prior to the Offer 139.5 million
New Shares being offered by Orion Health to raise $120 million3 21.1 million to 27.9 million Existing Shares being offered by the Offeror, representing $5 million3 0.9 million to 1.2 million
Total number of Offer Shares3 21.9 million to 29.1 million
Total number of Shares on issue upon completion of the Offer4 160.6 million to 167.4 million Shareholding of all existing shareholders following the Offer5 82.6% to 86.3%
2 The price per Offer Share is indicative only. The Price will be set after the conclusion of the bookbuild process and may be within, above or below this range. The Indicative Price Range may be varied at any time by Orion Health.
3
Based on the top and bottom of the Indicative Price Range. 4
Based on the existing Shares on issue prior to the Offer of 139.5 million plus 21.1 million to 27.9 million of new Shares to be issued under the Offer (based on the Indicative Price Range).
5
Based on the indicative number of new Shares to be offered by Orion Health and on the Indicative Price Range. Assumes $120 million raised by Orion Health and no acquisition of Shares under the Offer by existing Shareholders.
Capitalisation
Equity value prior to the issue of new Shares6 $600 million to $795 million
Indicative market capitalisation7 $720 million to $915 million
Less: Estimated net cash8 $109 million
Indicative enterprise value9 $610 million to $806 million
Selected Pro Forma financial information
EBITDA and Annualised Recurring Revenue are nonāGAAP financial measures and certain of the amounts set out below have been subject to Pro Forma adjustments. For further information about non-GAAP financial measures and the Pro Forma adjustments, please see Section 8.4 Reconciliation of Statutory to Pro Forma Financial Performance.
NZ$ā000 FY2010 FY2011 FY2012 FY2013 FY2014 1HFY2015
Pro Forma total income 55,348 81,470 99,572 112,867 156,529 83,087 Operating revenue 54,532 77,743 96,628 109,780 152,992 80,522 Operating revenue growth 3.8% 42.6% 24.3% 13.6% 39.4% 18.5%10 Pro Forma operating expenditure (51,958) (73,953) (91,109) (113,763) (161,544) (101,526) Pro Forma EBITDA 3,390 7,517 8,463 (896) (5,015) (18,439) Annualised Recurring Revenue11 12,800 16,200 17,600 31,000 44,268 52,079
6
Calculated as existing Shares on issue prior to the Offer multiplied by the top and bottom of the Indicative Price Range. 7
Calculated as total number of Shares upon completion of the Offer multiplied by the top and bottom of the Indicative Price Range. Assumes $120 million raised by Orion Health.
8
Estimated net cash position of Orion Health of approximately $5.0 million overdrawn as at the date of this Prospectus adjusted for assumed $120 million raised by Orion Health under the Offer, less approximately $5.5 million of Offer costs.
9
Calculated as indicative market capitalisation less estimated net cash. 10
Orion Health is currently a loss-making business and is not expected to be profitable in the short term. It does not expect to pay dividends until it is generating significant free cash flow on a sustainable basis.
There is no prospective financial information in this Prospectus. The Board of Orion Health has, following careful consideration, concluded that it is not practicable to formulate reasonable assumptions on which to base prospective financial information. This is because Recurring Revenues currently represent less than one third of operating revenue and there is inherent uncertainty around the capture of customer contracts and the timing of their execution, and recognition of the associated revenues. Given the inability to reliably determine reasonable assumptions for the period covered by prospective financial statements, the Board is of the view that any prospective financial information would be likely to mislead or deceive potential investors in a material manner because actual operating revenue and profitability for such period could be materially different from that forecast. Please refer to the information under āNo prospective financial statementsā in Section 8 Financial Information for a more detailed discussion. Investors should rely on their own judgment as to the prospects of Orion Health.
Use of proceeds
A portion of the new capital raised under the Offer will be used to fund new Research and Development teams to accelerate enhancement of our software. We will also utilise significant funds in improving our Implementation Services and Managed Services capability as well as more general ongoing
infrastructure, systems and support improvements. The remaining new capital will provide additional financial liquidity. See Section 6 under āHow we will utilise the IPO proceedsā for further information. Key dates
Prospectus registered 28 October 2014
Bookbuild, pricing and allocation under Institutional Offer 6 November and 7 November 2014
Broker Firm Offer opens 10 November 2014
Broker Firm Offer closes 21 November 2014
Allotment Date 25 November 2014
Expected commencement of trading on NZX Main Board and
ASX 26 November 2014
Allotment notices sent to subscribers By 2 December 2014
11 Annualised Recurring Revenue is a metric that Orion Health uses to estimate the Managed Services operating revenue and Support Services operating revenue already secured for the next 12 months at a particular point in time. This metric is calculated by taking the last month of Managed Services and Support Services operating revenue, adjusted for any abnormal items, from our existing customer base and multiplying this by 12 to determine an annualised figure. Adjusting for abnormal items would include any accounting corrections or one-off transactions that are not expected to occur in the future (e.g., loss of a customer). The exchange rates at the end of the relevant period are used in the determination of this metric. This non-GAAP financial performance measure is used internally by Orion Health as a basis for its expected forward recurring operating revenue. Annualised Recurring Revenue does not account for changes in behaviour of customers to that experienced historically (e.g., retention rates, increase/decrease in activity or bad debts).
