CognitiveScale, a leading provider of industry-specific machine intelligence software, today announced it has been named an IDC Innovator in the IDC Innovators: Machine Learning in Healthcare, 2017 report (doc #US42826817, July 2017). CognitiveScale was recognized for applying machine learning to solve some of healthcare’s most pressing problems.
Changes in healthcare regulations, delivery methods, and payment options are requiring the adoption of innovative technologies by providers, payers and pharmacies. New member and patient engagement models are evolving, centered around personalized healthcare journeys that extend care beyond the traditional clinical setting. By pioneering machine intelligence products that approximate human cognition and transform member engagement and care provider decision making, CognitiveScale is helping healthcare organizations perform at levels they never thought possible.
A recent Accenture analysis stated that health AI applications can potentially create $150 billion in annual savings for the US healthcare economy by 2026, and the AI health market is expected to reach $6.6 billion by 2021 at a compound annual growth rate of 40 percent. According to the IDC Innovators: Machine Learning in Healthcare, 2017 report, IDC Innovators are emerging vendors with revenue <$100 million. CognitiveScale was selected because it has applied machine learning to a range of challenges facing the healthcare industry.
“We chose CognitiveScale as an IDC Innovator because they balance the market’s appetite for augmented intelligence and provide the opportunity for clients with data scientists to combine models and algorithms from various sources,” said Cynthia Burghard, senior analyst, IDC.
CognitiveScale’s full stack of augmented intelligence products transform administrative and clinical healthcare functions through the delivery of contextual insights and advice in real time to patients and care providers using mobile devices, smart objects, and Internet of Things (IOT) devices. Unlike legacy technologies that are rules based and static, AI products include proprietary data and healthcare models that learn continuously from new data and user interactions to augment human activity and process intelligence.
Augmented intelligence, an outgrowth of artificial intelligence, pairs man and machine to empower users and business processes with the right insights and advice at the right time and with the right evidence. CognitiveScale’s ENGAGE and AMPLIFY product lines are based on the CognitiveScale Cortex OS that works as the “digital brain” that augments and enhances the following core processes:
- Member Experience – Understanding member context, preferences, and their healthcare journey to help customer service, wellness coaches and other member concierge services to provide best-in-class experiences.
- Care Management – Empowering care managers to identify the high-risk populations and deliver appropriate interventions at the right time to increase compliance with patient care plans.
- Revenue Cycle Management – Augmenting revenue cycle management processes with contextual insights and advice to reduce costs, improve quality and accuracy of claims and billing, and increase proactive identification of revenue leakage.
- Claim Operations – Augmenting claims operations’ ability to identify claim issues, re-work probabilities and improve quality and audit through contextual intelligence and continuous learning.
“It’s an honor to be recognized as an IDC Innovator in Machine Learning in Healthcare,” said Navaneeth Nair, CognitiveScale Healthcare Leader. “This is a testament to the ways we are using AI and machine learning to redefine how healthcare organizations engage members and patients with personalized and contextualized insights that drive better health outcomes, and improve business productivity.”
In the last few years, CognitiveScale has added a significant number of healthcare organizations to its customer portfolio. The largest cancer center, the second largest non-profit healthcare system, one of the largest healthcare payers, and the leading integrated healthcare system are all using CognitiveScale’s augmented intelligence offerings to deliver better outcomes for member experience, care management, and revenue lifecycle management. The company’s products can be implemented quickly to realize value within 90 days using its 10-10-10 method that helps businesses model their first AI-powered cognitive system in 10 hours, configure it using their own data in 10 days, and go live within 10 weeks.
For more information, visit Healthcare AI
About IDC Innovators Research
IDC Innovators reports present a set of vendors – under $100M in revenue at time of selection — chosen by an IDC analyst within a specific market that offer an innovative new technology, a groundbreaking approach to an existing issue, and/or an interesting new business model. It is not an exhaustive evaluation of all companies in a segment or a comparative ranking of the companies. Vendors in the process of being acquired by a larger company may be included in the report provided the acquisition is not finalized at the time of publication of the report. Vendors funded by venture capital firms may also be included in the report even if the venture capital firm has a financial stake in the vendor’s company. IDC INNOVATOR and IDC INNOVATORS are trademarks of International Data Group, Inc.