UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 OF
THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of December 2023
Commission
File Number: 001-41089
Advanced
Health Intelligence Ltd
(Translation
of registrant’s name into English)
71-73
South Perth Esplanade, Unit 5
South
Perth, WA 6151
Australia
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F ☒ Form 40-F ☐
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 99.1 to this Report on Form 6-K is a copy of the press release of Advanced Health Intelligence Ltd, dated December 28, 2023:
“Bearn LLC to Unveil Innovative User Platform Using AHI Biometrics to Boost Shared Revenue Streams.”
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| |
ADVANCED
HEALTH INTELLIGENCE LTD |
| |
|
|
| Date:
December 28, 2023 |
By: |
/s/
Scott Montgomery |
| |
|
Name: |
Scott
Montgomery |
| |
|
Title: |
Chief
Executive Officer |
2
Exhibit 99.1
ASX Announcement
December 28, 2023 |
 |
Bearn LLC to Unveil Innovative User Platform
Using AHI Biometrics to Boost Shared Revenue Streams
Highlights
| ● | AHI partners with Bearn LLC through a 50/50
revenue-sharing agreement. |
| ● | AHI’s biometric scans are to be used
in the Bearn App to generate health information. |
| ● | Bearn will provide tailored health offerings
to users. |
| ● | Bearn plans to launch the integrated platform
in January 2024. |
| ● | Bearn partners will pay USD$30 – USD$100
per platform user. |
South Perth Australia December 28, 2023
– Advanced Health Intelligence Ltd (ASX:AHI) (NASDAQ:AHI) (the “Company”) is pleased to inform shareholders
that AHI’s partner, Bearn LLC, (Bearn) has expanded the Master Services Agreement to include revenue sharing with Bearns new User
Data Sharing Platform (UDSP).
Bearn is set to launch its user-empowered Information
Sharing Engine in January 2024, having secured its first major client.
This innovative platform, seeded by AHI’s
biometric assessment capabilities, has been completed and will be launched in a strategic revenue-sharing partnership. Bearn’s view of
connecting users and providers is not just a step but a leap forward in transforming preventive healthcare, providing cutting-edge solutions
tailored for individuals through this unique and personalised screening to intervene and prevent chronic health issues associated with
obesity, heart disease, and diabetes. The key to this platform is to engage with everyone, healthy, young, and old, across all lifestyles
and demographics. At Bearn, we believe everyone wants to be healthier but lacks access to the tools that can guide them in a personalised
direction privately, selecting specific offerings to help them achieve their health goals.
The initial launch will be a user-empowered offering
for the insurance industry. In collaboration with AHI, Bearn will release the UDSP, representing a transformative advancement in the insurtech
landscape. Tailored for health, group, and life insurance providers, this platform not only conducts comprehensive consumer-based health
assessments, including metrics like heart rate, heart rate variability (HRV), stress levels, and overall cardiac and metabolic health,
but it also introduces customised solutions in the hands of the users. By choosing to share their information, users can receive highly
personalised health, wellness and insurance offerings.
This user-approved information sharing is fundamental
to providing users with tailored insurance options and valuable health insights, assisting them in achieving better, healthier lives.
Bearn can thus offer potential customers precision-driven products, aligning them with the policy writers that best meet their unique
health and wellness needs.
Tailored Solutions for Enhanced Marketing and
Acquisition. The new platform empowers users to share their health information proactively via Bearn, which will share this information
with selected partners that are identified as beneficial to the users, enabling them to receive personalised health insights and insurance
options conducive to healthier living.
Advanced Health Intelligence Ltd.
ACN 602 111 115
Postal Address: PO Box 190, South Perth WA 6951
Email: investors@ahi.tech
ASX Announcement
December 28, 2023 |
|
Bearn has already garnered significant market
confidence, signing its first client who has committed to paying Bearn USD$30.00 per user for an initial 5,000 shared users monthly for
12 months. This client partnership underscores the value and potential of Bearn’s platform to reshape the health, wellness, and insurance
landscape through smart, user-centric data utilisation. With this launch, Bearn reaffirms its dedication to advancing health technology
and providing proactive tools for health management.
The UDSP caters specifically to the unique demands
of the consumer’s health, wellness and insurance industry. By providing deep insights into potential customers’ health and wellness, insurance
carriers can target and engage more effectively, boosting sales and conversion rates.
Rapid Deployment and Easy Accessibility.
One of the most striking features of Bearn’s UDSP is its rapid deployment capability. Unlike other technologies requiring extensive integration
and significant investment, Bearn’s tools can be integrated via email, ad campaigns, and websites within days, ensuring a quick and effective
data-generation process, seamless integration and operational efficiency. What distinguishes Bearn’s platform is its effortless integration.
Insurance carriers can easily incorporate these tools into their existing systems with minimal effort, reaping the benefits almost immediately.
