IQ Business Group subsidiary IQ Health has reported turnover of R73 million for its first year of operation.
IQ Health MD Colin Bridge says a healthy profit level was achieved despite the fact that the company spent the year focusing more on bedding down the business than on fully exploiting growth opportunities in local and export markets.
"Having signed the joint venture with Fedsure Health in January last year, our strategy has been to first reinvest substantially in building up an exceptional skills base through recruitment and training.
"Since then, our staff complement has grown organically by around 600%. Obviously it was the right way to go."
IQ Health was formed last year with the announcement that the IQ Business Group had acquired FedHealth Technologies, the IT arm of the FedHealth Group. This formed the core of IQ Health.
Bridge believes IQ Health is now well poised to unlock the full value potential of its established client base and explore existing revenue streams not yet fully exploited.
"For instance, we will be increasing transaction-based revenue streams through our Healthe e-commerce platform."
The company says market response to its Healthe portal has been very positive and this is expected to reflect in an additional strong annuity and income base.
According to Bridge, another big push this year will be to increase sales of the IQ Funder administrative system.
"In addition, we will be exploring important opportunities in the US, as well as expanding our presence in the Australian marketplace."
IQ Health recently announced a software deal worth $1 million for the roll-out of its Renaissance General Practice Management system to medical clinics in Western Australia.
Talks are underway in Australia with a large private healthcare funder responsible for insuring more than four million lives.
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