Digital healthcare solutions provider Beamtree (ASX: BMT) has locked in a $4 million agreement to deliver its PICQ clinical data auditing platform to the Healthcare Pricing Office (HPO) in Ireland for a further five years.
The deal follows a tender process across the European Union (EU) with Beamtree successfully renewing its partnership with the Irish healthcare organisation to deliver PICQ as the national data quality tool for public hospitals.
Internationally established product
PICQ is a ‘Software as a Service’ (SaaS) based product which automates the audit of classification and helps support clinical record coders in improving the quality of coding data. It is designed to create a learning health system and deliver better outcomes for patients.
The product is already widely implemented in a host of countries including Australia, New Zealand, Saudi Arabia, and Canada. It has been utilised by clinical coders in Ireland since 2018 and is also under development for the United Kingdom.
Beamtree chief executive officer, Marek Stepniak, commented:
“We are proud of this important recognition of the value of PICQ from one of longstanding national customers. It is our great privilege to continue to support the HPO as they work to deliver coding excellence for the Republic of Ireland.”
Innovative healthcare solutions
More broadly, Beamtree provides AI decision support and data insights solutions for the healthcare sector. It offers its customers a range of analytics to boost patient outcomes across four key segments.
Its ‘Coding Assistance and Data Quality’ segment helps digitise and automate workflows with data, classification, coding and technical expertise to improve information standardisation.
The ‘Diagnostic Technology’ unit facilitates the effective delivery of diagnostic services via the group’s ‘RippleDown’ software, whilst the ‘Clinical Decision Support’ division combines human and artificial expertise to enhance decision making processes.
The ‘Analytics and Knowledge Networks’ segment merges data analytics solutions with peer-to-peer alliances to fast-track innovation and knowledge diffusion.
Improving financial performance
Beamtree recently reported a robust set of numbers for the first half of the 2025 financial year (FY25) headlined by rising revenue and a return to profitability.
All up, revenue of more than $14 million jumped by 10 per cent year-on-year on the back of international revenue growth – up by 31 per cent – as well as a continuation of customer renewals.
Recurring revenue of about $12.3 million was also up 10 per cent during this time.
In turn, the company generated a small operating profit in H1 FY25 compared to a loss of about $550,000 in the previous corresponding period.
Management noted that Beamtree has developed a sales pipeline of $61 million which has significantly matured over the previous 12 months. About $13 million of this pipeline is reportedly in the later stages of procurement.
The group is targeting annual recurring revenue of $60 million by the end of next year.