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Provider Engagement Platform "KAID" Health raises new Funding
Access to patient data and the time to convert it into compassionate care are prerequisites for delivering high-quality healthcare. Unfortunately, the majority of the information required to deliver this kind of treatment is hidden behind unstructured medical records, which makes using it exceedingly expensive and time-consuming. As a result, when creating their population health solutions, the majority of analytical solutions have overlooked medical notes.
In an interview with VatorNews, Kevin Agatstein, CEO of clinical analytics and provider engagement platform KAID Health, said that
This was no longer an effective strategy when providers moved to value-based care contracts and assumed greater accountability for the assessed quality and cost of service. He said that inadequate coding left too much money on the table, there were too many gaps in quality, and it took too long for providers to locate the data they needed.
In order to address this, KAID Health set out to make all EMR data—structured and unstructured—equally valuable for patient care and population health. With the announcement of what it terms as “significant new funding” from Activate Venture Partners, Martinson Ventures, Boston Millennia Partners, Brandon Hull, and the Board of Directors of KAID Health, the firm will now be able to grow to more providers.
The Whole Chart Analysis tool of the firm combines structured patient data with insights from medical notes to provide a single perspective of the patient. It incorporates all EMR data, including conditions, drugs, and lab results. The insights are automatically extracted from the notes. This enables all healthcare professionals to give better-informed, well-coordinated treatment.
Because so much of the patient data required to succeed in value-based care is hidden in medical notes, KAID Health has made significant technological investments to understand this medical text. The company not only finds insights in the notes but also uses additional AI to prioritize which facts are most important to clinicians. After that, it merges this data with information from other EMRs and asserts that it completely describes the patient.
A question was posed to infamous bank robber Willie Sutton, “Why do you rob banks?” “There’s money there,” he responded. When it comes to coding and quality measurements, KAID Health clients may actually find the money in the notes. But KAID Health employs the most recent language models to gather all patient data, whereas other NLP systems just extract selected parts from medical notes to support a particular workflow, Agatstein explained.
The KAID Health solution supports patient general and specialty care in at least ten states, and it can interact with nearly all major EMR platforms. Currently, it serves numerous prominent regional and national health systems.
Customers have experienced quick returns on investment (ROIs) from improved coding, higher quality ratings and incentives associated with them, and decreased expenses and time spent analyzing medical information. For instance, after just a few months of utilizing our technology, The Villages Health, a sizable provider in Florida, reported in the Journal of Medical Practice Management an increase of $9 per patient per month on their whole value-based panel. While discovering more data than they first did, some groups have reported labor expenses for reviewing a medical file using KAID Health reduced by more than 80%.
In order to confirm that KAID Health’s technology can summarize a chart for specific tasks and clinicians alike, UC San Diego Health researchers pitted the KAID AI model against doctors in the analysis of patients who were going to have surgery. According to the results, 81% of the time the physicians and the AI agreed, with the AI finding the bulk of the remaining 19% of cases when the clinicians missed them.
Similar to computing, the internet, and mobile devices, artificial intelligence (AI) will make it possible to create new workflows that don’t exist yet. This is particularly true in our area of specialization, which is patient comprehension. Today, reviewing all of the medical records on a continuous basis by hand is a very costly procedure. As a result, it’s only done extremely infrequently in cases when the data are really useful, such as clinical trial enrollment or missed billing chances, or it’s mandated by an insurance contract or other legal need,” Agatstein stated.
Although basic patient visit preparation, care management, transfer of care, tracking illness development, and any of the hundreds of other use cases where improved data may be helpful are not being handled at scale, this is beginning to change as a result of organizations like KAID.
KAID-type technologies reduce the cost of reviewing by 10 times or more. This implies that it may be completed at each patient visit. The current routines for reviewing charts will become more efficient, quicker, and less expensive. But, more significantly, the data will enable more physicians to assist more patients in more ways than before. Here, we are only getting started.
The latest investment, the precise amount of which was not made public, takes KAID Health’s total cash raised to $9 million. The firm intends to add front-line clinical users to its staff over the course of the next year in order to increase its market presence among providers and their payer partners.
According to Agatstein, the ultimate goal of KAID Health is to improve care. This can take many different forms, including improved clinical decision-making on the part of providers, a more sympathetic patient experience throughout the healthcare system, meeting the career goals of staff members and providers, and ensuring that providers have the financial means to adequately fund the provision of care.
Better and more easily accessible patient data is necessary for each of these four pillars. In the US, there are more than a billion care interactions annually. “We want KAID Health to assist each of them in becoming more successful, to find the care encounters that aren’t scheduled when they ought to be, and to relieve clinicians of unnecessary basic tasks,” stated Agatstein
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