The UDSP offers a ‘minimal integration’ approach that simplifies operations, allowing insurers to focus on core activities.
Comprehensive Enterprise Management Tools.
Bearn also introduces a range of enterprise management tools for sales representatives, call centre agents, and other key players in sales
and marketing. These tools are designed to optimise operations and enhance customer interactions, further improving outcomes for insurers.
Innovative Commercialization and Revenue Model.
Bearn’s innovative pay-per-result business model is a game-changer. It not only originates qualified users for insurance carriers but
also aids brokers in enhancing their conversion rates. This model fosters a mutually beneficial relationship, delivering value to all
parties involved.
Bearn’s approach is fundamentally holistic, transcending
beyond the mere provision of a product. It is an encompassing approach that evaluates the individual’s health in its entirety. This
means considering not only the physical markers of health or disease risk but also integrating an assessment of mental well-being and
social determinants that influence health.
Bearn aims to understand and support the complete
health landscape of each person, recognising that true wellness is a blend of the mental, emotional, and social state, in addition to
physical health. This approach ensures that we deliver personalised and comprehensive evaluations tailored to the nuanced needs of every
individual we serve, providing a pathway to better health. Bearn’s UDSP is designed to meet the unique demands of the consumer’s
health and wellness, as well as the insurance industry’s need for accurate, actionable insights.
Aaron Drew, CEO of Bearn, said,
“Looking ahead to January 2024, Bearn is
on the cusp of launching what can only be described as a paradigm shift in digital health technology. Our UDSP is the fruit of our partnership
with AHI, and it’s a cornerstone of our mission to innovate within the health tech and Insurtech industries, delivering unparalleled
value to consumers, health providers, and insurance carriers alike.
Our goal has always been to be at the forefront
of transformation, and with the integration of AHI’s state-of-the-art biometric assessment capabilities, we’re not just stepping
forward, we’re leaping into a future where preventive healthcare is proactive, personal, and accessible to all. We’re embracing
the potential of every individual to take charge of their health by offering them the privacy and tools they need to make informed decisions,”
he continues.
Advanced Health Intelligence Ltd.
ACN 602 111 115
Postal Address: PO Box 190, South Perth WA 6951
Email: investors@ahi.tech
ASX Announcement
December 28, 2023 |
|
The UDSP is set to revolutionise”the Insurtech
space, providing a comprehensive range of consumer-based health assessments that empower users with the ability to share their information
selectively. This information, in turn, allows them to access a suite of highly personalised offerings that enhance their well-being and
provide tailored insurance solutions. The key to this platform is inclusivity, engaging people of all ages and walks of life in a movement
toward healthier living.
As we prepare for the launch, we’re excited to share that we
have already signed our first major client, affirming the market’s confidence in our vision. This partnership is underpinned by
a commitment to pay Bearn USD$30.00 per user for an initial 5,000 users per month for 12 months, which speaks volumes to the anticipated
effectiveness of our platform in delivering results. Bearn is not just developing technology, we are building the future of health engagement.
I invite consumers, health providers, and insurance carriers to join us on this journey as we work to redefine what it means to lead a
healthier life.”
Vlado Bosanac, Founder and Head of Strategy
at Advanced Health Intelligence (AHI), said,
“The desire to lead a healthier life is
intrinsic to every individual. The key to nurturing this desire lies in providing people with tailored tools that honour their privacy
while delivering precise health insights. Our commitment at AHI with Bearn is to offer solutions that aren’t arbitrary but are customised
to meet the unique health needs of each consumer.
The privacy afforded by our mobile device-based
biometric technology is unparalleled. It’s designed to empower users with control over their health data, ensuring that their personal
information remains confidential. In partnership with Bearn, we are taking this a step further.
Advanced Health Intelligence Ltd.
ACN 602 111 115
Postal Address: PO Box 190, South Perth WA 6951
Email: investors@ahi.tech
ASX Announcement
December 28, 2023 |
|
The new platform developed by Bearn, infused with
AHI’s technology, stands as a testament to our shared vision of value-driven health and care. It is meticulously crafted to be at no cost
to the consumer, removing barriers to access and promoting inclusive health empowerment.
This synergy between AHI’s advanced biometrics
and Bearn’s innovative platform is a game-changer. It’s more than just a tool, it’s a movement towards a future where health insights
and insurance offerings are not only personalised but also privacy-centric. We are not just creating a product, we are cultivating a new
standard for consumer value and well-being.”
