Health Data Analytics Institute (HDAI) Announces $31 Million Funding Round to Scale Predictive Risk Platform
Investment will drive expansion of new AI platform, in use by Houston Methodist and additional health systems
BOSTON, Oct. 2, 2023 /PRNewswire/ -- Health Data Analytics Institute (HDAI)— an artificial intelligence (AI) company focused on empowering clinicians, optimizing care pathways, and improving patient outcomes — today announced an oversubscribed Series C financing to scale its predictive risk platform.
"We are grateful for the continued support of our investors, who recognize the value to be unlocked by transforming huge volumes of health data into actionable insights," said Nassib Chamoun, Founder and CEO of HDAI. "HDAI is committed to improving patient outcomes and clinician experiences through its broad platform of predictive analytics and AI technologies, and we are thrilled to have secured this additional funding which will allow us to drive continued implementation of our unique HealthVision™ product within top health systems nationwide."
Several preeminent health systems including Houston Methodist, Cleveland Clinic, and Dana-Farber Cancer Institute, are collaborating with HDAI on various initiatives. HDAI's implementation at Houston Methodist is one of the most comprehensive, system-wide AI/machine learning (ML) care optimization solutions in production enabling data-informed actions by clinicians at the point of care and by population health managers at the system level. It also represents one of the largest deployments of Generative AI within healthcare. HDAI has additional collaborations with over 40 Medicare Accountable Care Organizations (ACOs) through which it collecively generates 50 million weekly predictions for one million patients.
"While the swirling hype about AI in healthcare continues to generate exciting claims but little of genuine impact, the HDAI team is actively working with leading healthcare organizations and clinicians to improve care in ways that deliver better outcomes," said Ed Kania, HDAI board member and longtime healthcare investor. "I am increasingly convinced that the Company's broad-based enterprise platform and remarkably cost-efficient business model can transform healthcare in the US."
At the core of HDAI's technology platform is an AI-optimized engine that incorporates explainable machine learning (ML) and Generative AI to quantify patient and population risks and pinpoint actionable clinical improvement opportunities. The platform forecasts health risk at patient, practice, institution and/or regional levels and supports clinicians and institutions in driving performance improvements. For example, HealthVision™ generates customizable lists of patients who would benefit from general case management or specific interventions. It provides a granular analysis of healthcare outcomes and costs as compared to peer practices and institutions. It also provides physicians with a highly synthesized view of individual patients' medical histories including detailed risk profiles, allowing them to spend more time developing individualized treatment plans and less time searching for information. HDAI augments the direct capabilities of HealthVision™ with experienced clinical teams who provide guidance and support to clinicians and case managers in the development of AI guided workflows.
''HDAI has firmly established itself through key partnerships with some of the top health systems in the country. We are confident that the company has the technology, resources, and team to deliver on the promise of AI in healthcare," said Philippe Amouyal, managing director at Invus and a lead investor in HDAI. "We look forward to HDAI advancing its mission to enable system-wide efficiencies and improved patient care."
On Sunday, October 8th, Chamoun will be speaking at the HLTH industry conference in Las Vegas, with Roberta Schwartz, EVP and Chief Innovation Officer of Houston Methodist. In their talk titled "Deploying Clinical AI at Scale," they will describe Houston Methodist's system-level embedded predictive AI implementation and related Generative AI capabilities.
Health Data Analytics Institute (HDAI) is a care optimization, decision support and provider enablement company powered by big data, AI-powered analytics, expert insights and point of care technology solutions. The company's HealthVision™ platform uses predictive analytics and generative AI to analyze a patient's medical history, including unstructured clinical notes and administrative data, to create a concise summary of the patient's clinical chart, state of health, and to quantify and prioritize specific clinical risks. HDAI collaborates with leading health systems, value-based care Organizations, physician groups, and payers to improve care delivery, population health and reduce cost and make efficient use of scarce clinical resources. For more information, please visit: www.hda-institute.com.
Invus is an evergreen equity investment platform with approximately 10 billion of capital under management and principal offices in New York, Paris, and Hong Kong. The firm partners with owner-managers who aspire to transform their industries. For more information, please visit: www.invus.com.
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SOURCE Health Data Analytics Institute
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