10th Jul 2019 12:06
(Alliance News) - Feedback PLC on Wednesday said it plans to upgrade its Cadran product to include encrypted messaging and said it expects a sharp revenue increase for its financial year.
Shares in Feedback were down 4.6% at 0.79 pence shortly before mid day.
For its year to May 31, Feedback expects to post revenue of GBP563,000, up 23% from GBP458,000 the year prior thanks to "new hires and investment in product sales".
Feedback recently undertook a strategic review and has identified Cadran, its picture archiving and communications system, as being "positioned in a competitive market that shows little opportunity for future growth".
Cadran allows clinicians to review medical imaging studies. However, a recent British Medical Journal article found that hospital doctors have been using messaging service WhatsApp to talk about patients because it is "more convenient and efficient" and "often" share photos of computer screens.
Such photographs, Feedback noted, "do not meet diagnostic clinical standards", raising questions about whether is is possible to make safe clinical decisions "without using clinical grade medical images". The practise of sending medical imaging studies through a messaging service also raises questions about patient data security.
Feedback has therefore decided to incorporate encrypted messaging into its Cadron technology, so that clinicians can send clinical grade medical images from a hospital's picture archiving and communications system to a mobile device.
This feature is unique in the market and would establish a secure means of communication for UK clinicians as well as being "the only communication tool to be a CE marked medical device".
The move would shift Cadron from a software sales model into a software-as-a-service model, which could "generate considerably higher recurring revenues" for Feedback and the new enhances Cadron product is set to launch toward the end of 2019.
Feedback Chief Executive Tom Oakley said: "An exciting opportunity has arisen from the first phase of our strategic review. We believe that Cadran's innovative features, such as the ability to view clinical grade medical images flexibly on mobile and personal devices, allow it to be repositioned to meet the needs of an emerging medical communications market, particularly in medical imaging.
"There is huge potential to improve the efficiencies and lives of our doctors and patients alike, through more flexible, secure and accurate tools utilising the highest standards in global mobile communications. We are now working swiftly to develop this new offering and make it available for the many clinicians eager to use it, both within the NHS and internationally."
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