Feedback PLC (AIM:FDBK) rallied more than 55% after announcing that its Bleepa platform is now eligible for reimbursement under the NHS's Elective Recovery Fund (ERF).
This change enables any Integrated Care Board (ICB) or hospital in England to utilise the funding to cover costs associated with Bleepa's Diagnostic Enhanced Advice and Guidance (DEAG) diversions.
The ERF is designed to provide revenue-based payments to NHS organisations as part of efforts to reduce waitlists.
Feedback anticipates a considerable improvement in its commercial prospects as there is no cap on the number of patients or pathways that can benefit from the funding.
The group has entered into a strategic partnership with Moorhouse Consulting to facilitate the implementation of its solution.
"Moorhouse Consulting are ideal partners for this programme,” said Feedback’s chief executive Tom Oakley. “We have to get to scale quickly in order to drive revenue and this requires getting expert feet on the ground.”
Feedback believes the ERF mechanism could generate over £2 million per year per ICB contract, based on expected patient volumes.
Shares were swapping for 57.25p on Wednesday morning.