Singular Health’s Scan to Surgery initiative aims to provide a single, unified software platform that connects various siled activities involved in patient-specific surgical planning.
Singular Health Group Ltd (ASX:SHG) sounds like a health and medical story, but the story is really about software.
In my opinion, SHG needs investors to see them as a software company that happens to have a medical history, RIGHT NOW.
The tech is more than medical, and with the company’s recent announcements, I’m making the call that this is a company where investors should get some serious DYOR going.
Who is Singular Health Group Limited?
Singular Health listed on the ASX on February 12, 2021 with a virtual viewer for the medical industry. The concept was to allow patients to view their medical scans. Now, twelve months later, the initial strategy has grown and expanded into a more vertically integrated strategy.
I did a few Coffee with Samso with Singular Health, including one with Thomas Hanly, Managing Director and CEO:
– 3D Medical Imaging – Taking Healthcare to the Next Dimension: Singular Health Group Ltd (ASX: SHG)
and the last with James Hill, Singular Health’s COO:
– Singular Health Group Ltd (ASX: SHG) – The digitization to surgery business.
Currently, SHG has a market capitalization of AUD 28.78 million and is currently trading at AUD $0.28 as of December 21, 2021 (Figure 1). Looking at their September 30 report, there is approximately A$3.5 million in the bank.
Figure 1: The stock price chart for Singular Health Group Limited (ASX: SHG). (Source: Commsec).
The business concept – Scanning to surgery
Key to all of Singular Health’s business is the concept of Scan To Surgery. Scanning to surgery is the process of following the entire process of the patient from the initial diagnosis to the required recovery part of the surgery.
Figure 1: The Singular Health Enterprise: From Digitization to Surgery – Seven Phases to Achieve Better Health Outcomes. (Source: Singular Health Group Limited)
What’s special about this is that Singular Health provides the software to bring together all of the previously individually isolated processes and connect them into a systematic sequence of events.
The Scan to Surgery initiative aims to provide a single, unified software platform that bridges various siled activities involved in patient-specific surgical planning and enables a fully vertically integrated software solution that can be used in part or in whole for a range variety of medical applications. – Singular Health Group Limited
The entire activity is divided into seven identifiable stages which complete the Scan To Surgery phase. The phases are well documented on the website and I have provided the links below:
Software
Looking at their website now, there are four software listed. In February 2021, it was a company with one software.
The initial product, MedVR, has now expanded into 3DICOM Viewer allowing end users to interact with standard 2D medical images such as 3D MRIs and CT scans.
According to Singular Health, 3DICOM Viewer is primarily focused on viewing. Its role is to facilitate better communication from practitioners to obtain true informed consent and adherence to patient treatment plans.
The competitive advantage is that it is a multimodal and cross-platform DICOM viewer. It is cost effective as it is distributed online with low overhead. The software is currently used by surgeons, dentists and other medical practitioners who provide patients with pre- and post-surgery 3D scans.
3DICOM’s unique value proposition is the modular design, the ability to quickly load DICOM files onto the device itself rather than requiring a cloud service, and the ability to add AI models to the software for the sorting and segmentation.
The 3DicomVSP is an important tool in the Scan To Surgery business model. It allows healthcare professionals to plan the best way to treat their patients in 3D and/or Virtual Reality.
3DicomVSP is the flagship software that underpins Singular’s Scan to Surgery initiative, critical to achieving better health outcomes.
3DicomVSP underpins the Scan To Surgery approach with the intuitive user interface driving the phases from reviewing 3D/VR scans to delivering digitized surgical plans on tablets during surgery.
The concept of the Health Academy is to help improve the health literacy of patients, students and some practitioners. This is achieved through the Health Literacy Hub website. The concept of educating the public about the process and the deliverables of the Singular Health community is a very good idea.
As we all know and have come to understand, the process of educating users and potential users in a non-intrusive way is the best way to engage users, future users, and supporters of the concept.
Online education is one of the fastest growing sectors currently capturing markets for all forms of commercial and non-commercial subjects. The online “How To” marketplace is the fastest growing and largest in commerce today.
The Singular Health concept is aimed at a market eager to embrace and embrace new ideas. This online industry is always looking for ways to learn more about how to improve and be more efficient now and in the future.
“Health literacy is the knowledge and skills needed to find, understand and use information and services to make decisions about health and health care.”-Tasmanian Department of Health
Singular’s Health Academy has been developed to focus primarily on current Grade 11 and 12 ATAR (Australian Tertiary Admissions Rank) human biology courses, offering a proven, curriculum-aligned course structure.
Health Academy combines traditional textual content with multimedia such as illustrations and videos, interactive 3D models with annotations, and a fully immersive virtual reality experience for a holistic and engaging educational experience.
Singular Health is currently preparing free and monetized courses for the general public as well as school programs.
The development of a use outside of the medical field for the 3D/VR aspect of the business creates an impact, at least for me, that this company is more than a medical software company.
According to Singular, this happened in mid-2021 when the company was approached to provide a means of 3D/VR applications for the mining and drilling industry.
In a preliminary proof of concept, the Volumetric Rendering Platform (VRP) has been adapted for use with borehole data, enabling 3D/VR visualization of multiple boreholes and analysis results from each hole in an environment. 3D immersive.
Singular Health made the following announcement on November 16, 2021:
GeoVR JV formed to market 3D visualization and virtual reality software for mineral exploration and mine optimization.
The beginning of this relationship was the finalization of the GeoVR software purchase order announced on February 22, 2021:
SINGULAR HEALTH RECEIVES $170,000 PURCHASE ORDER FOR GEOVR SOFTWARE DEVELOPMENT
Although it’s not the company’s only focus, I can see that this software has a big reach. I must agree that the medical sector is much larger and much more lucrative than the mining industry.
So what does all this mean?
Singular Health is a software company that is in the medical field.
Like the GeoVR partnership, it’s very clear that the potential goes beyond the medical realm. My opinion on this observation is not because there is more money to be made outside of the medical field. This observation has more to do with competitors who will see the potential of what this could mean in the medical field for Singular Health.
In the business world, the intrinsic value of the company is sometimes only evident when someone else wants it to be. When someone else wants what you’re looking at, it suddenly becomes much more appealing.
The company will probably say they are a minnow in the world of giants. In the last Coffee with Samso with James Hill, he talked about consolidation and acquisition as a key part of the market ahead.
Click here to see James talk about it in his Coffee with Samso.
There’s no doubt that this is an emerging space, and I, for one, can’t wait to see more stories like this. At some point in our entire lives, we will want these kinds of medical benefits to flow into our lives.
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