SECTION 4: INVESTMENT HIGHLIGHTS
Our track record
1. Orion Healthās traditional software business has a sustained record of strong growth and increasing Recurring Revenues
Our opportunity
2. The healthcare industry is being transformed by digitisation and the exponential growth of health data
3. Governments, Providers and Payers around the world are now working with software
companies to better utilise health data to reduce rising costs and to improve health outcomes for individuals
Capturing this opportunity
4. We have entered a substantial new market with Payers in the United States which provides our springboard into the broader industry transformation
5. We are well positioned to capitalise on this reshaping of the healthcare industry through our leading integration technology, our independence and our experience in Population Health Management
6. Our global team provides a strong foundation for increasing scale and accelerating our growth plans
Your opportunity
āAn investment in Orion Health is an opportunity to participate: First, in our well established award winning software business And
Second, in what I believe is the inevitable transformation of healthcare through the āhealth data revolutionā, in a similar way that search engines have transformed the use of the internet.ā
Ian McCrae, Chief Executive Officer
Some industry and Orion Health specific terms used in this Section are defined in Section 5: Industry Overview.
1. Orion Healthās traditional software business has a sustained record of strong growth and increasing Recurring Revenues
ļ· Orion Health has been established for 21 years and in that period has developed strong market positions across its three solution groups: Intelligent Integration, Smarter Hospitals and Healthier Populations.
ļ· We plan to continue to grow our traditional business by increasing our presence in the integration, Health Information Exchange and Provider spaces, and expanding the maturity and presence of our Smarter Hospitals solution group.
ļ· We have consistently delivered operating revenue growth.
Operating revenue for 1HFY2015 was $80.5m representing an 18.5% increase on 1HFY2014. Historical financial performance is not a guarantee of future performance.
ļ· This growth has been primarily funded internally from operating cash flows.12 ļ· We are focused on increasing the proportion of operating revenue that is recurring.13
12 Orion Health has raised $37.84 million of equity capital funding over the last 10 years, of which $26.0 million was raised (at $4.00 per share) in 1HFY2015 by way of private placements primarily to existing shareholders to support Orion Healthās growth initiatives. See Section 7.5 Recent Equity Capital Raisings for further information. Orion Health also utilised cash from investment activities including the sale of āOrion Houseā in March 2013 and divestment of its shares in Healthlink International Limited in November 2013. See Section 8.4 Reconciliation of Statutory to Pro Forma Financial Performance for further information.
13
See discussion on Recurring Revenue in āTransition to increasing Recurring Revenueā in Section 8.2.1 Recent financial performance.
2. The healthcare industry is being transformed by digitisation and the exponential growth of health data
ļ· We believe healthcare is on the brink of transformational change, driven by the following factors: o Healthcare is yet to experience the online transformation seen in other industries such as
banking, travel, restaurants, music, business networking, telecommunications and social networking where platforms like Lastminute.com, iTunes, LinkedIn, Skype and Facebook are now commonplace.
o New healthcare devices are emerging that track individualsā fitness, weight, sleep patterns, heart rate, etc.
o Genomics is becoming increasingly affordable and we expect to see an increase in the uptake of genome mapping.
o The volume of healthcare data worldwide, which is expected to grow by a factor of 50 by 2020.14
o The growing expectation of patients to see and interact with their complete health information.
āWe need to bring healthcare into the digital age, and by doing so you can really improve the quality and cost of care,ā Paul Markovich, chief executive of Blue Shield of California, a large United States Payer and an Orion Health Population Health Management customer.
14
āBig Data in Healthcare ā Hype and Hopeā, Bonnie Feldman, Ellen M. Martin and Tobi Skotnes, October 2012. Growth factor from 2012 to 2020.
3. Governments, Providers and Payers around the world are now working with software companies to better utilise health data to reduce rising costs and to improve health outcomes for individuals
ļ· Governments, Providers (public and private healthcare providers) and Payers (health insurers) in all our major markets are now embracing digitisation by working with software companies to investigate Population Health Management solutions to reduce waste, slow the rising level of healthcare spending and improve health outcomes for individuals.
ļ· Orion Health has been successful in capturing these opportunities for many years. Healthcare expenditure in selected countries15
ļ· It is estimated that 34% of health expenditure in the United States alone was wasted in 2011 (US$910 billion).16
15
Total Health Expenditure (% of GDP), World Development Indicators, The World Bank. 16
āEliminating Waste in US Health Careā, Donald M Berwick & Andrew D Hackbarth, The Journal of the American Medical Association, April 2012.
