Global Healthcare BI Software Market 2019

The Global Healthcare BI Software market report studies market status, competition landscape, market share, growth rate, future trends, market drivers, opportunities and challenges, sales channels and distributors.The analysis provides essential Healthcare BI Software data of past years along side estimations from 2019-2023 based on revenue.

Spotlight

Austriamed - Medical Treatments in Austria

AT-MED offers access to premium medical services in top clinics and hospitals in Austria. Through AT-MED you have full medical testings in half a day, in the same medical unit and a reliable team made up of world-renowned doctors and professors, for whom your needs will come first. In the Austrian medical institutions the patient is assisted throughout the stay by the attending physician.

OTHER ARTICLES
Health Technology, Digital Healthcare

Effective ways to Speed-up your Health Tech Sales Cycle

Article | July 14, 2023

Your sales cycle encompasses every action you take to close a new customer as a salesperson. But there is a possibility for the sales cycle to be confused with sales methodology. Sales methodology is a framework in which one practices a sales cycle. Whereas the sales cycle is the step-by-step process of you, as a salesperson, to close a deal with a client. Piper Drive, a sales CRM and pipeline management platform defines a sales cycle as the series of predictable phases required to sell a product or a service, and that sales cycles can vary greatly among organizations, products, and services, and no one sale will be the same. Especially with the healthcare industry, a thorough understanding of your health tech sales cycle will make your sales operations more efficient. Shortening the sales cycle without an up-front investment for sales is one of the critical healthcare sales and marketing goals. If you shorten your health tech sales cycle, you get more time to make additional leads. This will ultimately result in having an improved bottom line. A faster and shorter sales cycle can bring you more advantages in the competitive sales world of your industry. It will indeed allow your company to grow its business by improving market share. Have you ever thought, as a salesperson, about the effective ways to shorten the health tech sales cycle? This article mainly focuses on proactive ways to shorten your sales cycle and improve profitability. Challenges of Long B2B Health Tech Sales Cycle According to Marketing Sherpa, a market research institute, the length of the sales cycle can vary from industry to industry. Comparatively, the health tech industry has a longer sales cycle. Still, there are many effective ways to shorten it and bring a positive impact on your sales process. In general, B2B sales take a lot of time to maintain. Thus, the B2B health tech sales cycle takes even months to close a sale with a prospect and faces many challenges in the process. Some of the challenges you may face, as a health tech salesperson, can be the following on the process: Turning the Lead to a Sales-Ready Prospect No health tech salesperson will find a lead ready to make the sale without any persuasion from you. In the health tech sales cycle, lead nurturing should be your best bet to convert a prospect. With longer sales cycles, it won't be easy to nurture a lead all through the process and make a sales-ready prospect. It would be easier to convert leads when they are ready if you keep in touch with the prospects. People often find it difficult to do so in the long health tech sales cycle and end up not converting potential clients into happy customers. Maintaining Engagement Over Time The sales team keeps converting leads on their radar. As days and months pass, it is challenging to memorize each prospect you have interacted with. Neglecting them brings nothing to your business. It can be a juggle to balance new prospects with existing SQLs. Older ones may get lost in the weeds as new leads come in. No one can tell which one is a higher priority. Whom will you pay more attention to and for how long? It can be a severe obstacle in the long B2B health tech sales cycle. Keeping Your Sales Team Energized If your sales team is not engaged with the process itself and enjoys it, they will have a more challenging time dealing with leads. It is a fact that, unfortunately, salespeople can become frustrated or bored due to working with difficult and hesitant leads. As the health tech sales cycle drags on, it is tough to remain emotionally calm. If you have no strategies to energize them promptly, apathy or discouragement may come into play. Ensuring Marketing and Sales Alignment Lack of communication between the sales and healthcare marketing teams can pose the most detrimental challenges. It can impact the health tech sales cycle seriously. This loss of alignment between marketing and sales can hurt lead nurturing and lead to further difficulties like the ones listed above. When the two teams move out of sync, it often requires a lot of effort to get them on the same page again. These teams can work separately with decisions and different goals, but it would not benefit the entire company. Five Stages of the Typical Sales Cycle It is better to understand the five stages of the health tech sales cycle to comprehend how the sales cycle comes into play completely. Prospect This is the stage where the sales team attracts leads and listens to them, and learns to offer what they need. Connect This is the stage for you to get leads to move forward with your offers. You can utilize all the data you have amassed during prospecting. Research As a salesperson, this is when you learn about leads and determine whether the prospect intends to buy. Present In this stage of the health tech sales cycle, you offer your product or services as an effective solution for your lead's pain points. Close It’s a fit! By now, you know if your lead wants your product or service and move forward. Benefits of Shortening your Sales Cycle A shorter health tech sales cycle allows you to meet more prospects within the same time frame. For example, if you take one week for each prospect to complete the cycle, you can meet more people than with a two-week average life cycle for a single prospect. As you meet more people, it