The Doctor Care Anywhere Ltd (ASX: DOC) share price is racing higher today following a new agreement with Nuffield Health.
Founded in 1957, Nuffield Health is the largest not-for-profit healthcare organisation in the United Kingdom. The group operates 31 hospitals, 113 health fitness and wellbeing gyms, and over 200 workplace wellbeing services.
At the time of writing, Doctor Care Anywhere shares are fetching for 91 cents, up 11.73%.
What’s driving the Doctor Care Anywhere share price higher?
Doctor Care Anywhere shares are lifting off today as investors appear upbeat about the company’s prospects.
According to its release, Doctor Care Anywhere advised it has signed a Head of Terms with Nuffield Health.
A Heads of Terms is a non-binding document that outlines the details of a proposed agreement. This can include a tentative sale, partnership, or other arrangement. Traditionally, a Head of Terms consists of target completion date, pre-conditions to the agreement, and the parties’ key obligations.
Under the Head of Terms, Doctor Care Anywhere will develop a digitally integrated virtual and in-person primary care service for Nuffield Health. The platform will allow patients to have access to Doctor Care Anywhere’s 24/7 virtual general practitioner service. In addition, users can also tap into Nuffield Health’s nationwide network of face-to-face general practitioners.
The all-in-one digital platform aims to be the first nationally integrated primary care proposition in the United Kingdom. It is estimated that over 70% of all primary care consultations can be conducted over virtual appointment. However, with integration of the in-person service, this enables patients to choose how, when and where they access primary care. Furthermore, the platform provides an expanded offering of other clinical services which can be booked, reviewed and followed up on.
The platform is expected to be launched sometime in Q4 2021. Pre-marketing to Nuffield Health’s network of 1,600 corporate clients is anticipated to begin as soon as possible.
Doctor Care Anywhere noted that it will announce more details to the ASX when the contract is signed.
Nuffield Health medical director, Dr Davina Deniszczyc welcomed the collaboration, saying:
We are delighted to be strengthening our partnership with Doctor Care Anywhere to offer customers access to a national network of virtual and face-to-face GPs. The pandemic has demonstrated the need for accessible health services and through this partnership we are now able to offer everyone the choice of how they access their GP, whenever they need to.
Doctor Care Anywhere founder and CEO, Dr Bayju Thakar added:
We’re very excited to be providing the first joined-up healthcare journey of this kind in the UK and to be deepening our partnership with Nuffield Health. This new collaboration, the first joined up service of its type in the UK, will bring the benefits of digital healthcare to the face-to-face primary care setting and allow individuals more control over how, where and when they choose to access primary care services.
This represents a true shift in how healthcare can and should be delivered on a national scale and at a time when there is huge pressure on primary care systems across the UK offers real improvements in terms of convenience, cost and quality of the care experience.
Despite today positive release, the Doctor Care Anywhere share price has fallen around 25% year-to-date.