4. We have entered a substantial new market with Payers in the United States which provides our springboard into the broader industry transformation
ļ· We believe there is a substantial opportunity for Orion Health to build upon our Healthier Populations business.
ļ· We are breaking into the Payer market, having recently signed two large Payers in the United States as customers, namely Highmark (with approximately 5.3 million members, the ninth largest Payer in the United States) and Blue Shield California (with approximately 3.1 million members, the 15th largest Payer in the United States).17
ļ· We expect that our software will have applications to Payers and other healthcare funders around the world by creating new functionalities for these customers and creating value through
preventative strategies to keep people at home and healthy.
ļ· If technology can assist United States Payers to reduce their healthcare expenditure by even 1%, this would deliver them approximately US$9 billion per annum of savings.18
17
By market share (total premiums), National Association of Insurance Commissioners, 2013. Adjusted for Aetna Groupās acquisition of Coventry Corporation in May 2013.
18
Based on private insurance expenditure on health of US$888.6 billion in 2012 in the United States (as per the World Health Organisation Global Health Expenditure Database).
5. We are well positioned to capitalise on this reshaping of the healthcare industry through our leading integration technology, our independence and our experience in Population Health Management
ļ· At Orion Health we want to lead the transformation of healthcare through the increasing use of new sources of health information combined with traditional health data. We are well positioned to capitalise on the current Population Health Management opportunity and longer term sector transformation.
o āOrion Health is arguably the most prominent provider of healthcare interoperability globally and a major HIE (health information exchange) vendor in the U.S.ā Chilmark Research, July 2013.
o Our Rhapsody Integration Engine, which is the foundation for all our software solutions, has long been considered best-of-breed for electronic health record integration projects.19 o We have global experience in Population Health Management, providing software solutions
for over 10 years.
o We are the largest independent vendor in the Health Information Exchange market,20 which provides us with an advantage in a market where some of our competitors are owned by Payers and are therefore less attractive to other competing Payers or Providers. o We have over 50 HIE customers worldwide to validate our existing solution suite. ļ· A major driver for raising new equity is to fund acceleration of our research and development
programme, to enable greater focus on enhancing our Population Health Management solutions.
19
ā2013 HIE Market Trends Reportā, Chilmark Research, July 2013. Chilmark Research is an independent global research and advisory firm that focuses on the market for healthcare IT solutions.
20
6. Ourglobal team provides a strong foundation for increasing scale and accelerating our growth plans
ļ· We have teams and offices across all our key markets.
ļ· Founder and CEO Ian McCrae has built a senior management team with broad regional, technical, operational and business expertise which has been strengthened by appointments of experienced senior management to key positions over the last year.
SECTION 5: INDUSTRY OVERVIEW
Key industry termsACOs Accountable Care Organisations. Groups of United States Providers contracted by the
United States federal government to improve care coordination for a patient population, with their reimbursement tied to quality metrics and reductions in the total cost of care for an assigned population.
Governments Encompasses national, federal, state and regional healthcare bodies as well as regional health boards and regulatory bodies.
HCIT The healthcare information technology industry.
HIE Health Information Exchanges. The term can refer to the technology or an organisation using the technology. The technology enables aggregation and secure exchange of electronic clinical information between a combination of Providers, Payers, Governments and ACOs. Outside the United States, these are commonly referred to as an Electronic Health Record (EHR).
Payers Health insurance companies.
Population Health Management
The concept of using HCIT to unify health data so that health professionals can deliver more effective, precise healthcare, keeping people healthier and out of the health system.
Providers Public and private parties that provide healthcare services, e.g., hospital networks, GPs and specialists.
HCIT industry
HCIT is the area of technology that is transforming the traditional paper-based healthcare system into a digital system. It provides a framework for the comprehensive digital management of healthcare information and its secure exchange between consumers, Providers, Government and Payers.
HCIT is a large and growing market
The global HCIT market is forecast to grow from US$40.4 billion in 2012 to US$56.8 billion by 2017.21 The United States represents the largest share of this market at US$15.9 billion in 2012 and this is forecast to grow to US$22.6 billion by 2017.22 The United States is Orion Healthās largest market, generating 58% of operating revenue in FY2014.
Governments around the world are implementing initiatives to encourage adoption of HCIT Orion Health has well established businesses in the United States, Canada, Great Britain, Northern Ireland, Australia and New Zealand, all of which have supportive Government initiatives for HCIT.
UNITED STATES
The HITECH Act financially incentivises Providers to adopt interoperable electronic health records and use them
in a meaningful way. The Affordable Care Act, āObamacareā,
was introduced to increase the quality and affordability of health insurance.
