Totally (TLY), a provider of frontline healthcare and corporate wellness services, announced that its Pioneer Healthcare business has secured a framework agreement with NHS Wales for the delivery of insourcing services in Wales. Totally finalised its £13m acquisition of Pioneer Healthcare in December 2022.
The framework agreement aims to reduce waiting lists in Wales, which stood at a record 735,000 open patient pathways in December 2022, 59% higher than in February 2020. The agreement will run for 4 years from April 2023 with an option to extend for a further 4 years, subject to Welsh Government approval.
The agreement covers a full range of medical services, including outpatient and pre-operative assessments, diagnostics, tests, surgical procedures, and follow-up care. Services that will be available from Totally/Pioneer via the agreement include the insourcing of clinical, surgical, and diagnostics procedures for a wide range of specialities including dermatology, ear nose & throat, endoscopy, and urology.
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Patients in Wales are currently waiting on average of 22 weeks for an appointment, more than double the pre-Covid 19 waiting time. Last April, the Welsh government announced its plan to ensure no one in Wales waited more than a year for a first appointment. However, that figure currently stands at 75,000.
NHS Wales' newly announced framework agreement aims to attack this problem, and Totally's contribution should help bring down waiting lists significantly. In the last year, Totally helped NHS England reduce waiting lists by approx. 40,000, and a similar percentage decrease is expected from Totally's participation in NHS Wales' plan.
This means more insourcing revenues for Totally across a wide of medical services via its newly acquired Pioneer Healthcare business. Totally did not disclose the value of the contract, which is expected to run for 4-8 years. Markets welcomed the news, pushing TLY shares 7.26% higher.
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