30 July 2012
Patrick accepting his award at the Central Region Award Ceremony in Adelaide
Patrick Power from PowerHealth Solutions has won the Australian 2012 Central Region Ernst & Young Entrepreneur Of The Year award in the Technology category, for his work in building the healthcare software development brand into one which is considered a market leader in Australia, New Zealand, Ireland and Hong Kong.
Recognising the Opportunity
Back in 2000, Patrick recognised a gap in the Australian healthcare industry as the existing decision support systems were all imported from overseas and nearing the end of their life-cycle. He started the software development firm, PowerHealth Solutions, to exploit this niche.
He secured an R&D Federal grant in excess of $1 million to develop PowerPerformance Management (PPM), and funded the remaining 50% budget through retained earnings and reoccurring revenue. PPM has since become the leading decision support system in Australia, with state health departments such as NSW, WA and ACT adopting it state-wide across all public hospitals.
Similarly in 2007, PowerHealth Solutions recognised that Australian public hospital billing was fragmented with no specialised vendor. The result was a fit-for-purpose enterprise-wide billing application, PowerBilling & Revenue Collection (PBRC) that was developed through another R&D federal grant, to integrate and simplify the billing process across all clinical systems.
Benefitting the Public Health System
Through the billing application, PowerHealth Solutions has been able to deliver millions of additional dollars back into the public health system, as well as help hospitals increase their revenue through private patient billing.
About Ernst & Young Entrepreneur Of The Year
Ernst & Young Entrepreneur Of The Year® is the world’s most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential, and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 140 cities in more than 50 countries.