Orion Health is one of the largest HIE vendors in the United States
CANADA
The Canadian Federal Government has provided CA$2.1 billion of funding to
develop electronic health records through Canada Health Infoway.23
Orion Health provides the electronic health records for five Canadian
provinces
GREAT BRITAIN
The National Health Service in England established the Integrated Digital Care Fund in 2013, providing over Ā£500 million of funding to facilitate widespread adoption
of modern electronic health records.24
Orion Health has over 40 NHS Trust customers
NORTHERN IRELAND
Northern Ireland Health and Social Care (publicly funded) is working towards electronic care records for all
patients.
Orion Health was chosen as the software platform provider
AUSTRALIA
Australiaās National E-Health Transition Authority is jointly funded by the federal, state and territory governments
to lead the adoption of eHealth solutions.
Orion Health software was chosen for the National Personally Controlled Electronic Health Record
launched in 2012
NEW ZEALAND
The New Zealand Ministry of Health published the National Health IT Plan in 2010, which focused on the integration of IT initiatives in the health system, including
all New Zealanders having electronic access to their health information.
All DHBs are Orion Health customers
21 āHealthcare IT Market - Global Forecasts to 2017ā, Markets and Markets, May 2013. 22 āHealthcare IT Market - Global Forecasts to 2017ā, Markets and Markets, May 2013. 23
Canada Health Infoway. 24
Escalating healthcare costs risk becoming unsustainable
Healthcare is a significant cost for a nation. OECD countries spent an average of 12.6% of GDP on healthcare in 2012.25 The burden is even greater in the United States, where 17.9% of GDP was spent on healthcare in 201226 and costs are projected to continue escalating to 19.3% of GDP by 2023.27 The ageing global population and rise of chronic conditions are expected to significantly increase demand for healthcare globally.
Ageing population
The proportion of the worldās population over 60 years of age is forecast to double from about 11% to 22% between 2000 and 2050,28 with the financial burden of healthcare per capita accelerating from age 60.29
Increases in people suffering from chronic diseases
In the United States, 90% of people over 65 have one or more chronic conditions, with chronic conditions accounting for 84% of all United States health costs in 2006.30
Wasted healthcare spend
Wastage in the healthcare sector is also significant. It is estimated that US$910 billion (representing 34% of total United States healthcare spend) was wasted in 2011, broken down as follows:
ļ· Failures of care delivery US$128 billion ļ· Failures of care coordination US$35 billion ļ· Over treatment US$192 billion
ļ· Administrative complexity US$248 billion ļ· Fraud and abuse US$177 billion
ļ· Pricing failures US$131 billion.31
HCIT and Population Health Management can help make healthcare more efficient and reduce this wastage.
25 Total Health Expenditure (% of GDP), World Development Indicators, The World Bank. 26 Total Health Expenditure (% of GDP), World Development Indicators, The World Bank.
27 National Health Expenditure Projections 2012 ā 2023, Centers for Medicare & Medicaid Services, Office of the Actuary. 28 āAgeing and Life Course, Facts about Ageingā, World Health Organisation, September 2014.
29 āForecasting the Cost of U.S. Healthcare in 2040ā, Robert W. Fogel, National Bureau of Economic Research, September 2008. 30 āChronic Care: Making the Case for Ongoing Careā, Robert Wood Johnson Foundation, 2010.
31 āEliminating Waste in US Health Careā, Donald M Berwick & Andrew D Hackbarth, The Journal of the American Medical Association, April 2012.
Those who pay for healthcare are motivated to drive change
Healthcare is funded by the public and private sectors, primarily through Governments and Payers. In most of our markets the majority of healthcare spending is Government funded. The opposite is true in the United States, where over 50% of all healthcare expenditure is privately funded. About one third of healthcare expenditure in the United States is funded through Payers,32 who collect premiums from employers and individuals. Healthcare funders are motivated to reduce waste and improve health outcomes.
Regulatory reform is being led by the United States where change is needed the most. The HITECH Act and the Affordable Care Act have led to the development of ACOs and encouraged the establishment of increased numbers of HIEs. The payments ACOs receive are tied to healthcare quality goals and outcomes that reduce waste in the health system. The number of ACOs has expanded rapidly since 2011 when they were first established, with 522 ACOs operational in the United States as at January 2014 serving an estimated 15% of the population.33
The Affordable Care Act also introduced a number of mechanisms to increase health insurance coverage and affordability. United States Payers are now required to accept all applicants and cannot charge higher premiums on the basis of pre-existing conditions or sex. As a result, Payers face increased risk which cannot easily be addressed by higher premiums. To manage this increased risk, Payers are increasingly seeking HCIT solutions that can help them assess the health of their members and reduce medical claims by proactively managing their membersā health and minimising wastage and the need for costly healthcare.
