Verily Life Sciences, a division of Alphabet Inc (NASDAQ:GOOGL) has teamed up with 3M Co (NYSE:MMM)’s Health Information Systems to create a population health management platform.
The health management platform created through the partnership between Alphabet and 3M Co will aim to analyze population-level health data sets. The aim of the partnership is to assist hospitals in compiling meaningful data that can be used to reduce costs while at the same time improving the quality of healthcare. The platform will combine health data coding from 3M with risk-stratification and classification tools provided by the data analytics team at Verily.
“We imagine a world where providers have precise information to guide focused improvement, and can consistently access objective, actionable feedback to make informed decisions,” stated Verily’s head of software and analytics, Tom Stanis.
The two firms also stated that the technology provided by the platform and their partnership will allow health facilities to point out trends and come up with predictions about patient population. This will help to reduce waste and inefficiencies and ultimately lead to enhanced performance.
JaeLynn Williams, the president of 3M also stated that the platform developed through the joint platform will focus on solving real-world problems that providers, as well as payers, encounter on a regular basis. The platform will, therefore, target clinical quality measures that are tied to readmissions, mortality rates, and complications. It will also focus on people, processes, and departments such as care transitions and home health.
Verily and 3M officials also stated that the tools provided by the platform will consider service line costs and the length of stay as part of the cost analysis. The partnership also resembles the five-year partnership between International Business Machines Corp. (NYSE:IBM) and Siemens AG. The partnership is also aimed at improved healthcare and hospital systems.
Alphabet stock closed the latest trading session at $809.57, down by $4.60 or 0.56% compared the value of the stock during the previous close.