allows you to make more money. Moreover, most of the prospects prefer to have shorter sales cycles provided that you fulfill their need and solve their problem. However, even with a short health tech sales cycle, you should have an effective method to track sales information. Along with a short sales cycle, an effective method will increase your team’s efficiency and sales numbers. You will make more profits and improve your sales cycle. Ways to Shorten your Long Health Tech Sales Cycle One of the significant challenges faced by healthcare technology salespeople is shortening their health tech sales cycle. Unlike B2C, the B2B process of sales has to deal with many decision-makers and educate them about the value of your products. Typically, it takes a lot of time and effort to convince your prospects that your solution is customized to meet their unique needs. However, your health tech sales cycle can become agonizingly long as each prospect can have a different perspective about your solution. It can also occur due to the number of people involved in the decision-making in B2B companies. According to the latest Demand Gen Report, the buyer’s journey is getting more complicated and longer. This makes the sales process worse, which is already tedious. However, the good news is that you can follow these marketing strategies to shorten your health tech sales cycle tactically. Understand Your Buyer Personas Keep yourself away from trying to engage the wrong people. This will not bring you any results in the end. Before commencing the sales process, you should have a clear idea of who your targeted audience is. The decision-makers or influencers in the organizations you are targeting are your buyer personas. After identifying your personas, by answering the following questions, you can outline their qualities: • What are their goals? • What are their responsibilities? • What trigger drives them to buy? • What problems are they dealing with? • How do they like to research? • What inhibits a purchase? As you answer these questions, you will get a clear idea of the best way to approach them. Send an Introductory Video The prospects get to know the salesperson only in the in-person meeting. So before the in-person meeting, you can consider sending them an introduction video. This would add value and explain why you are interested in them with a ‘call-to-action. It creates familiarity by the time you connect with them. This is a very creative step to shorten your health tech sales cycle. Provide Pre-Sales Appointment Content Having a sales appointment with a prospect, who does not know anything about your solution, is one of the biggest mistakes you can make in your health tech sales cycle. This means you may have to have several meetings to convince the client. This problem can be eliminated with a lead nurturing email with informative content. This email can have a link to an informative blog about your product, which was written previously. It will make them peruse your website before the actual sales meeting with you. It saves your time by eliminating many meetings to educate the prospect about your product. Provide Post-Sales Appointment Content The prospect is expected to come out with some concerns and objections after the first sales appointment. As a healthcare tech company salesperson, it is your responsibility to eliminate all those obstacles by addressing them strategically. Sending follow-up emails, videos, and case studies helps address those concerns. The content can be used to guide other prospects too. Overcoming these obstacles with effective content can shorten your health tech sales cycle effectively. Come Clean with Pricing Pricing of your products can be one of the main concerns for your prospects. Many salespeople address it only at the last stage of the health tech sales cycle. Not revealing the price at the beginning will only lengthen your process. Moreover, it may result in losing trust in you. Be transparent and reveal the price, to save yourself from such issues. Leverage Social Proof One of the smartest ways to win the trust of your prospect is to provide social proof. It will also make the deal close sooner. The best social proofs are case studies with the impact of your products or ROI. Remember to make that the company featured in the case study is similar to the particular prospect's company. In the health tech sales cycle, it is crucial to thoroughly understand the prospect. Your sales cycle should connect with the process of lead nurturing, where you act as an advisor. This will also help you build trust with the prospects and increase your chances of closing the deal before the expected time. Executing all of these alone would be challenging. At Media7, we help companies market their healthcare technology product with innovative strategies and support by implementing these strategies effectively. Our strategies help attract prospects, convert them and turn them into your happy customers forever. To know more about us, visit https://media7.com/ Frequently Asked Questions What are the stages in the health tech sales cycle? B2B health tech sales cycles include seven main stages. They are sales prospecting, making contact, qualifying the lead, nurturing the lead, making an offer, handling objections, and closing the sale. Following these steps help a salesperson to close the sale effectively. How does the health tech sales cycle help? The health tech sales cycle helps you identify potential clients and nurture them through the process of sales. It makes you effectively and efficiently guide your clients and gives them the confidence to go forward with more effort. What are the best practices for the health tech sales cycle? The best practices for the health tech sales cycle can be attracting more prospects through content marketing, building trust by understanding clients better, focusing on your customers' clients, and knowing the prospect’s organizational chart. Why is the sales cycle important in health tech? The sales cycle in the health tech industry helps the sales managers to forecast the accurate picture of your sales. This because they know where your salespersons are in the sales cycle. It also gives a clear picture of how many deals your salespeople close out of a given number of leads.