Payers have the critical mass of members with extensive Provider networks to effect change. Over 84% of the United States population has private health insurance34ā the top 10 Payers have over 200 million members in aggregate with an average per member per year medical cost of approximately US$1,500.35 The increasing breadth and depth of health data provides the foundation for Population Health Management
Population Health Management uses HCIT to unify all health data for an individual so that health professionals can deliver more effective healthcare at lower cost. The goal is to use technology to increasingly provide precise treatment plans for each individual to keep them healthier and out of the health system, thereby reducing waste and improving outcomes.
We believe Population Health Management will be greatly assisted by the huge growth expected in health data from genome mapping, smart devices and other new forms of data.
Simply put, we believe the healthcare industry is on the cusp of a health data revolution.
32
World Health Organization, Global Health Expenditure Database.
33 āACO update: Accountable Care at a Tipping Pointā, Oliver Wyman, April 2014.
34 āIncome, Poverty, and Health Insurance Coverage in the United States: 2012ā, Carmen DeNavas-Walt, Bernadette D. Proctor, Jessica C. Smith, United States Census Bureau, September 2013.
35
Average of the FY2013 total medical cost divided by the total member base, as taken from Annual Reports of seven of the top 10 Payers by market share (the other three do not disclose total medical cost).
Orion Healthās ultimate vision for Population Health Management
āIf we could make sense of health data for an entire population, patterns could be identified and evidence about the most successful medicines or treatments could be used to create an optimised precise plan for an individual. There would be rapid, scalable, precise and accurate diagnostics as well as the understanding of each individualās biology and genetic make-up to apply the most effective course of action. Keeping people healthy would in turn help reduce the need for expensive interventions such as emergency department visits, hospitalisations, imaging testing and procedures, reducing costs to the healthcare system.ā
Ian McCrae, Chief Executive Officer
Contrac
tual
arrang
ement
SECTION 6: ABOUT ORION HEALTH
At Orion Health we believe new generation technology will give people the opportunity to lead healthier, happier and longer lives. Our healthcare software is organised into three solution groups ā Intelligent Integration, Smarter Hospitals and Healthier Populations. Although our Rhapsody Integration Engine underpins each of these solution groups, they have different functionality and are focused on different customers and markets.
Each solution group is described in more detail in this Section, including their key markets and strategy. We also outline in this Section how we operate our business and how we propose to utilise the Offer proceeds.
INTELLIGENT INTEGRATION
Our software rapidly and reliably connects, integrates and shares information between disparate health software systems and organisations
Customers: Hospitals, public health organisations, software and hardware
vendors, research bodies. Over 300 Rhapsody-only customers.
Key markets: United States, Canada, Great Britain, Northern Ireland, continental
Europe, China, Australia, New Zealand. FY2014 operating revenue
contribution:
23% ($35 million).36
Our market status: Well established in United States. Significant opportunities in other
markets, such as China.
Key competitors include: InterSystems (Ensemble) ā US based, privately owned
Corepoint Health ā US based, privately owned
Quality Systems Inc. (Mirth Connect) ā US based, NASDAQ:QSII Overview
Our Intelligent Integration solution group primarily represents standalone sales of our best-of-breed Rhapsody Integration Engine.37 Rhapsody connects different health software systems within and between hospitals, regional networks and public health organisations, laying the foundation for the delivery of consistent and efficient patient care. It acts as a hub to collect, translate and route messages between disparate systems. For example, an update to a patientās personal details in one system would be pushed to other systems connected via Rhapsody.
Rhapsody was first released in 2002 and, as well as being a standalone solution, it is a key technology component used in our other solution groups (Smarter Hospitals and Healthier Populations). Rhapsody is rated as one of the top three integration engines in the market in the United States.38
Our competitive strengths in healthcare systems integration are a result of:
ļ· speed of deployment and ease of use ā Rhapsody provides full functionality required for complex healthcare systems integration using a drag and drop development interface and simple point-and-click configuration
ļ· healthcare focused features ā some of our āintegration engineā market competitors are not specific to healthcare
ļ· comprehensive tools for proactive monitoring and maintenance ā both web-based and
Rhapsody mobile apps for iPhone and Android
36 While Rhapsody technology is also utilised in Orion Healthās Smarter Hospitals and Healthier Populations solution groups, the revenue from embedding Rhapsody within our Smarter Hospitals and Healthier Populations solutions is not included in this solution group.
37 ā2013 HIE Market Trends Reportā, Chilmark Research, July 2013. 38
ļ· flexible open platform ā Rhapsody can integrate with old and new systems from many different vendors to leverage existing infrastructure, regardless of technology or standards. It is a flexible system which can be adapted to a clientās individual needs.
We also have an education programme whereby staff and clients can achieve Professional certification for Rhapsody. There is a growing community of certified Rhapsody end users, with currently more than 130 staff and clients having achieved full Professional certification and more than 770 having achieved the Associate certification. We believe this further increases Rhapsodyās brand awareness and provides favourable references for Rhapsody.
What Rhapsody does
Hospitals and health organisations use multiple different software systems that can operate in isolation and, even when connected, can suffer from overburdening interfaces and poor performance. Rhapsody connects, translates and shares information between various systems to provide seamless electronic information sharing.
