Healthcare technology provider HomeStay Care Limited (ASX: HSC) has entered into a commercial contract with Enrich Living Pty Ltd to expand its Intelligent Home aged care monitoring platform for up to 1,000 homes across Australia.
Installations have commenced for the first 100 units. The parties will collaborate on the care delivery, resident movement data and support requirements to inform a technology-enabled care delivery model. The commercial project provides for an up-front fee, including installation fees, in addition to an ongoing monthly subscription fees on a per home basis.
The HomeStay Intelligent Home platform allows elderly Australians to live independently in their own home for longer. It uses analysis and monitors to determine residents’ routines and detect anomalies.
The parties will review milestones on every 100 installations so as to provide gate-controlled contract delivery, following such review either party may terminate the contract on notice. Revenue from the current agreement could be up to about $2,000,000 if all 1,000 installations go ahead, or $200,000 for the first 100 installations.
HomeStay and Enrich Living partnered for a pilot program in early 2018. The tangible results have already led to early intervention and more efficient practices for preventative care for some clients.
Encouraged by these outcomes, Enrich Living has signed a commercial agreement with HomeStay to install the Intelligent Home platform nationally in a target 1,000 homes within its national service network over the next 18 months. This project is part of an umbrella master services agreement which may also apply to future projects between the parties.
Wayne Cahill, HomeStay Chairman, said, “Homestay Care are delighted to enter into this commitment to enhance support services to Australians in need of such technology-based support. This will provide independence and support in the community and provides further evidence of the viability of technology-based solutions to assist such important objectives for Australians in need of such community support.”
Luke Greive COO Enrich Living Services said, “Our initial conversations have been extremely positive with our existing clients who have signed up for the technology, we have already had the opportunity to see the Enrich Homestay in action – allowing us to provide early and proactive intervention for clients in need, we are very much looking forward to continuing to work with HomeStay on meaningful care solutions for clients as they age.”
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