In the U.S., we’re seeing an incredible growth of the healthcare analytics market, with the industry projected to reach $67.5 billion by 2033.
While there are several reasons behind this impressive projected growth, the need for efficient and cost-effective healthcare delivery systems has been a key driver.
Data analytics can help with cost containment in healthcare, whether that’s through running clinical operations more efficiently or reducing administrative work.
It’s also the bedrock of value-based healthcare a patient-centered approach that focuses on delivering high-quality, equitable, and sustainable care by maximizing patient and population outcomes for the lowest possible cost.
With rising healthcare costs, an aging population and new regulatory mandates, healthcare analytics has a key role to play in the future of healthcare delivery.
Now, the latest move from healthcare analytics company PurpleLab® will bring forward a powerful new collaboration that fuses AI with healthcare analytics.
Healthcare analytics and AI
This week news broke that PurpleLab®, a healthcare analytics company specializing in real-world data, has acquired AI-powered clinical analytics and care management company KAID Health.
The deal brings together PurpleLab’s large-scale structured claims data with KAID Health’s AI and natural language processing technology to create a more complete view of patient journeys across structured and unstructured data sources.
As healthcare leaders look to adopt value-based care, using analytics to link reimbursement with outcomes, lower readmission rates, and enhance population health management, the combined forces of PurpleLab and KAID Health could prove key.
The KAID Health’s Whole Chart Analysis™ platform has a proven ability to extract insights from both structured EMR data and medical notes by using natural language processing to analyze notes, conditions, medications, and lab results.
In turn, this supports coding accuracy, quality reporting, and care management.
The powerful insights from personal medical notes and records can now be fused with the capabilities of PurpleLab’s HealthNexus® platform, which provides real-time analytics across billions of HIPAA-compliant, clinically harmonized data points. The company’s no-code system delivers actionable insights and includes standardized medical terminology and patient concept groups that align with coding and care management workflows.
Better healthcare data, better decisions
The acquisition of KAID and its AI technology means that PurpleLab is able to bring numerous benefits forward to customers.
This includes the ability to improve financial performance by identifying and addressing documentation gaps before and post claims submission, accelerate clinical research and drug development through more precise patient cohort identification and strengthen value-based care initiatives with better risk stratification and care gap closure. In addition, automated coding and chart reviews can drastically reduce administrative work.
The combined impact of these new capabilities means the company hopes to deliver a much more rapid ROI through healthcare analytic initiatives, not only saving money but also helping clients to generate millions in additional revenue.
“This acquisition positions PurpleLab to move beyond traditional analytics and become an AI-first healthcare intelligence company,” said Mark Brosso, CEO of PurpleLab.
“By combining our data with KAID’s AI, we can unlock insights from the unstructured clinical narrative and deliver measurable value and proven financial impact to our partners and other healthcare organizations,” added the executive.
“As our customers and research partners have shown, better data leads to better decisions at the patient, provider, and population level,” said Kevin Agatstein, CEO and founder of KAID Health. “This partnership expands how structured and unstructured data can be applied to care quality, coding, and clinical research.”
The combined offering is now available to payers, accountable care organizations (ACOs), provider groups, and life sciences companies.