Key markets and customers
The global market for integration of systems within a healthcare organisation was US$1.2 billion in 2013 and is forecast to grow at a CAGR of 9.6% to US$1.9 billion in 2018.39
There are a number of other integration companies in the market. Our competitors include both healthcare specialists (such as Corepoint Health) and more generalist IT software providers (for example, InterSystems provides solutions for applications in the healthcare, financial services, government, utilities and logistics industries). For some of our larger competitors, only a small segment of their business competes with our solutions.
Our current key geographic markets include the United States (where the large majority of our Intelligent Integration revenue is derived), Canada, Great Britain, Northern Ireland, continental Europe, China, Australia and New Zealand. Our Intelligent Integration solution group is well-established in the United States. However, significant opportunities exist in other geographies, especially where countries are not as progressed in healthcare integration, such as China. For example, we have recently secured Shanghai Childrenās Hospital as a customer.
We currently have over 300 direct Rhapsody-only customers. However, the actual number of Rhapsody installations is multiples higher. Orion Healthās direct customers include a number of large organisations who have multiple sites using Rhapsody. We also have several software and hardware vendor customers who use Rhapsody to add communications functions to their products.
Our customers include:
ļ· Hospitals and hospital networks: Southern Cross Hospitals, Catholic Health Initiatives, Healthscope ļ· Government: California Department of Public Health, New Hampshire Department of Health, District
of Columbia Department of Health
ļ· Software/hardware vendors: AmerisourceBergen Specialty Group, GE, Philips, Agfa.
39 āHealthcare IT Integration Market ā Products, Services, Applications ā Global Forecast to 2018ā, Markets and Markets, 2014. Includes integration products and services for hospital, lab, medical device, clinics, radiology and other applications.
Case study: Brockville General Hospital ā using Rhapsody to save time and costs and improve clinical decisions
Brockville General Hospital uses Rhapsody to seamlessly share data with authorised healthcare providers.
Brockville General Hospital is a three-site community hospital located 85 kilometres east of Kingston, Ontario, Canada that serves a catchment area of 66,000 residents and a referral area of up to 125,000 people.
Accessing patient information: an integration challenge
Prior to implementing the Rhapsody Integration Engine in May 2011, sharing information among healthcare providers within the Brockville General Hospital community was carried out manually. For example, if a patient was referred to radiology, the x-ray results would be printed out, reviewed in the department, and then manually couriered to the practising physicianās office and scanned into the existing EHR system.
Strategy
Rhapsody is a market leading solution which requires relatively low ongoing research and development investment as a standalone solution. Intelligent Integration is a reliable and profitable segment for Orion Health, which is expected to continue to grow. We expect stronger growth from our other solution groups and therefore, as a proportion of our total operating revenue, we expect Intelligent Integration to reduce from 23% in FY2014 to approximately 10 -15% over the next five years. However, our integration expertise is fundamental to executing our growth strategy for Smarter Hospitals and Healthier
Populations, making the revenue generated from Rhapsody more significant than the external revenue recorded by Intelligent Integration alone.
Growth in Intelligent Integration sales will be driven by the growing adoption of electronic medical records, the generation of increasing amounts of health data, the desire for greater efficiency and expanding hospitals and other healthcare organisations.
Specific areas of short-term strategic focus for Intelligent Integration include: ļ· increasing the marketing effort and sales support for Rhapsody
ļ· developing partner channels for non-English speaking countries, particularly China and in South East Asia
ļ· launching additional service offerings, such as a premium support offering and Rhapsody-as-a-Service
ļ· researching entry into new markets, such as Payers, pharmaceuticals, health-related operational management and digital hospital.
The manual report delivery process is time consuming, taking anywhere from one to two weeks to complete, and incurs costs for the Hospital, including paper, administration and courier costs. It also impacts the physicianās clinical decisions because often the patientās follow-up visit is scheduled before the reports come in.
The solution
Rhapsody was used to integrate two hospitals to the clinical data repository and then export reports to the electronic medical record systems in both local health networks, providing true collaboration between those networks.
Since implementing Rhapsody, the process of accessing discharge summaries, x-rays and other medical record reports has been cut down from days to seconds because now the reports are shared
electronically. From a patient treatment perspective, physicians experience improved clinical decision making because they now have access to patient reports instantaneously, making them better equipped to provide follow-up care in a much more timely fashion.
āThere are so many different standards and legacy systems out there that hospitals are using. We see Rhapsody as being absolutely pivotal because it doesnāt matter so much what other systems the
hospitals are using because you can quickly provide the integration with Rhapsody... With Rhapsody, we are able to process thousands of reports almost instantaneously, which is surprising to us. Itās truly a commercial, off-the-shelf product, and far more stable and robust than we had imagined.ā - Rowland Taylor, IM/IT Department, Brockville General Hospital
Future product investment in Intelligent Integration will focus on servicing the strategic needs of its
Smarter Hospitals and Healthier Populations internal customers, as well as disruptive technology such as: ļ· smarter interoperability
ļ· emerging healthcare messaging standards
ļ· integration with workflow tools, big data and new sources of data ļ· providing continuous delivery via the cloud.
