PainChek Partners with BESTMED to Enhance Aged Care Pain Management
PCK (PCK) Share Update November 2024 Tuesday 12th
PainChek Expands Market Reach with BESTMED Partnership
PainChek Limited (ASX: PCK) has entered into a reseller agreement with Best Health Solutions Pty Ltd (BESTMED) to expand its innovative pain assessment technology across Australia's aged care sector.
Instant Summary:
- PainChek signs reseller agreement with BESTMED.
- BESTMED to offer PainChek's digital pain assessment solution.
- Partnership aims to improve pain management in aged care.
- PainChek's technology combines AI-driven pain scoring with the Numerical Rating Scale.
Partnership Details
PainChek Limited, a leader in smart pain assessment technology, has announced a strategic reseller agreement with BESTMED, a prominent medication management provider in Australia. This partnership, effective immediately, will see BESTMED integrate PainChek's digital pain assessment solution into its existing customer network, significantly expanding PainChek's presence in the residential aged care market.
The collaboration is designed to enhance pain management practices for care providers and their residents. PainChek's unique technology, which combines AI-driven pain scoring with the Numerical Rating Scale (NRS), allows for a comprehensive, real-time evaluation of pain levels. This integration aims to streamline the adoption of PainChek's technology, improving resident outcomes by reducing distress and enhancing the quality of care.
Strategic Goals
PainChek CEO Philip Daffas expressed enthusiasm about the partnership, noting that it aligns with the company's strategy to deepen its penetration in the aged care market and expand into new care settings. The collaboration with BESTMED, which services over 1,100 homes and supports more than 100,000 Australians daily, represents a significant opportunity for PainChek to broaden its market impact.
Market Context
PainChek's technology is globally recognized, with regulatory clearance as a medical device in several countries, including Australia, Canada, and the European Union. The app, available on smartphones and tablets, automates the multidimensional pain assessment process, providing accurate and consistent evaluations at the point of care.
BESTMED's CEO, Phil Offer, highlighted the importance of this partnership, emphasizing their commitment to collaborating with leading innovators to produce better outcomes for clients in both residential and home care settings.
This partnership is expected to enhance PainChek's market presence and drive adoption of its technology in the aged care sector. By leveraging BESTMED's extensive network, PainChek can potentially increase its user base and revenue streams, although exact financial impacts remain undisclosed.
Investor Reaction:
Analysts may view this partnership as a positive step for PainChek, given the potential for increased market share and improved technology adoption. However, the lack of specific revenue projections might lead to cautious optimism among investors.
Conclusion:
Investors should consider the strategic benefits of PainChek's partnership with BESTMED in terms of market expansion and technological innovation. Monitoring future updates on the partnership's commercial progress will be crucial for assessing long-term investment potential.