Gradient AI acquires the analytics unit of Prognos Healthcare
Gradient AI , a Boston-based enterprise software provider of AI solutions in the insurance industry, announced that it has acquired Prognos Health ’s (New York) analytics business underwriting unit to leverage data from the company’s large collection of integrated medical records and lab data via its real-world data marketplace.
Gradient AI says the acquisition will enable it to expand its medical database capabilities by integrating Prognos Health’s data with SAIL, Gradient AI’s medical underwriting solution. Medical records on 325 million de-identified U.S. patients can be accessed through the Prognos Marketplace.
In addition to retrieving medical and prescription claims data (capabilities Gradient AI already offers), through the acquisition, customers will now have access to lab data, which has been a missing factor for many insurers when predicting group risk, Gradient AI reports. According to the Centers for Disease Control and Prevention (CDC), 70 percent of today’s medical decisions depend on laboratory test results because they are among the best indicators of disease severity and progression.
With the acquisition, Gradient AI says it will become the only company in the group medical insurance market to provide medical, prescription, and lab data from a single source. Insurers will benefit by having further insight into group members’ health for more informed risk assessment and improved underwriting accuracy, the company says.
“The acquisition of Prognos’ underwriting business unit is a game changer—our combined solution will provide a holistic picture of group health risk that has never before been possible. Insurers will now have a single point of access to multiple data sources, covering medical, prescription and lab data improving their abilities to project group health assessments and costs with much greater confidence.” – Stan Smith, CEO and founder, Gradient AI.
Gradient AI says it aspires to continue its innovation in assessing group health risks. The company reports that it plans to expand its data sources to include information from Electronic Health Records (EHRs) and claims-based patient population data.
“We are excited to join forces with Gradient AI to create a next-generation industry leading solution for group health insurance. Gradient AI is a clear leader in healthcare analytics underwriting. Prognos looks forward to supporting the rapid innovation at Gradient AI by leveraging the most relevant data from the Prognos Marketplace. With the sale of the underwriting business unit, Prognos will continue to focus on our real-word data marketplace and democratizing data to improve health.” – Sundeep Bhan, co-founder and CEO, Prognos Health.