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Digital Healthcare

Why Including Anesthesia Services in a Single-Bill Strategy Makes Sense

Article | November 29, 2023

As competition for patients intensifies, more hospitals and health systems are embracing a consolidated, single-bill approach for services rendered. Creating a single bill for the patient’s portion of inpatient or outpatient services can help eliminate confusion and reduce the ill will that frequently results when patients receive multiple invoices for a single care event. Yet incorporating anesthesia charges into a consolidated invoice is often problematic due to the unique nature of the anesthesia billing compliance. Anesthesia Billing Service Hurdles A few weeks ago, I met with the CEO of a 300-bed hospital. We discussed anesthesia billing, and he explained that his hospital traditionally outsourced this portion of its billing due to the more complex nature of anesthesia coding and the need to collect anesthesia minutes for billing. Unlike most inpatient services, anesthesia charges are not directly derived from CPT codes but instead utilize minutes and modifiers unique to the specialty. That means coders must use a CPT crosswalk to account for ASA codes, base and time units, emergency- and physical-status monitors, split anesthesia units reflecting CRNA involvement, and other specialty-specific nuances. Most coders and hospital billing staff are not trained in these complexities, and hiring and retaining capable staff in today’s competitive market can be difficult. Moreover, many billing platforms are simply not equipped to incorporate all the variables necessary to produce an accurate anesthesia bill. As a result, producing a consolidated patient bill that includes anesthesia is tricky. Yet leaving anesthesia off a single bill can undercut its value since, after facility and surgical charges, anesthesia often is one of the largest cost items patients incur. Fortunately, we at Change Healthcare know how to roll anesthesia charges into existing hospital billing systems to produce an accurate and timely single patient bill. Helping to Reduce Costs The benefits of consolidated billing extend beyond an improved patient experience. Producing just one bill reduces costs and repetition at both the front and back end of the revenue cycle management process. It can also ease staff burden when collecting on self-pay accounts, since there’s only one bill per patient. Finally, consolidated bills can help increase revenue by simplifying collections when patients present for follow-up care. Here’s an example: When the patient comes back for post-surgery physical therapy, a hospital employee at the registration desk can remind them that they still owe $150 for anesthesia and ask if they’d like to take care of that now. In my experience, patients usually hand over their credit card and settle their bill on the spot when asked at the time of care about a balance due. System-Agnostic Billing Across Hospital Platforms Change Healthcare has a long history of providing full-service, outsourced anesthesia-billing services to hospital and health-system clients. Unlike most other billing vendors, we’ve developed what we call a system-agnostic approach. That means we’ll provide billing services on our proprietary system or on the hospital’s existing billing platform, regardless of type, to generate accurate anesthesia-billing results. In practical terms, we’ll function as part of your billing team and use the same system your coders and billing staff rely on to generate anesthesia charges that can be included in a single patient bill. System-agnostic billing also allows us to provide clients with custom anesthesia reporting that wouldn’t otherwise be available with an outsourced billing solution. This helps clients gain far greater visibility and insight into anesthesia-billing charges. And by incorporating our anesthesia coding and billing capabilities into your existing billing system, you’ll be spreading the platform’s fixed costs across a greater number of departments. The bottom line? It’s not a heavy lift for us to virtually embed our trained anesthesia coders and billing professionals into your system. Our specialists will review your existing platform and provide, at no obligation, a return-on-investment analysis that can help you determine whether outsourcing anesthesia billing to capture claims on a single hospital bill makes sense for you. We expect the answer will be yes. Not only will you enjoy greater system efficiencies, but you’ll be in a position to produce a single bill that truly reflects the entire episode of care.

