Beamtree jumps 15% as company mints new health tech partnership in Saudi Arabia

AI-based healthcare data solution provider Beamtree (ASX:BMT) has seen its share price jump 15% in mid-afternoon trade as the company announces a secondary contract in Saudi Arabia. 

Beamtree is best known for using AI (or “machine learning” if you prefer) technology to automate the categorisation of digital medical health records. Recently, Beamtree moved into the Kingdom when it won a contract auditing health data across hospitals in the jurisdiction. 

Now, it has teamed up with Saudi Arabian app company Lean, which itself, like Beamtree, handles health data. One of Lean’s ambitions, Beamtree notes, is to “stimulate partnerships between the private and public sector.”

The new partnership with Lean sees it promoting Beamtree in Saudi Arabia as the latter wraps up stage one of its hospital data audit in the kingdom. The two companies will also “promote new innovations in advanced computer-assisted coding which facilitate real-time…decision support.”

Both players will focus on finding customers for Beamtree’s RippleDown software product in the region. 

Hospital data audit complete 

That process saw Beamtree provide the relevant government players recommendations moving forward and a call to boost analytics of healthcare data for outpatients to monitor the efficacy of treatment and care. 

Worth noting is the Saudi government has a 2030 strategy framework encouraging greater use of data and technology products in the healthcare system as part of an overlying health reform plan. 

It is not like this is Beamtree’s first foreign tour: the company is active in 25 international jurisdictions. 

Strong collaborative relationship 

“Lean is a world-class technology pioneer and is field-leading in health in Saudi Arabia,” Beamtree CEO Tim Kelsey said. 

“We are delighted to be launching this new partnership and believe it will leverage both Lean and Beamtree’s existing products…to support improved health outcomes in Saudi Arabia.” 

Lean’s CEO, Mohanned AlRasheed, echoed his partner’s sentiments. 

“We share a similar cause in striving to improve health & wellbeing,” AlRasheed commented. 

“We are excited to partner with a world leader in data and automation that will definitely help enhance both our products and services to enable the innovation of health solutions in Saudi Arabia.” 

A shared classification helps 

Interestingly, Beamtree’s audit and automation of clinical records in large volumes sees it adhere to a recordkeeping classification called ICD-10-AM, which is in use in Australia. 

That same classification standard is also in place in Saudi Arabia and a number of other Gulf states. Beamtree’s flagship automation software, called PICQ, is the relevant software. 

Alongside Australia, Saudi, and neighbouring Gulf states, the classification is also used in Ireland. 

Beamtree's three month charts show the rise in investor interest borne from today's announcement