analyticsMD is now Qventus, Using A.I. To Transform Hospital Operations
Posted on February 28, 2017 by qventus
Healthcare Informatics Magazine Awards Company 2017 Innovator at HIMSS, Platform Recognized as Top ‘Cost Saving Technology’
Mountain View, Calif., — March 1, 2017 – Today, analyticsMD, the leader in A.I. for hospital operations, announced that it has changed its name to Qventus. This change reflects the company’s rapidly growing product offerings and the broader set of providers served by its software solution. The new name was inspired by the belief that emerging technology can power the winds of change in healthcare. It underscores the company’s mission to simplify how healthcare operates so that hospitals and caregivers can focus on providing the best possible care to patients.
Today’s hospitals face more pressure than ever to balance rising costs and patient demand for better experiences at a reasonable price. Industry bankruptcies are becoming more common. Yet, in the U.S. alone, it is estimated that over $100 billion in inefficiencies could be saved through more effective use of assets and existing IT systems.
Since launching its first customer in 2014, Qventus has committed itself to improving operational efficiency and patient experience by making data useful to hospital teams. As the hospital industry has invested billions of dollars on EMRs and collected massive amounts of data, the ability to easily use data to make decisions in real-time has rarely been possible. Qventus was created to reduce the burden on clinicians by helping them get ahead of the issues. The platform helps hospital teams anticipate problems, such as bottlenecks, and take immediate action. It brings together a combination of machine learning, data science and behavior science to achieve measurable ROI through streamlined processes.
“Medically speaking, the U.S. healthcare system is among the most advanced in the world, yet the operational processes supporting care have lagged. We haven’t invested in solutions that give clinicians the consistent and reliable processes they need to provide the best possible patient experiences. Instead, we rely on their heroics. This has led to tremendous waste and it’s just not sustainable,” says Mudit Garg, CEO and co-founder, Qventus. “We believe that it’s time to stop looking for silver bullets. By focusing on the small, day-to-day decisions, we can over time create massive improvements in healthcare. We are honored to be partnering with some of the country’s most innovative hospitals that share our beliefs and are thrilled to see the measurable impact they are having with our solution.”
“When it comes to inefficiency in healthcare, the biggest waste is the waste of human potential,” says James Hereford, President and CEO of Fairview Health Services. “We need to create a system that supports the people working in healthcare. Inevitably, healthcare has to become serious about how it operates for increased effectiveness and efficiency.”
In February at HIMSS, Healthcare Informatics awarded the company first place in the ‘Cost Savings’ category of its annual Innovator Awards Program, recognizing the immense impact small decisions can have on a hospital’s fiscal performance. “These technology solution providers are truly blazing the trail for innovation in the health IT vendor market, and we are proud to honor those whose combination of expertise and innovation are shaping the future of healthcare systems,” according to editors.
Qventus’ mission is to simplify how healthcare operates so that hospitals and caregivers can focus on providing the best possible care to patients. The Silicon Valley-based company offers an A.I.-based software platform that helps hospital teams make better operational decisions in real-time, with positive impacts on financial performance and patient experience. Qventus is honored to be working with leading public, academic and community hospitals across the United States. The company was recognized by the 2016 Fierce Innovations Awards in Healthcare, winning for Best Financial/Operations Solutions and Best New Product. The company was also recognized by Healthcare Informatics as a 2017 Innovator Award winner, receiving the award for leading ‘Cost Savings’ technology.