It’s been yet another day of gains for shareholders of exciting health informatics company Alcidion Group Ltd (ASX: ALC). Its shares are higher by 4.5% to 11.5 cents, bringing its monthly gain to a whopping 62%.

It would appear as though investors are becoming increasingly bullish on the prospects of the small cap company and its Miya health informatics platform. The Miya platform provides healthcare professionals with clinical decision support systems, ensuring the highest quality of care for patients.

The platform aggregates data from various sources within the health service, before unifying the data to provide a complete view of the health service and its patients.

The technology is already in use at Western Health, Northern Territory Health Department, Tasmania Health, and the Royal Melbourne Hospital.

Pleasingly the feedback from its users has been positive. This gives me the confidence to believe that the company will see more hospitals and health departments adopt the technology over the next 12 months.

I believe there is a huge opportunity ahead for the company and I’m not surprised to see investors buying up its shares. Management estimates that the global expenditure on Healthcare IT is currently US$40.4 billion and will grow to US$56.7 billion by 2017.

Major catalysts for this growth will be the Electronic Medical Records Adoption Model and governments around the world allocating funds to digital health. One example of this is the UK government allocating £4 billion to transition the National Health Service into a paperless environment earlier this year.

Asides from the massive market opportunity and a vastly experienced management team, one other thing that I find especially pleasing is the fact that the company is cash flow positive.

In the first quarter of FY 2017 Alcidion saw its cash flow increase by $70,000 to $5.9 million. Although the quarter could prove to be a one-off, based on current expenses the company has sufficient cash reserves to keep it going for another 12 months by my calculations.

Investors do have a lot of options when it comes to medical technology. Companies such as Pro Medicus Limited (ASX: PME), Nanosonics Ltd. (ASX: NAN), and Ellex Medical Lasers Limited (ASX: ELX) are all of a high quality, have strong growth prospects, and are investable.

I’m going to add Alcidion to that list today. It is still of course early days and comes with higher risks, but I’ve been impressed with what I’ve seen so far.

If it is still too early for you to invest in Alcidion then I would suggest you take a look at these growth shares instead. Each of them could give your portfolio a huge lift in the coming month in my opinion.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Nanosonics Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.