ASX-listed healthcare provider, InteliCare Holdings has received a welcome boost from this week’s Federal budget. The company is now looking forward to lifting sales of its innovative suite of in-home healthcare technologies, as the government commits more than $6.5 billion to funding home care packages and pledges a further $13.2 billion to the National Disability Insurance Scheme, or “NDIS”.
The disability services sector has emerged as a rapidly growing market for the InteliCare product range and with the government set to roll out more than $122 billion of NDIS funding over the next four years the appetite for suitable technology and services is set to expand.
InteliCare Chief Executive Officer, Jason Waller said:“This budget is a huge tailwind for InteliCare. 80,000 extra home care places creates both extra demand, but there is also funding to boost the role assistive technology plays in meeting that demand. We already have the vast majority of our clients coming through that pathway, so I expect that to increase as the money is rolled out.”
The Federal Budget seems to have been framed to enact many of the recommendations from the recent royal commission into aged care, with the commission finding the aged care sector was significantly underfunded. The new budget will inject a further $17.7 billion into the sector over the next five years.
Key to this spending is the provision for more than 80,000 new home care packages over the next two years, with the scheme expected to deliver a total of 275,000 packages by the end of June in 2023 – a significant market for InteliCare and its state-of-the-art technologies.
InteliCare’s product range is based around a platform that utilises artificial intelligence to allow seniors and people with disabilities to continue to live at home independently.
The company’s flagship InteliLiving package uses movement sensors around the home to monitor resident activity, learning the individual’s daily routine. When the InteliLiving system detects a resident’s activity is normal, the individual’s carer receives a message to that effect. In the event that these “smart sensors” detect irregular movements, or a lack of activity, an alert is sent to the carer’s smart device, allowing them to take the appropriate action.
The InteliCare Pro system is an expansion of the company’s InteliLiving suite and uses a dashboard system to monitor multiple patients. The networked system is particularly useful in hospitals, clinics and aged care facilities and allows managers to deploy the appropriate services to various individuals, providing targeted care and assistance to those most in need.
InteliCare Pro is designed to assist in preventing the unnecessary duplication of services and call-outs, reducing costs and improving the health and welfare of residents and patients.
The new Federal Budget makes ample provision for the rollout of home care packages into both the aged care and disability sectors and with the government also incentivising the medical and biotech sectors with a concessional tax rate, InteliCare looks ready to fill this much-needed space in the healthcare sector.
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