AnalyticsMD nabs $13 million to ramp up artificial intelligence
AnalyticsMD has secured $13 million in funding to accelerate the development and delivery of its artificial intelligence software platform for health systems.
The AnalyticsMD platform takes in large healthcare data sets to process in real-time. Using machine learning algorithms, it can then present predictive analytic issues and outcomes while also offering course-corrections. The platform addresses operational challenges across the hospital including emergency departments, perioperative areas, inpatient and outpatient.
“Through the application of AI technology, the behavior and decisions of hospital providers and workers can be nudged in real time,” said Robert Mittendorff, MD, partner, Norwest Venture Partners, which along with Mayfield co-led the found of funding that also included accelerators Y Combinator and Stanford-StartX Fund.
Mittendorf added that the system addresses two of the most prominent problems in healthcare: efficiency and safety.
Analytics MD CEO Mudit Garg said that artificial intelligence can be used to turn big data into information for both clinical outcomes and improving hospital operations.
“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,” Garg said. “We believe that it’s time to overhaul hospital operations.”
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.
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