Wednesday, November 23, 2016 by Don Wrightman
Silicon Valley-based AnalyticsMD is an AI-based software platform that helps increase efficiency of health systems and improve margins. The platform is also supposed to enhance the patient experience by reducing provider burnout. AnalyticsMD acts as a virtual air traffic control by allowing hospital administrations and front-line teams to make the best decisions at critical moments. Leading public, academic and community hospitals across the United States use AnalyticsMD. In 2016, AnalyticsMD won several awards in healthcare from Fierce Innovations. They took home best financial and operational solutions, along with best new product.
AnalyticsMD will now be accelerating the development and delivery of its artificial intelligence software platform for health systems, thanks to securing $13 million in funding. The platform uses large healthcare data sets to process in real-time. The machine learns algorithms and can predict analytic issues and outcomes, while offering course-corrections. Operational challenges across emergency departments, preoperative areas, inpatient and outpatient procedures are all addressed by the platform. The behavior and decisions of hospital providers and workers can be nudged in real time through the application of AI technology. The system addresses two of the most prominent problems in healthcare: efficiency and safety.
Artificial intelligence can be used to turn big data into information for clinical outcomes and to improve hospital operations says AnalyticsMD’s CEO Mudit Garg. “When it comes to health systems, operations is highly neglected. But it’s important. It’s where you’ll find the bulk of a hospital’s costs and it’s also where we can really move the needle on patient satisfaction. We believe that it’s time to overhaul hospital operations.”
Nearly $1 trillion of total US healthcare is spent on hospital costs. Regulatory burdens make it difficult for health systems across the nation. It is difficult for many to meet the demand of their communities while providing high quality care at an affordable price. The implementation of electronic medical records improves some aspects of patient care; however, it has made hospital operations more complex. “analyticsMD’s solution can help do this by turning unusable big data into the right data, as well as delivering right actions and right outcomes. We are committed to helping our customers achieve their common vision of transforming the way their health systems provide care,” said Mudit Garg.
AnalyticsMD has secured funding from Norwest Venture Patners, Mayfield, Y Combinator and the Stanford-startX Fund. Current AnalyticsMD customers include Lucile Packard Children’s Hospital Stanford, El Camino Hospital, Sutter Auburn Faith Hospital, St. Joseph’s Medical Center, Medstar Montgomery Medical Center, Natividad Medical Center and Mercy.