On May 31, 2023, HealthShare, a leading Australian digital health company, will acquire 1st Group’s MyHealth1st platform for AUD 1.25 million. This deal will have significant implications for the Australian healthcare technology industry, as MyHealth1st has facilitated more than 250,000 appointments per month for over 17,000 practitioners in various fields of medicine, including optometry, ophthalmology, physiotherapy, psychology, general practice, dentistry, and more.
This article will examine the implications of this acquisition and what it means for 1st Group, HealthShare, and the broader healthcare technology industry
The Benefits of the Acquisition
According to Joshua Mundey, CEO of 1st Group, MyHealth1st’s customers and employees will benefit from HealthShare’s long-term ownership. HealthShare is known as an industry leader in the Australian digital health landscape, with leading products and a large user base of patients and health professionals.
More than 10 million Australians use HealthShare’s products annually, as well as tens of thousands of GPs, non-GP specialists, and allied health professionals. The acquisition will allow HealthShare to expand its reach further into the healthcare industry by adding MyHealth1st’s capabilities to its suite of products and services.
The Impact on 1st Group
The sale of MyHealth1st to HealthShare will considerably reduce net cash flows for 1st Group, which will allow the company to invest more focused resources into the growth of its other businesses. 1st Group’s other businesses include online pet service marketplace PetYeti, and corporate and government solutions platform GoBookings.com.
The proceeds from the transaction are intended to generate further capital to enable 1st Group to develop its Visionflex telehealth product. The merger of 1st Group and Visionflex Pty Ltd, a leading clinical virtual care technology company, in 2022, is expected to create new opportunities for PetYeti, GoBookings, and Visionflex customers.
What it Means for the Healthcare Technology Industry
The acquisition of MyHealth1st by HealthShare is a significant development in the healthcare technology industry, as it will expand HealthShare’s capabilities and reach further into the industry. The acquisition also reflects the growing importance of digital health platforms and services, which have become essential in facilitating communication between patients and healthcare providers.
As the healthcare industry continues to evolve, it is expected that more companies will invest in digital health platforms and services to improve patient outcomes, reduce costs, and enhance the overall patient experience.
The sale of MyHealth1st to HealthShare represents a positive outcome for shareholders, customers, and employers of 1st Group. The acquisition will allow HealthShare to expand its reach further into the healthcare industry, while also enabling 1st Group to focus more on the growth of its other businesses.
The healthcare technology industry is rapidly evolving, and the acquisition of MyHealth1st is just one example of how companies are investing in digital health platforms and services to improve patient outcomes and enhance the overall patient experience.
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