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Health Technology

Hangover Alcohol Syndrome

Article | September 12, 2023

Ha, ha, ha, it’s me, alcohol hangover syndrome. Oh no, it feels like I have a fire burning through my head, that cannot be put out. What a pain, the hang-over. I can't get up. My eyes are red and blurred. I feel sick and body is tired. My body aches like French fries sizzling in scalding hot oil. Ouch, what a pain it is. Ouch is not a strong enough expression. So I Scream! Damn is the toe nail fungus vomiting too, I am sick. Screaming; oh no my head cannot handle it, it spinning and blazing like fire. My eyes are red, like a red eyed dragon. Well you are feeling the side effects of drinking excessive amounts of alcohol, referred to as intoxication - hang-over. Alcohol is labeled as the gateway to addiction and may lead to other drugs. The Lancet Medical Journal advises alcohol increases the risk of hypertension, stroke and heart attack. Alcohol intoxication is the result of high consumption of alcohol increase in the blood stream. The higher the amount of alcohol within blood stream the more impaired you become. According to statistics of 2015 an average of 6 people die each day due to alcohol poisoning or drinking so much that the body become overwhelmed. The body resistance to alcohol intoxication poison aligns in the critical or essential areas of the brain that control heart rate and breathing causing the heart rate and breathing to shut down and can lead to death. Frequent intoxication can inhibit ones' ability to think, focus, health, work, communicate, behavior and relationships. Frequent intoxication also influences one to become isolated, trying not to disclose habits by lying about drinking to family, friends or associates and even hiding alcohol in some cases whether it be at home or work. Hazardous harm of alcohol poison to the body begin as a craving for alcohol. This chain reaction is similar to the body becoming tired and fatigue and demands sleep which you cannot control, you must get sleep or pass out. Groans are similar to a choking frog that cannot control it voice. The craving or urge to drink may be triggered by internal or external factors. Attention and insight or consciousness to what triggers urge to drink is an advantage to assist in controlling the (ABV) alcohol beverage volume consumed. Mentioned in the beginning intoxication poison is not pleasurable and intoxication is unhealthy, so has this habit of excessive drinking become an uncontrollable addiction? My rap song is you are hooked and chorus is: Unforgettable, Unforgettable, Unforgettable You have made me your number one love You take me with you like a shadow You hold me with such a grasping hold of touch I am yours and you live just to be with me! Risk Factors of Alcohol Toxic obstacle of future damage Reality is a hard hitter and a definite strike out Consequences and penalties exist! Many times with a toast, alcohol is the toaster to recognize an individual are group of individuals. Toast with alcohol can lead the way to consumption of more alcohol. There is a chicle that friends don’t let friends drink drunk. Well when the friend is seeing through eyes of alcohol themselves who become the helper? Drinking and drinking is a serious violation of the law. Risk factors are costly, expensive and devastating. Risk factors include but are not limited to: DUI- (Driving under the influence) Driving under the influence of alcohol is prohibited by law and punishable by law. Consequences for illegally operating a vehicle while under the influence of alcohol can range from imprisonment, fines, community service and limited operating driving privileges. These factors are enforced under Misdemeanor Offense based on the merits, history of the first time offense. If the BAC (Blood Alcohol Concentration) is above .08 consumption while driving a vehicle one can be arrested. DWI- (Driving while intoxicated) Driving while intoxicated is also prohibited by law and is punishable by law. DUI and DWI are related and both are violations that have penalties. Multiple DUI’s are DWI’s fines can range from $2000 0r more, are or imprisonment depending on state which the violation occurred. The violation is governed under Gross Misdemeanor or felony. Factors include subject pass history, accidents and drug use. Related obligations imposed are rate of operating a vehicle insurance increase, storage and towing fees, attorney fees, DUI classes, restitution, possible criminal and court fees, scarred background record, possible driver license suspension or driver license being revoked. Accidents- According to National Institution on Drug Abuse report “Drinking and driving can add up to tragic ending. In the U.S. about 4300 people under the age 21 die each year from injuries caused by underage drinking, more than 35 percent in car crashes.” Relationships- Relationships are a valued connection, resource, positive interaction, communication and socially are viewed as binding or a bond. When a relationship becomes troubled an uncomfortable strain effects the stability of comfort and sometimes trust. Drugs for instance can cause damage to a good relationship with family, friends and acquaintances. Relationships should be positive, supported and loving. Jail- A sentence for punishment of an unlawful crime. Risk Factors of Alcohol Divorce – Divorce can carry the burden of a setback. Change is transition and sometimes stressful. An individual can feel pressure and seek relief that may eventually lead to depression anxiety or harmful opioids without medical advice. License Suspension- A period of time which a valid driver license privilege is suspend temporary. Financial Burden- Fines, fees, loss of driver privilege and other costly expenses create financial burden or loss of income that may be saved or distribute differently. Health Issues- Quote your health is wealth has merit and valuable. Your health matters and chemical dependency addiction impairs the body system with side effects such as strokes, hypertension, seizers, respiratory problems and heart failure. Employment- EAP (Employment Assistance Program) EAP is an employment assistance agency providing services to assist in personal, financial and work related occurrences. Court Ordered Rehabilitation – The risk factors associated with alcohol related court can be positive. The individual who takes advantage of this opportunity could overcome alcohol addiction and improve his or her behavior to become a more productive citizen. This also helps one to rebuild their lives. Alcohol rehabilitation also allows people to heal from addiction and dependence issues. Most people prefer alcohol rehabilitation programs to avoid a Criminal sentencing and to get their lives back on track. Risk factors can work out very well for one and help one redeem his or her positive life back. Children Neglect- Family and especially children struggle and suffer as they learn to live without your guidance. Being absent in your children life signal a lack of love and trust for them. They begin to doubt themselves despite your habit of addiction. Grief – Regret and self-emotional punishment for the injury, harm or death inflicted upon another while impaired by the use of alcohol (Drinking and driving) Don’t drive and drink is a safety factor that should not be ignored!

