Singular Health Group (ASX:SHG) Advances Remote Medical Imaging Initiative
Successful Proof of Concept
Singular Health Group (ASX: SHG) has successfully completed the technical proof of concept for Phase 1 of its Memorandum of Understanding (MOU) with Provider Network Solutions (PNS). The achievement confirms that medical images can be efficiently searched, retrieved, shared, and analysed using artificial intelligence, significantly reducing processing time from hours to mere minutes.
Details of the Agreement
The Phase 1 proof of concept revealed an effective audit trail and leveraged a third-party AI model for quantitative analysis of medical images. This process generates reports without increasing radiologist workloads. With Phase 1 completed, Singular Health is set to commence Phase 2, which will focus on planning and budgeting for the commercial pilot scheduled for the March quarter of 2025.
Managing Director and CEO Denning Chong expressed satisfaction with the achievement, stating, “We are very pleased to announce the successful completion of the proof of concept, being Phase 1 of our MOU with PNS. This Phase 1 achievement is important as it sets the stage for the paid pilot.”
Future Outlook
The ongoing collaboration with PNS aims to quantify the savings and technological benefits that Singular Health’s Medical File Transfer Protocol (MFTP) can bring to the US healthcare system, particularly in managing duplicate imaging costs. Dr Jose Pelayo, CEO of PNS, emphasised enthusiasm about moving to the pilot stage, aiming to eliminate substantial costs associated with unnecessary duplicate imaging.
Further updates will be provided as Singular Health progresses towards achieving the upcoming milestones in its collaboration with PNS.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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