Artificial Intelligence and Machine Learning Find Practical Uses in Healthcare
BVP’s Investment in Qventus
Artificial intelligence and machine learning have moved into the healthcare system, and with the amount of data in healthcare increasing dramatically over the last decade — from electronic health record data, to genomics data, to radiology images, to the emergence of wearables — it can’t come soon enough. Physicians and administrators need help sorting through the mountains of information to improve the quality and cost of care.
While much of the news coverage focuses on algorithms learning to diagnose disease the way doctors do, AI is also making major contributions on other healthcare fronts.
That’s why we are thrilled to partner with Qventus, the company automating operational decisions at hospitals like New York Presbyterian, Stanford, Sutter, Fairview, and Dignity Health among many other top health systems. Qventus is the first company to effectively use AI/ML to solve real operational needs in hospitals.
As hospitals transition to a new model of value-based care, they are under tremendous pressure to provide services to their communities at sustainable margins. Given the huge complexities and inefficiencies in our healthcare system, the magnitude of this shift cannot be underestimated.
Our healthcare systems have to become more efficient, improve their margins, provide a better patient experience, all without adding to the workloads of their front-line care teams. This is where Qventus’ AI-based “System of Action” comes in.
Qventus acts as a highly efficient air-traffic controller, rooting out redundancies and recommending course corrections to care teams in real-time. These corrections in workflow drive tangible and immediate ROI for their customers. Qventus’ “System of Action” has enabled over 3.8mm patient encounters with meaningful outcomes and become indispensable at many top hospitals.
Led by Qventus, workflow automation is one of the crucial areas where we are seeing the immediate impact of AI and ML in our healthcare systems. This is a huge step for the company, but also for the healthcare industry.
We believe Qventus will become the leading logistical operating system for hospitals by turning healthcare data into insights, and turning these insights into action. We could not more excited to go on this journey with Qventus CEO, Mudit Garg, and the rest of the team!
Steve Kraus is recognized as one of the top healthcare investors in the country, with a unique combination of VC, healthcare and policy experience. He serves on the Massachusetts Digital Health Council, as an advisor to Boston Children’s Hospital, BCBS MA, and Rock Health, and co-hosts “A Healthy Dose” — a podcast focused on healthcare innovation, policy and trends. Listen and subscribe to the podcast on iTunes or SoundCloud.