Genmed posts revenues of £38.6 million demonstrating continued uptake of vendor neutral managed services in the NHS

Genmed, a specialist provider of vendor neutral managed services to the NHS, today announces continued strong business performance for its financial year ending March 31, 2018.

Business highlights

• Revenues increased 19% year on year from £32.4 million to £38.6 million with EBITDA of £240,000 – profits a reflection of the increased investment in the business from a staff, systems and infrastructure perspective. Since 2014, Genmed’s revenues have grown 275% demonstrating the ever increasing popularity and adoption of managed services in the NHS.
• Appointment of Jonathan Wedgbury as chairman and Geoff Baker as non-executive director. Genmed is strengthening its board with individuals with extensive business and healthcare expertise to support the development of the company from a strategic and operational perspective. This will help Genmed meet the significant growth opportunities within the NHS along with healthcare markets internationally.
• Listed as one of London Stock Exchange Group’s 1000 Companies to Inspire Britain. Now in its fifth edition, the report is a celebration of the UK’s fastest-growing and most dynamic small and medium sized businesses (SMEs) across the UK.
• Hiring of 11 staff in the past financial year in both field sales and back office functions to develop new business opportunities, manage contract fulfilment and provide responsive customer service. The Genmed team now totals 33 split between its headquarters in Cwmbran, Wales, and its office in Weybridge, Surrey.
• Industry recognition with Genmed awarded ‘Managed services company of the year 2018’ by Corporate Livewire and Health Tech Newspaper [HTN] rating a project with South West London Elective Orthopaedic Centre [SWLEOC] as ‘Highly Commended.’ SWLEOC is a partnership organisation established in 2003 by four South West London Acute Trusts[1] to reduce waiting lists and deliver strategic change in how planned orthopaedic care is provided in the area. All orthopaedic work from the four Trusts is now delivered by SWLEOC with over 5,000 procedures performed each year.

Customer highlights

• Key project wins over the course of the year with numerous NHS organisations including: Cardiff & Vale University Health Board, Nottingham University Hospitals, Wirral University Teaching Hospital, Countess of Chester Hospital, Chester and Wirral Microbiology Service and the Eastern Pathology Alliance Network (EPA) - a joint venture established in 2012 between Norfolk & Norwich University Hospital, the James Paget University Hospital and the Queen Elizabeth Hospital Kings Lynn. The EPA runs laboratories on each of the three hospital sites providing laboratory medicine in the Norfolk and Waveney - a catchment area of around 1 million patients.
• Introduction of hTrak, a healthcare information management system, at SWLEOC to track the usage of consumables and equipment using barcodes to enable a forensic analysis at what is being bought. This will enable SWLEOC to review, for example, the differences between consultants and what one person spends versus another, with improvements made if there is wide variability. This also means SWLEOC will be GS1 compliant well before Government’s target date. Genmed is actively looking at implementing hTrak elsewhere within its NHS customer base.
• Genmed now works for over 40 NHS Trusts and Health Boards throughout the United Kingdom managing over 220 contracts worth in excess of £510 million. Genmed has developed from its early focus primarily delivering pathology contracts to now manage contracts which encompass surgery, digital pathology, flexible endoscopy, IT, radiology, IVF, electronic data management and renal and pharmacy. It is able to provide buildings contracts including finance and facilities.

Keith Davis, Genmed’s chief operating officer, says, “It is encouraging to see that the NHS has a tremendous appetite for managed services as a way to improve performance through economic and operational efficiencies. The increase in our revenues for our financial year ending March 31, 2018 reflects this.”

Offering a consultative and holistic approach which takes into account patient pathways and how specific initiatives, data analytics and procurement can impact the care provided and the associated costs, Genmed creates bespoke HMRC compliant managed service agreements which meet the needs of each Trust. This helps to reduce costs, rationalise pricing, improve efficiency, enhance clinical productivity, speed up purchasing and minimise administration and invoice processing.

Importantly, Genmed is not tied to any third-party supplier and selects consumables and equipment based on close collaboration and input from NHS managers and clinicians. Genmed is therefore unique in the market to offer flexible vendor neutral managed services. It works hard to benchmark costs from OEMs and negotiate prices over time so Trusts get the best value for money.

Genmed is not a managed equipment provider or a finance house. Its scope of operation, depth and scale is much wider. It works with Trusts to ascertain the challenges they face financially and operationally and is an integral partner helping them to improve quality standards. Genmed reviews what clinical facilities or technology Trusts need in the context of their workload issues. Genmed then finds and selects suppliers through competitions, drives costs down, puts together the asset funding, oversees the contracts, manages and pays subcontractors and takes all the risk upfront itself.

Robin Modak, Genmed’s chief executive officer, says, “I am pleased to report another successful year for the company. Moving forward, our objective is to not only solidify our position as a leading managed service provider to the NHS by adding more value for our client Trusts, but to also develop and extend our expertise to address new opportunities for the business internationally given increasing pressure on Governments for healthcare provision in Europe and beyond.”

[1] St George’s University Hospitals, Croydon Health Services, Kingston Hospital and Epsom and St Helier University Hospitals

Source: https://www.realwire.com