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The investment came from Vizient, which has entered into a strategic partnership with RVH
There's a ton of inefficiency in the healthcare system, which maybe isn't surprising given that the United States spends more for worse outcomes. It's probably worse than many of us realized, though, with nearly one third of all healthcare spending potentially being considered as waste. For example, it's estimated that U.S. hospitals waste over $12 billion annually simply due to a lack of communication between providers.
"All, or virtually all, hospitals and health systems are trying to engage staff and optimize their workforce to improve efficiencies. Current methodologies are often unsustainable," said Jason Palmer, CEO of RVH Solutions, a company that uses AI and machine learning to give data and insights that providers can use to improve their financial performance, along with patient outcomes. On Monday, the company announced that it raised an undisclosed amount of Series B funding in round led by Vizient.
RVH's solution, called Teamwrks Suite, provides intelligence around financial analytics and metrics, as well as quality of care and patient outcomes. The idea is to allow its customers, which includes healthcare organizations, as well as healthcare consultants and advisors, to become more efficient, improving their margins without needing to reduce their staff.
While Palmer wasn't able to give me hard numbers right now in regards to the return on investment for its customers, he would tell me that the Teamwrks Technology Suite typically strives for at least a 10x ROI "to ensure long-term sustainable outcomes for our hospital partners."
"Our typical customer can range from a rural, standalone or small community hospital to a large, fully-integrated academic medical center. The Teamwrks Technology Suite is designed to scale and the fit the needs of hospitals and health systems of all sizes," he said.
Like the entire healthcare industry, RVH Solutions was impacted by the COVID-19 pandemic, as labor and workforce optimization became less of a focus for healthcare organizations.
"With that said, we saw a greater need to continue to support our clients throughout the COVID period and provided our technology to address their needs including but not limited to staffing variability, pent-up demand and other workforce related issues as a result of COVID-19," said Palmer.
Along with the investment, RVH and Vizient also announced a new partnership that will build on a subcontractor relationship that they formed in 2020, where Vizient used RVH Solutions to enhance its Workforce Solutions offerings for its member hospitals.
"With this new exclusive strategic partnership, we will be able to fully integrate Teamwrks’ near real-time analytics, automated opportunity identification and improved dashboard visualizations to strengthen our position as a solutions provider in the workforce space," Marshall Leslie, Group SVP, Quality and Operations at Vizient, said in a statement.
As part of the new funding round, and its new partnership with Vizient, RVH Solutions will be expanding the Teamwrks Technology Platform, hiring key executives and subject matter experts, and using the funding to support Vizient member hospitals.
"Our vision at RVH Solutions is for the Teamwrks Technology Suite to become the industry standard for utilizing artificial intelligence and predictive analytics to help better manage healthcare organizations," said Palmer.
(Image source: teamwrks.com)
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