Gradient AI Acquires Healthcare Analytics Business Unit from Prognos Health to Expand Medical Underwriting Offering
Integrated Offering Provides Group Healthcare Insurers Improved Risk Assessment through Access to Medical, Prescription and Lab Data on a Single Platform
PHOENIX- Self Insurance Institute of America (SIIA) conference -October 10, 2022 - Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced that it has acquired Prognos Health’s 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.
The acquisition will enable Gradient AI to expand its medical database capabilities by integrating Prognos Health’s data with SAIL™, Gradient AI’s leading 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), customers will now have access to lab data, which has been a missing factor for many insurers when predicting group risk. According to the Centers for Disease Control and Prevention (CDC), 70% 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 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 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,” said Stan Smith, CEO and founder, Gradient AI. “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.”
Gradient AI aspires to continue its innovation in assessing group health risks. In the future, the company 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,” said Sundeep Bhan, co-founder and CEO, Prognos Health. “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.”
Interested parties that want to learn more about Gradient AI can contact the company here.
About Prognos Health
Prognos Health’s mission is to democratize data to improve health. Prognos is focused on enabling data accessibility for everyone by leveraging technology and our clinical experience. We are removing data silos and fragmentation by linking, normalizing and standardizing data. We allow data to flow more freely and help organizations make the best data-informed decisions by simplifying and streamlining access to fit-for-purpose, multi-dimensional real-world data sets. Prognos is the leading real-world data marketplace with integrated RWD on 325M patients. All data purchased is available on the Datavant token, making it interoperable with other patient-level data that has been tokenized using Datavant. To learn more, visit prognoshealth.com
About Gradient AI
Gradient AI is a leading provider of proven artificial intelligence (AI) solutions for the insurance industry. Its solutions improve loss ratios and profitability by predicting underwriting and claim risks with greater accuracy, as well as reducing quote turnaround times and claim expenses through intelligent automation. Unlike other solutions that use a limited claims and underwriting dataset, Gradient's software-as-a-service (SaaS) platform leverages a vast dataset comprised of tens of millions of policies and claims. It also incorporates numerous other features including economic, health, geographic and demographic information. Customers include some of the most recognized insurance carriers, MGAs, TPAs, risk pools, PEOs and large self-insureds across all major lines of insurance. By using Gradient AI’s solutions, insurers of all types achieve a better return on risk. To learn more about Gradient, please visit: https://www.gradientai.com.
Media Contact:
Elyse Familant (for Gradient AI)
+1 978.376.5446
Ashley Triscuit (for Prognos Health)
+1 617.276.5098