Gradient AI Acquires Healthcare Analytics Business Unit from Prognos Health

Gradient AI Acquires Prognos Health’s Healthcare Analytics Business Unit

Gradient AI Acquires Prognos Health's Healthcare Analytics Business Unit

What you should know:

– Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions to the insurance industry, recently announced that it has acquired the analytics business underwriting unit of Prognos Health to leverage data from the company’s extensive collection of integrated medical records and laboratory data through its real-world data marketplace.

– The acquisition will allow Gradient AI to expand its medical database capabilities by integrating Prognos Health data with SAIL™, Gradient AI’s leading medical underwriting solution. The medical records of 325 million anonymized American patients are accessible via Prognos Marketplace.

Expand enhanced risk assessment of healthcare insurers

Gradient AI is a leading provider of proven artificial intelligence (AI) solutions for the insurance industry. Its solutions improve loss ratios and profitability by predicting underwriting and claims risk with greater accuracy, as well as reducing quote turnaround times and claims costs through intelligent automation. Unlike other solutions that use a limited set of claims and underwriting data, Gradient’s software-as-a-service (SaaS) platform leverages a large data set consisting of tens of millions of policies and claims .

In addition to retrieving medical and prescription claims data (capabilities Gradient AI already offers), customers will now have access to lab data, which has been a missing factor for many insurers when predicting risk. of group. According to the Centers for Disease Control and Prevention (CDC), 70% of medical decisions today depend on lab test results because they are among the best indicators of disease severity and progression.

With this acquisition, Gradient AI will become the only company in the group medical insurance market to provide medical, prescription and laboratory data from a single source. Insurers will benefit from greater insight into the health of group members for more informed risk assessment and better underwriting accuracy.

“The acquisition of Prognos’ underwriting business unit is a game-changer. Our combined solution will provide a holistic picture of group health risks that has never been possible before,” said Stan Smith, CEO and Founder of Gradient AI.” Insurers will now have a single point of access to multiple data sources, spanning medical, prescription, and lab data, improving their abilities to project health assessments and group costs with much confidence. bigger.”

Gradient AI aspires to continue its innovation in the assessment of collective health risks. Going forward, the company plans to expand its data sources to include information from electronic health records (EHRs) and claims-based patient population data.

“We are thrilled to partner with Gradient AI to create an industry-leading next-generation solution for group health insurance,” said Sundeep Bhan, Co-Founder and CEO of Prognos Health. “Gradient AI is a clear leader in underwriting healthcare analytics. Prognos is excited to support the rapid innovation of Gradient AI by leveraging the most relevant data from Prognos Marketplace. With the sale of the subscription business unit, Prognos will continue to focus on our real-word data market and democratize data to improve health.

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