Commercial Terms under the Revenue Sharing
Agreement
| ● | Platform Launch: Bearn is launching a UDSP incorporating AHI’s advanced biometric scans, which will be
utilised across various business environments to engage consumers effectively. |
| ● | AHI’s Contribution: AHI will provide a biometric scan platform at no cost. |
| ● | Equal Revenue Share: The revenue generated will be divided equally between Bearn and AHI, with each party
receiving 50% of the gross revenue. |
| ● | Transparent Accounting: Net revenue sharing will be calculated by deducting any agreed-upon discounts
or marketing expenses borne by Bearn. |
| ● | UDSP Agreements: Bearn will enter into agreements with businesses for user data, with pricing for each
user varying among different businesses. |
| ● | Contract Sharing with AHI: Bearn shall share all executed contracts related to UDSP through the platform
with AHI. |
| ● | Audit Rights, Auditing for Accuracy: AHI has the right to audit Bearn’s records related to the platform’s
revenue, ensuring accurate revenue sharing. |
| ● | Scan Usage Tracking: All scan usage in the platform will require a user token from AHI to identify customers. |
NB: Advanced Health Intelligence (AHI) anticipates
that revenue generation through this agreement will commence in Q1 2024. Based on the initial agreement signed by Bearn, AHI expects to
see USD$ 75,000 in revenue per month from the launch of the initial partner Bearn has signed. AHI will provide further guidance as
the launch progresses and further partners are onboarded.
About Bearn LLC
Bearn is an exciting and new multi-sided health
platform with a unique experience for consumers, advertisers, and corporations. It allows users to earn cash for exercising while interfacing
with health and fitness brands, all while building a health profile.
Bearn is a SaaS technology company that has developed
a patent-pending platform that engages employers, healthcare payers, and other health and wellness stakeholders.
The Bearn platform offers a highly unique, customisable,
and scalable business solution leveraging the Internet of Medical Things and Wearables (IoMT). The platform is tailored as a B2B solution
for organisations that wish to drive engagement and retention in healthcare-related programs, such as activities that promote health,
wellness, fitness lifestyles, and chronic disease management.
Advanced Health Intelligence Ltd.
ACN 602 111 115
Postal Address: PO Box 190, South Perth WA 6951
Email: investors@ahi.tech
ASX Announcement
December 28, 2023 |
|
The Bearn solution combines technology, validated
data, science, and people, all aligned to improve the probability that targeted behavioural changes occur regarding overall health and
wellness. Bearn is among the first to move away from a “one size fits all” approach to wrap around the individual member.
Bearn provides this value and capability under the umbrella of a unique business model that allows you to earn for your efforts and further
gamifies the experience with exciting technologies such as 3D body scanning abilities, contests, and challenges.
In addition to consumers being able to earn cash
for active calories burned, Bearn is creating the first-ever health credit score for consumers. This unique, proprietary Health Credit
Score, similar to a financial FICO score, will aggregate multiple sources of verified health information in one place, enabling users
to assess their “individual” health status and identify areas to focus on for their own unique, specific improvements. Allowing
portability of a health credit score across platforms with universal acceptance creates the opportunity to lower healthcare costs for
payers, employers and all ecosystem members.
For more information,
please go to: https://bearn.co/
The Board of Advanced Health Intelligence Ltd
has approved this announcement.
For more information, contact:
Vlado Bosanac
Founder/Head of Strategy
Advanced Health Intelligence Ltd
E: admin@ahi.tech |
Aaron Drew
Chief Executive Officer
Bearn LLC
E: info@bearn.co |
About Advanced Health Intelligence Ltd
Advanced Health Intelligence (AHI) delivers scalable
health assessment, risk stratification and digital triage capabilities to healthcare providers, insurers, employers, and government agencies
worldwide via our proprietary technology and processes.
Since 2014, AHI has been delivering Health-tech
innovation via a smartphone, starting with the world’s first on-device body dimensioning capability. AHI has developed a patented technology,
showcasing the next frontier in digitising healthcare with a suite of componentised solutions, culminating in:
| ● | Body dimension and composition assessment to identify the comorbidities of obesity, such as diabetes risk
estimates. |
| ● | Blood biomarker prediction, including HbA1C, HDL, LDL, and 10-year mortality risk. |
| ● | Transdermal Optical Imaging to return vital signs and cardiovascular disease risk estimates. |
| ● | On-device dermatological skin identification across 588 skin conditions across 133 categories (Inc. Melanoma);
and |
| ● | Assisting partners in delivering personalised therapeutic and non-therapeutic health coaching to improve
daily habits and build health literacy. |
Our world-class team of subject matter experts
in machine learning, AI, computer vision, and medically trained data scientists ensure that AHI’s technology is at the forefront
of innovation and the needs of our consumers.
With a focus on impact at scale, AHI is proud
to showcase this milestone in digital healthcare transformation, delivering a biometrically derived triage solution accessible on and
via a smartphone. With these advanced technologies, AHI helps its partners identify risks across their consumers and triage them into
right-care pathways for proactive health management at a population scale.
For more information, please visit: www.ahi.tech
Advanced Health Intelligence Ltd.
ACN 602 111 115
Postal Address: PO Box 190, South Perth WA 6951
Email: investors@ahi.tech
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