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Addressing social determinants of health with data interoperability

Article | April 20, 2020

Across the spectrum of healthcare delivery – payor, provider, vendor, consumer, there is a land rush underway to embrace consumer-centric care. With tools like value-based care, chronic disease management, retail services, analytics, and remote patient monitoring, healthcare organizations are pivoting towards capabilities that provide a deeper understanding of patient behaviors and address the whole patient and not just the condition.

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Spotlight

Austriamed - Medical Treatments in Austria

AT-MED offers access to premium medical services in top clinics and hospitals in Austria. Through AT-MED you have full medical testings in half a day, in the same medical unit and a reliable team made up of world-renowned doctors and professors, for whom your needs will come first. In the Austrian medical institutions the patient is assisted throughout the stay by the attending physician.

Related News

2020 Elections Healthcare Debate Truths, Half-Truths, And Falsehoods

forbes.com | July 08, 2019

Healthcare may emerge as the number one issue in the 2020 election. In itself this isnt surprising, given that for many decades the electorate has considered healthcare a key issue.And, the truth is healthcare access continues to be a major problem in the U.S., along with inequalities in outcomes, relatively high prices for healthcare services, and high out-of-pocket spending. Democratic presidential candidates have weighed in on these issues.Without more clarity, however, the debate runs the risk of unraveling into exercises in sophistry.Politicians in America have had a knack for telling half-truths or even untruths about healthcare. For example, in 2012, John Boehner claimed that the U.S. has the best healthcare delivery system in the world. And, just prior to signing the Affordable Care Act (ACA) into law, President Obamastated if you like your healthcare plan, you can keep it.

