Artificial intelligence startup MedyMatch launches, former Philips exec tapped as CEO
Israel-based artificial intelligence startup MedyMatch Technology has launched with an artificial intelligence product that it hopes will improve performance in healthcare through its real-time decision support tools.
MedyMatch also announced earlier this month that former Philips Imaging Systems CEO Gene Saragnese joined the company as chairman and CEO. Company officials said they would soon open the company’s first U.S. office in Boston in order to provide support for the startup’s rapidly expanding list of clinical trial partners, machine and deep learning collaborations and product development.
MedyMatch uses advanced cognitive analytics and artificial intelligence to provide real-time decision support tools that, together with standard emergency room imaging platforms, helps the radiologist or emergency room physician recognize what is often the hardest to see or most obscure conditions.
Despite advancements in medical imaging technologies, the medical imaging misdiagnosis rate in the emergency room has remained unchanged for 30 years, executives point out, with misdiagnosis occurring in approximately 30 percent of cases.
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The American Heart Association and American Stroke Association estimate that by 2030, there will be approximately 3.4 million stroke victims annually in the United States, with a total cost of $240 billion. Moreover, 42 percent of that cost – about $183 billion – is attributed to the annual direct medical and extended care expenses.
MedyMatch officials say the startup can help reduce the cost because of its accuracy in the treatment window, which in turn can help lower the number of people with long-term chronic conditions.
As Saragnese sees it, MedyMatch’s technology and artificial intelligence-based image classification will provide physicians with the deeper insights they need to make the right diagnosis and do so quickly.
Before Philips Healthcare, Saragnese headed up the CT, molecular imaging and image processing divisions within GE Healthcare. Prior to that, he served as GE Healthcare’s chief technology officer and the general manager of GE's MRI business.
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