BESTMED Company Profile
Background
Overview
BESTMED is Australia's leading provider of electronic medication management solutions tailored for the aged care sector. Established in 2015, the company offers a comprehensive, cloud-based system that integrates medication prescribing, dispensing, and administration into a unified resident record, thereby enhancing transparency and safety in medication management.
Mission and Vision
BESTMED is committed to improving medication safety and care for vulnerable Australians by connecting aged care facilities, pharmacies, and clinicians through innovative technology solutions. The company's vision is to be the gold standard in medication management, ensuring that every consumer receives optimal care through seamless integration and real-time reporting.
Industry Significance
As the preferred electronic National Residential Medication Chart (eNRMC) solution in Australia, BESTMED plays a pivotal role in reducing medication errors and enhancing compliance within the aged care industry. Its platform is utilized by over 1,250 residential aged care homes and home care providers, connecting more than 6,500 clinicians and 3,000 pharmacists specializing in aged care.
Key Strategic Focus
Core Objectives
- Enhancing Medication Safety: Implementing systems that minimize medication errors and improve patient outcomes.
- Operational Efficiency: Streamlining medication management processes to allow care teams to dedicate more time to direct patient care.
- Technological Integration: Developing and integrating advanced technological solutions to support the evolving needs of the aged care sector.
Areas of Specialization
- Medication Management Systems: Providing end-to-end solutions that cover prescribing, dispensing, and administration.
- Cloud-Based Platforms: Offering real-time, transcription-free records accessible to all stakeholders.
- Compliance and Reporting: Ensuring adherence to regulatory standards through intelligent reporting tools.
Key Technologies Utilized
- Cloud Computing: Enabling scalable and secure data storage and access.
- Automation Tools: Reducing manual processes to decrease errors and increase efficiency.
- Data Analytics: Utilizing real-time data to inform decision-making and improve care outcomes.
Primary Markets Targeted
- Aged Care Facilities: Residential aged care homes and home care providers.
- Pharmacies: Community and institutional pharmacies involved in aged care.
- Healthcare Clinicians: General practitioners and specialists working within the aged care sector.
Financials and Funding
Funding History
BESTMED has experienced significant growth since its inception, expanding its team from two to over 80 employees and serving more than 250,000 unique consumers. The company has invested millions in research and development to enhance its platform and address industry challenges.
Recent Funding Rounds
Specific details regarding recent funding rounds are not publicly disclosed.
Notable Investors
Information about individual investors is not publicly available.
Utilization of Capital
The capital raised has been primarily allocated towards:
- Research and Development: Advancing technological capabilities and integrating new features.
- Market Expansion: Increasing the reach of BESTMED's solutions across Australia.
- Operational Scaling: Enhancing infrastructure to support a growing user base.
Pipeline Development
Key Pipeline Candidates
BESTMED is actively collaborating with Macquarie University researchers to develop next-generation solutions aimed at eradicating medication errors and improving care outcomes.
Stages of Development
The company is in the research and development phase, focusing on integrating advanced technologies and methodologies to enhance its platform.
Target Conditions
The primary focus is on improving medication management within the aged care sector to address challenges such as medication errors and compliance issues.
Anticipated Milestones
While specific timelines are not publicly disclosed, BESTMED is committed to continuous innovation and aims to introduce new features and integrations that align with industry needs and regulatory standards.
Technological Platform and Innovation
Proprietary Technologies
- eNRMC System: A cloud-based platform that integrates medication prescribing, dispensing, and administration into a single resident record.
- Automated Workflows: Intelligent systems that reduce manual processing errors and enhance operational efficiency.
Significant Scientific Methods
- Data Analytics: Utilizing real-time data to inform decision-making and improve care outcomes.
- Clinical Trial Emulation: Employing advanced statistical techniques to compare diabetes medications and determine optimal treatment options.
AI-Driven Capabilities
While specific AI applications are not detailed, BESTMED's focus on automation and data analytics suggests the integration of AI-driven solutions to enhance medication management processes.
Leadership Team
Phil Offer – Chief Executive Officer
With over 10 years of experience in digital health executive roles, Phil leads BESTMED's vision to transform medication management. He holds a Master of Arts from Cambridge University and is a Chartered Accountant.
Jay Hijazi – Founder & Chief Information Officer
Jay drives BESTMED's technical vision and product development. With 30 years of industry experience, he holds an MBA and a Bachelor's degree in Computer Science.
Amanda Fieldhouse – National Relationship Manager - Clinical
Amanda brings over 30 years of experience in healthcare, including senior management roles. She is a qualified RN with ICU qualifications and an MBA majoring in Health and Hospital Administration.
Shadi Sultan – Head of Customer Care, Robotics & IT
Shadi manages IT, Robotics, and Customer Care teams, focusing on enhancing customer experiences and driving innovation. He holds a Bachelor of Computer Science.
Rimmi Minhas – Financial Controller
Rimmi leads the finance team with a wealth of experience in multiple healthcare industries. She is a qualified accountant with BAcct, MAcc, and is an associate of CPA.
Amir Sinanovic – Director of Sales
Amir has over 25 years of commercial experience, focusing on driving growth and excellence in the aged care industry.
Marcus Holstein – Head of Product
With over 20 years of global experience, Marcus heads the product team, focusing on building strong relationships with customers and internal stakeholders.
Ben Kelland – Senior Product Manager
Ben has 14 years of experience as a pharmacist, approaching product development with a focus on generating deep insights to create meaningful improvements.
Kirstie Galloway Smith – Implementation Manager
Kirstie is responsible for implementing BESTMED in pharmacies and aged care homes, with over ten years of experience delivering successful outcomes in healthcare projects.
Felice Dumpleton – Customer Care Team Lead
Felice leads the customer care team, focusing on making a difference in improving the lives of others, with over 10 years of experience in aged and home care.
Baktash Mohebbi – Business Development Manager
Baktash harnesses technology to provide solutions and value for both aged care and pharmacy, with a background in multiple roles across aged care, pharmacy, automation, pharmaceutical sales, eHealth, telehealth, technology, insurance, and corporate wellbeing.
Naomi Sia – Account Manager
Naomi is dedicated to serving the elderly and vulnerable, holding a Bachelor of Pharmacy with Honours and is an AHPRA Registered Pharmacist.
Surinder Kaur – Relationship Manager
Surinder is an experienced pharmacist with over 20 years in community pharmacy, delivering implementations across Australia and fostering strong client relationships.
Hannah Hall – Marketing Manager
Hannah has over 17 years of experience in marketing and communications, holding degrees in Marketing, Communications, and Science, and is responsible for marketing and events at BESTMED.
Competitor Profile
Market Insights and Dynamics
The aged care sector in Australia is experiencing significant growth, driven by an aging population and increased demand for quality care services. This expansion presents opportunities for companies like BESTMED to innovate and lead in medication management solutions.
