1st Available Ltd (ASX:1ST) will look to gain a larger share of the online healthcare appointment booking sector by acquiring appointment booking company, OzDocsOnline.
The total consideration for the transaction will be $150,000.
The acquisition is a strategic fit for 1stAvailable’s online search and appointment booking service and will help expand its general practitioner (GP) network and patient base.
OzDocsOnline currently has 130,000 registered patients and over 800 doctors, across a total of 140 practices and generates revenue from a patient-funded model.
OzDocsOnline earns revenue from online prescription requests, access to pathology results, consultations, referrals and appointment reminders.
Significantly, OzDocsOnline collected $310,000 in patient consult fees in FY2016 from around 18,000 transactions, of which $63,000 was retained by the company.
The OzDocsOnline acquisition will deliver additional features to the 1stAvailable platform, including the ability to request prescriptions, access to test results, online consultations and secure messaging.
Growing its GP services and functionality is a useful growth area for 1st Available, allowing it to cross sell complementary services to patients.
The 1stAvailable platform is witnessing strong growth, with a total of 436,000 online appointments made in Q4 FY2016, an increase of 25% over Q4 FY2015.
The company had a cash balance of $6.6 million as at 30 June 2016 with no debt.
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