16th Oct 2024 10:34
(Alliance News) - Feedback PLC on Wednesday saw its shares rise as it will immediately be able to use funding made possible via the National Health Service reimbursement mechanism.
The London-based company that provides innovative software and systems for use in a clinical setting said the Diagnostic Enhanced Advice & Guidance diversions achieved through the Bleepa platform are now eligible for reimbursement under the Elective Recovery Fund.
Bleepa is a UKCA-accredited medical app that is used by the NHS.
Feedback shares surged 58% to 57.80 pence each on Wednesday morning in London.
Chief Executive Officer Tom Oakley said: "ERF is the funding stream that the company has been looking for in order to deliver our growth potential. It is a funding mechanism that scales as we do. The more we deliver the more the health system benefits and our revenue increases. Unlocking this reimbursement would not have been possible without the substantive evidence that the company has generated over the last three years in the Community Diagnostic Centre space.
"We have been able to demonstrate 3x the number of pathway diversions compared to standard advice and guidance through our Diagnostic Enhanced Advice & Guidance approach and this led the national teams to include the DEAG approach in the ERF reimbursement mechanism. This process has taken many months but we are now ready to go and have a number of integrated care boards already warmed up."
Further, the company announced a strategic partnership with Moorhouse Consulting as its implementation partner. Moorhouse are practitioners of system implementation and service redesign within the NHS.
By Tom Budszus, Alliance News slot editor
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