SALT LAKE CITY, Jan. 21, 2021 /PRNewswire/ -- Olive and Empiric Health announced today their partnership to tackle unnecessary costs and improve quality and outcomes by focusing on reducing unwarranted clinical variation in care. With Olive's leading-edge AI technology and Empiric's clinically driven analytics, the partnership will magnify the opportunity for cost reduction and improved outcomes at healthcare organizations across the country-- and ultimately, make healthcare more affordable for patients.
The cost problem has been exacerbated by the pandemic. According to a recent JAMA review, the cost of waste in the U.S. healthcare system ranges from $760 billion to $935 billion annually. Furthermore, according to a new report from the American Hospital Association, hospitals will lose $323.1 billion this year because of the COVID-19 pandemic. And, that number continues to rise.
While historical methods to reduce cost can be effective, Olive and Empiric are paving a new path forward with the use of innovative technologies. Olive's AI workforce automates supply chain processes such as medical and surgical spend analytics, preference card updates, and backorder management and recommends optimal products to value analysis teams based on cost and clinical quality. Olive also continually provides new suggestions, helping to make operations more efficient, affordable and effective.
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Empiric utilizes natural language processing, machine learning, and AI in detailed physician-written operative notes in addition to primary Electronic Health Record (EHR) data to create clinically meaningful groupings, called cohorts. Cohorts group procedures exactly the way physicians want to see them. In addition, Empiric automates intelligent analytical models to bring this data to life in a clinically meaningful way. With the Empiric Analytics Suite, Empiric delivers unique and actionable insights to engage physicians and optimize care delivery.
Olive and Empiric's combined capabilities will enhance recommendations for health systems to drive reduction in clinical variation and supply spend and optimize preference cards. Building on the expertise and machine learning from both engines, Olive and Empiric's synergies will propel advanced supply chain analytics into a new era.
"The AI workforce is the biggest impact to health systems in our lifetime," said Sean Lane, CEO of Olive. "Olive has become a piece of critical infrastructure for hospitals and a trusted, reliable solution to expand human capacity at a time when resources are more precious than ever. We are excited about our partnership with Empiric Health to further drive disruption within healthcare."