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Vator will be highlighting the up-and-coming healthcare companies before Splash Health on Feb. 12th
With Vator Splash Health coming up soon, we've been focusing on different aspects of the healthtech space, including the companies that have raised the most money and how quickly the space itself has been growing in recent years.
One big part of that involves discovering what the future of healthtech looks like, and the up and coming companies.
So VatorNews reached out to venture capitalists who invest in health companies to find out from them: who are the next generation of health companies, and the ones that will disrupt and shape the space in years to come.
One such company is Lumiata, company that delivers real-time predictive analytics to help hospital networks and insurance carriers provide higher quality care to more patients in less time. The company has developed a medical graph, which organizes and analyzes hundreds of millions of valuable data points. Lumiata is a venture-backed company based in Silicon Valley and composed of clinicians, data scientists, and experts in care delivery.
I spoke to Lumiata CEO Ash Damle about the company, its mission and his vision for the future of healthcare.
EDITOR'S NOTE: On February 12th, Vator will be holding its first ever Splash Health event in Oakland, where speakers such as Dr. Katrina Firlik, Tom Lee, Founder & CEO of One Medical, and Ryan Howard, Founder & CEO of Practice Fusion, will be talking about the state of the healthtech space, and where they think it is going. (Get your tickets here).
VatorNews: What the problem is that you are trying to solve and how you are trying to solve it?
Ash Damle: There is a big data revolution happening in healthcare today, with the ‘datafication’ of health
interactions, and major investments being made to use data in a way that improves quality and value of care. However, many of today’s solutions fall short because they are unable to makes sense of our health data through the lens of medical science, and therefore, unable to understand the complete, personalized health picture of an individual in a way that is scalable.
At Lumiata, we use a probabilistic graphical model to understand relationships in data, and build intelligence through Health Data Stories – actionable data narratives that understand a patient’s complete picture, and that can move us towards value-based care. We do this by combining data science and medicine in the form of the world’s first Medical Graph, which develops hyper-personalized, real-time predictions and insights on the current and future health, risk and cost of individuals and populations. Our Medical Graph is currently composed of 220 million data points from medical guidelines and protocols, scientific literature, models of disease states, diagnoses, symptoms, and therapies, and has been curated over the course of over 34,000 physician hours. It connects curated medical knowledge with complex data points from claims, sensors, EHRs, and other sources, to develop cohesive Health Data Stories – clinical and financial models that convey the current state of individuals, that can be projected forward in the near-term and long term, and applied at scale a population level.
By harnessing medical science, we are able to provide predictive analytics that are grounded in medical chains of reasoning – a common lens that can be understood and verified across the healthcare network – from payers and risk bearing organizations to hospital systems and providers. Our Medical Graph and use of probabilistic graphical models takes organizations beyond their existing data by building clinical and financial intelligence, enabling the entire healthcare network to diagnosis, manage, prevent, and predict diseases 100 times faster.
VN: Who is your average customer and what is a typical use case for Lumiata?
AD: Lumiata works with payers and risk-bearing entities, hospital systems and providers, and digital health companies. A typical use case, for example, would be predictive risk adjustment and reimbursement, through identification of potential gaps in data, diagnosis, and care, prior to manual clinical review.
Our Gaps in Diagnosis analyses are produced by applying claims data to Lumiata's Medical Graph, resulting in a list of scientifically-based set of likely diagnoses for individual patients, based on their
medical history. At a population and patient level, a payer or provider can use identified gaps to summarize follow-up care and corresponding reimbursement opportunities. For each Gap in Diagnosis
identified, we provide the medical rationale behind the analysis for future verification by clinical
Our platform also provides hyper-personalized Patient Stories for provider use, which identify likely high-risk conditions and the associated medical rationale, a list of clinically relevant diagnostic steps that are necessary to confirm or rule out these conditions, and abbreviated patient history to support the provider’s review. The goal of our Patient Stories is to place actionable insights directly in the hands of physicians to support delivery of best possible care.
VN: How do you want to change the healthcare space? What is your vision for what it will look like in five to ten years thanks to what Lumiata is doing?
AD: We seek to power data in a way that augments care at every interaction: through a hyper personalized understanding grounded in medicine. We believe that analytics, if leveraged through medical science, can be a powerful asset in improving value and quality of care. Ultimately, our vision is to power what we call “Predictive-First Healthcare”, where quality, real-time predictive analytics enable health organizations to innovate, and always be at the ready to control costs, and deliver high value, hyper- personalized care.
VN: How many users do you currently have?
AD: We are in early-stage deployment of our platforms with leading payer organizations and large hospital networks. To date, we have conducted analyses on 1.5 million people from Medicare Advantage and commercial populations.
VN: Have you been able to calculate any health benefits to those who use Lumiata?
AD: To date, Lumiata has identified approximately 500,000 gaps in diagnoses across Medicare Advantage and commercial populations. We recently completed a Gaps in Diagnosis analysis for a major regional health plan on a dataset of 100,000 Medicare Advantage Lives. We identified an average of three gaps per patient, and predicted an increase of approximately $120 million in reimbursements across the population. At the point of care, we decreased triage times by 40% over hundreds of patient
encounters at a nurse call center and an urgent care center. In India, we worked with village healthcare workers to auto-generate SOAP notes through text messaging in a live clinical environment with over 3,000 patient encounters.
VN: Have you raised any money yet and, if so, from which investors?
AD: We recently completed $10 million in Series A funding from Khosla Ventures, BlueCross Blue Shield
Venture Partners, and Sandbox Industries.
VN: Is there anything else you feel is important to include about Lumiata?
AD: To deliver real impact in the industry through predictive analytics, we believe it is extremely important
to make the best of medical science and the clinical context of a patient available to all decision makers. Our differentiated approach through graph-based analytics enables us to build a computational framework to handle the complexity and brilliance of medical science, and place that in the hands of the entire healthcare network through medically-sound, actionable insights.
Through our technology:
- Patients receive personalized solutions and care delivery, and the potential for greater engagement in their own care through the integration of wearable and other data.
- Clinicians and other care providers receive the ability to provide the right advice and the right time, and deliver proactive care.
- Health organizations receive scaled medical science and population insight for a more accurate understanding that can power strategy and operations.
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Lumiata is a data science company that is transforming healthcare by enabling hospital networks, health insurance companies and risk bearing entities to become predictive-first: Continuously able to predict the health, risk and cost of individuals and populations in real time and at scale.
Lumiata combines the analytical power of big data and data science with the brilliance of physicians and medical science to deliver hyper-personalized, actionable analytics that enable the entire care team to continuously know what to do, for whom, when and why.
Lumiata is a venture-backed company based in Silicon Valley, comprised of clinicians, data scientists, engineers and experts in care delivery.