Midstream Health is taking a bit of a different approach to healthcare AI by focusing on reducing hospitals’ costs rather than boosting their revenue. The startup uses AI to identify savings opportunities across fragmented spending data, which helps health systems like Mount Sinai and CommonSpirit quickly improve their purchasing decisions.
Every health plan is required to use real-time benefit tools, which allow physicians to access drug pricing and a patient’s benefit information at the point of care. But, to date, RTBTs haven’t delivered on the promised savings.
By reducing administrative burden and redesigning workflows around human needs, it creates space for what matters most: connection between clinicians and patients.
The company touts its personalized approach to helping patients who need the most support with medications, like those who are managing multiple health conditions.
Falls are the No. 1 cause of injury and injury-related emergency department visits for adults over 65, costing tens of billions annually. But many healthcare plans are performing poorly in fall prevention.
The Florida-based hospital worked with GE Healthcare to open a command center last year to manage clinical care operations. According to the hospital, the center has helped it save $40 million and manage patient flow and bed capacity amid the Covid-19 pandemic.