SMARTER HOSPITALS
Our software connects all clinical information into a single viewer within a hospital, and includes a software platform to automate a hospital
Customers: Over 40 hospital customers.
Key markets: Great Britain, Northern Ireland, Turkey, Middle East, Australia,
New Zealand, China, South East Asia. FY2014 operating revenue
contribution:
22% ($33 million).
Our market status: Established for our CONSULT solution and emerging challenger
for our ENTERPRISE solution.
Key competitors include: EPIC ā US based, privately owned
Cerner ā US based, NASDAQ: CERN CSC ā US based, NYSE: CSC
InterSystems ā US based, privately owned Local vendors
Overview
Our Smarter Hospitals solution group represents Orion Health products used within a hospital. It enables hospitals to automate key processes, moving them away from paper-based systems, improving
efficiencies and positively impacting patient safety. Within Smarter Hospitals, we offer two primary solutions:
ļ· CONSULT ā a subset of the ENTERPRISE solution below, CONSULT is an electronic medical record
(EMR) that integrates with third party software within a hospital, like patient administration, laboratory, pharmacy and radiology specialty systems. It aggregates single patient records and data from various existing applications in a hospital to a centralised point using Rhapsody and provides a combined view to clinicians via our Clinical Portal. In addition to providing a consolidated view of existing information, CONSULT also provides clinical tools to enhance the documentation, workflow and decision making of clinicians.
ļ· ENTERPRISE ā a fully integrated hospital information system. ENTERPRISE provides a suite of products to manage and automate a hospital, including those for general management (e.g., human resources, inventory management), specialty departmental products (e.g., laboratory, radiology information system) and patient administration (e.g., bed management, enterprise scheduling). CONSULT forms part of the ENTERPRISE solution.
Customers can also choose additional Orion Health products to be added onto ENTERPRISE, for example, Scanned Medical Records (digitises paper records and attaches them to the patient record, viewable by clinical users everywhere), a Patient Portal (provides patients with access to their own EMRs) and Clinical Referrals (allows clinicians to electronically refer patients to other Providers). In February 2012, we acquired the ENTERPRISE hospital automation software (known as Amalga HIS) from Microsoft Corporation. The acquisition brought approximately 60 staff to Orion Health, based mainly in Thailand and Singapore, where Orion Health now has offices.
Orion Health will shortly launch MEDICINES, a suite of products that address medication management, a key area of duplication, risk and waste. Like CONSULT, the product will be sold standalone or as an extension to ENTERPRISE and the Healthier Populations solution group. We are able to offer ENTERPRISE at a mid-market price point, providing us with a competitive advantage against more expensive North American vendors.
Key markets and customers
CONSULT currently accounts for the majority of our Smarter Hospitals revenue. It is sold in
Commonwealth markets such as New Zealand, Australia, Great Britain and Northern Ireland, as well as China. We first sold CONSULT in the early 2000s to New Zealand DHBs and have since grown our customer base to over 35 customers worldwide. Our CONSULT customers include several New Zealand DHBs, Hunter New England Health (Australia), Health and Social Care Northern Ireland, Golden Jubilee National Hospital (Scotland) and NHS Greater Glasgow & Clyde (Scotland).
Our current geographic markets for ENTERPRISE are in Asia Pacific and the Middle East, including New Zealand, Malaysia, Thailand, Vietnam, Turkey and the Philippines. We see ourselves as a challenger in this space given our relatively recent entry into the market. Four of the original Amalga sites using ENTERPRISE remain key reference customers for us and we have since secured a further four ENTERPRISE customers. Our ENTERPRISE customers include Bumrungrad International Hospital (Thailand), FV Hospital (Vietnam), The Medical City (Philippines), the South Island Alliance (New Zealand) and American Hospital (Turkey). We do not currently sell ENTERPRISE in the United States.
Strategy
Smarter Hospitals is a fast growing segment for Orion Health. The hospital software market presents a meaningful growth opportunity for us and capturing this is a key part of our strategy for the next five years. As we grow our community presence with Healthier Populations, we will leverage that to target hospitals with next generation solutions.
We have specific strategies for each solution within Smarter Hospitals.
The focus for CONSULT remains on Commonwealth markets (Australia, Great Britain and New Zealand primarily) where customers are typically looking for a way to connect existing hospital systems rather than invest in a full replacement system from a single vendor. CONSULT is also differentiated by its flexibility to extend into the community via Healthier Populations or extend to our full ENTERPRISE hospital solution.
