Prealize Named “Vendor to Watch” by Chilmark Research
Cardinal Analytx Solutions, an artificial intelligence (AI)-enabled health insights company, announced that it has rebranded as Prealize. The name change reflects the transformation into a company that can support delivery of proactive healthcare by connecting predictions of potential risk across entire populations to actions that enable payers, providers and patients to prevent or mitigate those health risks.
Acknowledging the evolution of its AI-based solution and the potential it holds for the future, Chilmark Research recently named Prealize a “Vendor to Watch” in its “Current Tools and Solutions for Healthcare Payers” market trends report. The report examines analytics technologies that payers and providers have begun to adopt in support of the transition from fee-for-service to value-based care that enable them to share a common understanding of cost, quality and utilization performance described in value-based care contracts.
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“When our company was founded, we were focused on providing insights into the 6% of today’s population who were expected to account for 34% of new high costs in the coming year. However, working with early customers, we realized that our value could extend well beyond simply identifying new rising risk,” said Prealize CEO Linda T. Hand. “Our new name recognizes the broader capabilities we have developed by leveraging our machine learning engine to identify not only the rising risk members, but the timing and key drivers of that risk, as well as the ability to engage members and impact their health. Prealize AI predicts rising risk drivers as well as, or better than, clinicians and therefore make that critical connection between accurate predictions and meaningful actions, which enables our customers to realize better outcomes, lower costs and deliver an improved member experience.”
Prealize’s evolution was fueled by a $22 million Series B round, which closed in May 2019 and was led by John Doerr, with GuideWell Mutual Holding Corporation (GuideWell), Blue Shield California and Premera Blue Cross as strategic investors. With this funding, Prealize was able to extend its lead in using innovative machine learning to help drive the healthcare industry from reactive to proactive care to support the growing demand for a value-based approach.
“In our early work with Prealize, we’ve identified ways to use their clinical and population insights to equip both Blue Shield leaders and our provider partners in 2020,” said Jeff Semenchuk, chief innovation officer at Blue Shield California. “These insights will help us take the best actions with our shared members and patients, and this directly supports our human-centered innovation, or design thinking, approach to care.”
Also during 2019, Prealize entered into pivotal partnerships with Optima Health and Premera Blue Cross, in which the health plans deployed the company’s predictive analytics and machine learning solutions to identify and engage potential high-risk members.