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Adelaide IT services provider Chamonix lands $8 million govt healthcare software deal

Nico Arboleda | July 08, 2019

Adelaide-based IT services provider Chamonix IT Management Consulting has scored an $8 million contract with the Australian Digital Health Agency (ADHA).The contract is to develop and support a Health Identifier and PCEHR System HIPS, and a PCHER is a Personally Controlled Electronic Health Record.HIPS is a My Health Record (MHR) integration software that is owned by ADHA. The software is used by hospitals and private diagnostic providers to connect to the national My Health Record infrastructure.An ADHA spokesperson told CRN that Chamonix was picked out from an open tender process.Chamonix was founded in 2010 in Adelaide and was a CRN Fast50 lister in 2014 due to its work with Microsoft, achieving Gold Partner status in 2012. The company also has an office in Brisbane, which opened in 2016.

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3 exciting small cap ASX healthcare shares to watch in FY203 exciting small cap ASX healthcare shares to watch in FY20

Unified Health care Home Healthcare COPD | July 08, 2019

Because of positive tailwinds such as ageing populations, increased chronic disease burden, and better technologies, I believe demand for healthcare services will grow strongly over the next decade. In light of this, I think the healthcare sector could be a great place to look for small cap shares to buy and hold.Three growing healthcare shares that I think are worth looking closely at are listed below. Heres why I like them. Alcidion is an informatics solutions provider which develops and sells healthcare analytics software for hospitals and other healthcare providers. This software aims to improve the efficacy and cost of delivering services to patients and reduce hospital-acquired complications. Earlier this year the company won its first major contract with the Dartford and Gravesham National Health Service (NHS) Trust in the United Kingdom. Given how the NHS is currently transitioning to a paperless environment, I wouldnt be surprised to see more and more large contracts being won over the coming 12 months.

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2020 Elections Healthcare Debate Truths, Half-Truths, And Falsehoods

forbes.com | July 08, 2019

Healthcare may emerge as the number one issue in the 2020 election. In itself this isnt surprising, given that for many decades the electorate has considered healthcare a key issue.And, the truth is healthcare access continues to be a major problem in the U.S., along with inequalities in outcomes, relatively high prices for healthcare services, and high out-of-pocket spending. Democratic presidential candidates have weighed in on these issues.Without more clarity, however, the debate runs the risk of unraveling into exercises in sophistry.Politicians in America have had a knack for telling half-truths or even untruths about healthcare. For example, in 2012, John Boehner claimed that the U.S. has the best healthcare delivery system in the world. And, just prior to signing the Affordable Care Act (ACA) into law, President Obamastated if you like your healthcare plan, you can keep it.

Read More

Adelaide IT services provider Chamonix lands $8 million govt healthcare software deal

Nico Arboleda | July 08, 2019

Adelaide-based IT services provider Chamonix IT Management Consulting has scored an $8 million contract with the Australian Digital Health Agency (ADHA).The contract is to develop and support a Health Identifier and PCEHR System HIPS, and a PCHER is a Personally Controlled Electronic Health Record.HIPS is a My Health Record (MHR) integration software that is owned by ADHA. The software is used by hospitals and private diagnostic providers to connect to the national My Health Record infrastructure.An ADHA spokesperson told CRN that Chamonix was picked out from an open tender process.Chamonix was founded in 2010 in Adelaide and was a CRN Fast50 lister in 2014 due to its work with Microsoft, achieving Gold Partner status in 2012. The company also has an office in Brisbane, which opened in 2016.

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3 exciting small cap ASX healthcare shares to watch in FY203 exciting small cap ASX healthcare shares to watch in FY20

Unified Health care Home Healthcare COPD | July 08, 2019

Because of positive tailwinds such as ageing populations, increased chronic disease burden, and better technologies, I believe demand for healthcare services will grow strongly over the next decade. In light of this, I think the healthcare sector could be a great place to look for small cap shares to buy and hold.Three growing healthcare shares that I think are worth looking closely at are listed below. Heres why I like them. Alcidion is an informatics solutions provider which develops and sells healthcare analytics software for hospitals and other healthcare providers. This software aims to improve the efficacy and cost of delivering services to patients and reduce hospital-acquired complications. Earlier this year the company won its first major contract with the Dartford and Gravesham National Health Service (NHS) Trust in the United Kingdom. Given how the NHS is currently transitioning to a paperless environment, I wouldnt be surprised to see more and more large contracts being won over the coming 12 months.

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