Our strategy for MEDICINES is to provide a global offering, initially focused on Commonwealth and United States markets. As a new solution, it is a challenger with the vision: āto deliver a community platform for a complete, patient-centric view of medications that is trusted across the entire health Case Study: Bumrungrad International Hospital ā Orion Health assisting in the delivery of operational efficiencies
Bumrungrad International Hospital is an internationally accredited, multi-specialty hospital located in the heart of Bangkok, Thailand. Founded in 1980, today it is the largest private hospital in Southeast Asia, with 538 beds and over 30 specialty centres. Bumrungrad offers state-of-the-art diagnostic, therapeutic and intensive care facilities in a one-stop medical centre. The centre serves over a million patients annually, including over 520,000 international patients.
Orion Health's ENTERPRISE solution provides Bumrungrad with an enterprise platform to run and manage its daily operations. The ENTERPRISE solution is integral to how patients are managed and clinical care is delivered. āBumrungrad International and Orion Health are engaged in a strategic partnership that is a critical component to our day to day successā ā Bumrungrad International CEO, Mack Banner.
ecosystemā. We expect to differentiate it by its ability to deliver value as a standalone solution or as an extension to Smarter Hospitals and Healthier Populations.
In the immediate term, we intend to focus our ENTERPRISE efforts in markets such as Asia, the Middle East and continental Europe where customers are looking for a fully featured hospital information system but at a lower price point than the solutions offered by our North American competitors. Over the next five years, we plan to also target Commonwealth markets for ENTERPRISE (Australia, New Zealand, Great Britain and Northern Ireland).
To execute our strategy, we will continue to invest in research and development for Smarter Hospitals and grow our implementation capability in the Asian region.
Longer term, we see an opportunity to sell our hospital solutions together with our community wide Healthier Populations solution group, creating a complete health software solution for regions or countries. The first example of this is our current engagement with the South Island Alliance in New Zealand (see the case study later in this Section).
HEALTHIER POPULATIONS
Our software connects, consolidates and structures healthcare information to make it accessible and available across a geographic region
Customers: Providers, Payers, Governments, ACOs, HIEs.
Key markets: United States, Canada, New Zealand, Australia, Great Britain,
Northern Ireland, continental Europe, Asia. FY2014 operating revenue
contribution:
49% ($76 million).
Our market status: Established with a major new sector opportunity present. Our
PLATFORM solution is a top five market player.40
Key competitors include: InterSystems ā US based, privately owned
Optum (owned by United Health, the largest United States Payer ā US based, NYSE: UNH)
AthenaHealth ā US based, NASDAQ: ATHN Explorys ā US based, privately owned
Medicity (owned by Aetna, a large Payer ā US based, NYSE: AET) Lumeris ā US based, privately owned
DB Motion (owned by Allscripts ā US based, NASDAQ: MDRX) Nanthealth ā US based, privately owned
Overview
Our Healthier Populations solution group represents sales of Population Health Management solutions to Governments, Payers and Provider networks (including HIEs and ACOs) that cater to those responsible for managing the healthcare needs of a population. These include integration network, care coordination, analytics and patient engagement solutions.
PLATFORM is the base for our Healthier Populations solution group. It is an open data platform designed specifically for healthcare, which manages both the current and future needs of an HIE. It brings together health data from many regional sources using Rhapsody and supports information domains that a
healthcare service or health funder may need, such as encounters, diagnosis, procedure, laboratory results and allergies as well as a full range of health insurance data. Through our Clinical Portal, clinical staff have access to relevant, up-to-date and accurate patient information regardless of where care is provided or the clinician is located.
On top of PLATFORM, we offer three other solutions, which are sold as optional modules and provide the greatest value when used in combination.
ļ· ANALYTICS ā a developing solution that is focused on helping an organisation to look at historical, present day and future trends in the health of their communities. This information will allow them to look extensively into medical, demographic and lifestyle choices to identify trends within the
community ā e.g., patients in high cost and high risk areas would be classified to enable proactive
healthcare. We also intend to develop ANALYTICS to encompass the tools to provide real-time alerts to patients and Providers to assist and manage care.
ļ· COORDINATE ā makes collaboration and communication easy, with a suite of tools that track, manage, document, engage, alert and remind. With many people in one organisation contributing to a patient's care, coordinated teamwork is essential. COORDINATE provides tools to manage clinical workflow such as electronic referrals, treatment pathways, wellness programmes, patient problem lists and the ability to view and order diagnostic tests.
ļ· ENGAGE ā provides patients with access to their personal health information such as appointments, referral notes or medication information. ENGAGE provides a web-based, user-friendly Patient Portal with the added benefit of allowing the individual to set up a circle of care (for example with parents and caregivers).
Orion Healthās key competitive strengths are our independence (we are not owned by any Provider, Payer or Government) and capability to combine clinical and claims data, positioning us well to take advantage of the growing Payer market.
