PINC AI™ Launches INsights, an Enhanced Technology Offering for Customized, On-Demand Healthcare Analytics
PINC AI™, the technology and services platform of Premier, Inc (NASDAQ: PINC), today launched INsights, an enhanced self-service healthcare solution for the creation of customized, on-demand analytics.
INsights is a vendor-agnostic analytics platform that accesses PINC AI's cleansed, standardized, and risk-adjusted healthcare data, covering more than 45 percent of all U.S. hospital inpatient discharges. INsights users can leverage pre-developed analytics developed by PINC AI, as well as conduct customized data queries and visualizations using PINC AI or their own data sources. The platform will also serve as a development community, where users can crowdsource and share information, measures, queries and more with others.
INsights will be hosted on Microsoft Azure Synapse Analytics, providing users access to a reliable cloud-based platform and next-generation tools to accelerate their use of analytics and AI. With PINC AI data running on Azure Synapse, users will accelerate their time to insight with the unified experience that brings together the entire analytics lifecycle into a single pane of glass.
"INsights is a flexible platform that enables healthcare users to create their own analytics to measure what matters most to them," said Leigh Anderson, Premier's President of Performance Services. "We are providing a reliable framework with data that is organized, simplified and easy to consume using any business intelligence platform the user chooses. We are also enabling users to capture additional value from their existing benchmarking and analytics, surveillance and decision support, and regulatory reporting and compliance without having to learn any new tools or techniques. In other words, we are simplifying advanced analytics and performance improvement in healthcare."
According to past data surveys, data scientists spend 70 to 80 percent of their time on data preparation tasks, such as loading and cleansing data. This significantly reduces their ability to be consultants and storytellers of their organizational data. INsights reduces this burden by providing access to pre-loaded datasets that are cleansed, normalized and linked together, automating all the data preparation tasks.
"Microsoft is pleased to enable PINC AI with our cloud services, including Azure Synapse Analytics to help organizations accelerate their digital transformation journey," said Tom Lawry, national director for Artificial Intelligence, Health and Life Sciences at Microsoft. "By bringingtogether our technologies, organizations can have the confidence that a world-class cloud provider offers, along with tools to enable AI and achieve more actionable insight from data."
Early pilot-testing organizations leveraging INsights used the platform to create analytics that assess and measure a host of quality improvement efforts, including patient safety indicators, lab order turnaround times, length of stay by specific conditions and time to treatment metrics.
"INsights' value is that it can be utilized by any of our members, whether they are large, multi-facility health systems or smaller, rural hospitals and provider practices," said Anderson. "Because PINC AI already has clean and standardized clinical, quality, financial and operational data from our members, we are able to rapidly stand up INsights and provide high-quality analytics services more economically."
Premier does not expect the launch of INsights to materially impact the company's current fiscal 2022 financial guidance that was provided on November 2, 2021 or its expected multi-year, compound annual growth targets, adjusted for the impact of the COVID-19 pandemic on its business, of mid-to-high single-digits for total net revenue, adjusted EBITDA and adjusted earnings per share (as defined in Premier's most recent Form 10-Q filed with the Securities and Exchange Commission).
Matters discussed in this release that are not statements of historical or current facts, such as those related to the expected benefits of INsights and its impact on (i) fiscal 2022 financial guidance and (ii) the company's expected multi-year, compound annual growth targets for total net revenue, adjusted EBITDA and adjusted earnings per share, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Premier to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that include terms such as "believes," "belief," "expects," "estimates," "intends," "anticipates" or "plans" to be uncertain and forward-looking. Forward-looking statements may include comments as to Premier's beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside Premier's control. More information on potential factors that could affect Premier's financial results is included from time to time in the "Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Premier's periodic and current filings with the SEC and available on Premier's website at investors.premierinc.com. Forward-looking statements speak only as of the date they are made. Premier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date.
About PINC AI™
PINC AI™ is the technology and services platform of Premier Inc. (NASDAQ: PINC). Made up of 20 years' worth of cost, quality and operational data gleaned from 45 percent of U.S. hospital discharges, as well as 812 million hospital outpatient and clinic encounters and 131 million physician office visits, PINC AI provides actionable intelligence that improves outcomes, supports improved financial performance and enables success in new, alternative payment models. PINC AI offerings rely on advanced analytics to identify improvement opportunities, consulting services for clinical and operational design, and workflow solutions to hardwire sustainable change. PINC AI is also the data engine powering Premier's newest brands - Remitra and Contigo. With a leading network of provider organizations, PINC AI accelerates ingenuity and serves as a large-scale innovation catalyst in healthcare. PINC AI can be followed on Twitter and LinkedIn.
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