The Partnership Elevates Evidence-Based Business Intelligence for Cost Savings, Efficiencies, and Quality Improvements
ENGLEWOOD, Colo., June 13, 2023 /PRNewswire/ — BurstIQ, a trusted leader in data-driven healthcare solutions, proudly announces the acquisition of Olive AI’s business intelligence solution. This strategic move expands BurstIQ’s portfolio of innovative products, reinforcing its commitment to helping healthcare organizations navigate the complexities of data-driven solutions while maintaining strict privacy and compliance standards. The acquired solution, now known as LifeGraph Intelligence, further enhances BurstIQ’s offerings, revolutionizing how organizations see and use their data.
LifeGraph Intelligence leverages cutting-edge technologies such as Natural Language Processing, Machine Learning, and AI to extract meaningful insights from clinical notes and EMR fields. By connecting health systems’ quality, efficiency, and cost data with evidence-based content, including journal articles, guidelines, and recommendations, the platform empowers organizations to take action on opportunities related to cost, time, and quality improvements. The insights facilitate clinically meaningful discussions with physicians and enable organizations to take action to reduce unwarranted clinical variation system-wide.
“We are thrilled to add Olive’s business intelligence solution to our portfolio, allowing organizations to see and leverage their data in exciting new ways,” said Frank Ricotta, Founder & CEO of BurstIQ. “In the future, we plan to enhance LifeGraph Intelligence to address crucial healthcare challenges such as total cost of care reduction, quality measure reporting, clinical trial matching, and supply chain management.”
BurstIQ’s acquisition builds upon the success of Olive AI’s business intelligence solution, which delivered substantial savings to multiple healthcare systems. These savings range from $250 to $500 per surgical case, resulting in total savings of $2.1M to $10.5M per hospital per year. One health system even achieved an impressive $90M in savings over a five-year period.
This acquisition represents a significant milestone in BurstIQ’s mission to provide comprehensive, secure, and actionable healthcare data solutions. Equipped with this new technology, BurstIQ is well-positioned to continue helping customers unlock the full potential of their data, delivering trustworthy insights that drive cost reduction, improve efficiency, and enhance patient outcomes across health systems nationwide.
For more information about BurstIQ’s acquisition of Olive AI’s business intelligence solution and the launch of LifeGraph Intelligence, please contact BurstIQ or visit https://burstiq.com/lifegraph-intelligence/.
About BurstIQ BurstIQ’s LifeGraph platform empowers organizations to connect and derive meaningful insights from any data source, enabling powerful business intelligence and hyper-personalized experiences. With the most private, secure, and trustworthy data fabric available, you can build a connected, continuously learning data ecosystem that helps you reduce costs, save time, and improve outcomes across your enterprise.