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Why the Alcidion (ASX:ALC) share price is jumping 8% to a 52-week high today

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The Alcidion Group Ltd (ASX: ALC) share price is charging higher on Tuesday afternoon.

At the time of writing, the healthcare technology company’s shares are up 8% to a 52-week high of 26.5 cents.

Why is the Alcidion share price charging higher?

Investors have been pushing Alcidion shares higher today following the release of an announcement after lunch.

According to the release, the company has signed a contract with New Zealand’s Te Manawa Taki (TMT) region District Health Boards (DHBs) for a pilot implementation of Better’s OPENeP Electronic Medication Management solution.

The release explains that TMT has a vision for the solution to standardise, digitise, and make accessible medication data and decision support while delivering improved patient safety and quality of clinical and service delivery with better information available to support transitions of care and medication treatment.

Alcidion was appointed as a reseller and implementer of the OPENeP solution in April 2019 for the UK, Australia, and New Zealand markets.

This implementation represents the first deployment of the OPENeP solution in the Southern Hemisphere. The company notes that it will provide New Zealand DHBs with choice when selecting closed-loop medication management solutions to improve care delivery and medication safety.

What is OPENeP?

OPENeP, which has just been renamed Better Meds, supports full closed loop medication management. It addresses the five rights – right patient, right drug, right dose, right route, and right time.

The integrated workflow addresses reconciliation, prescribing, clinical pharmacy review and medication administration. It has been developed in collaboration with clinical teams to align with their workflows.

The platform also provides efficiencies, transparency and decision support to the critical care processes associated with medication management.

Alcidion’s Managing Director, Kate Quirke, commented: “We are excited to extend our partnership with New Zealand DHBs beyond our Miya Precision, Patientrack and Smartpage products to the implementation of electronic medication management at Te Manawa Taki – the first in the southern hemisphere. We believe the OPENeP solution will deliver measurable benefits to the DHBs and look forward to extending these benefits across the region, on successful completion of the pilot.”

Editor’s Note: This article originally stated that the Alcidion share price reached a record high of 26.5 cents, however, this was a 52-week high. Article updated 8 March 2021.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Alcidion Group Ltd. The Motley Fool Australia has recommended Alcidion Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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