ClosedLoop.ai, healthcare’s data science platform, today announced a new relationship with Palm Beach Accountable Care Organization (PBACO), one of the nation’s leading and most successful physician-led ACOs in the Medicare Shared Savings Program (MSSP).
PBACO joins a growing list of customers leveraging ClosedLoop’s AI platform to address some of their biggest challenges. The platform has already deployed hundreds of different predictive algorithms that now impact more than 3 million patients each day, including with HealthFirst, New York’s largest nonprofit health plan, and Medical Home Network, the largest Medicaid ACO in the U.S.
ClosedLoop’s newest customer has a strong commitment to primary care and to achieving the Triple Aim of improving outcomes, reducing unnecessary costs, and enhancing the experience of care. PBACO empowers its primary care physicians to act as advocates and to identify the unique healthcare needs of each beneficiary to create a personalized healthcare plan. PBACO’s current focus is using Explainable AI to reduce readmissions, identify palliative care needs, and improve renal outcomes for patients with chronic kidney disease.
Achieving the Triple Aim has become a national imperative – nearly one-third of Medicare beneficiaries experience an unplanned hospital admission or other adverse event each year, and the U.S. spends almost $1 trillion on healthcare annually that does nothing to improve health outcomes.
PBACO credits its success to its commitment to primary care-driven coordinated services. “Palm Beach ACO has a track record of leveraging data to improve physician decision making and patient outcomes,” said David Klebonis, COO of Palm Beach ACO. “Our partnership with ClosedLoop adds the depth of AI to more accurately identify those patients who are most likely to benefit from our primary care interventions as well to evaluate these interventions and make more relevant and timely modifications to improve their effectiveness.”
ClosedLoop’s Explainable AI is key because of how it reimagines the concept of patient risk profiling and shifts from legacy risk “scores” to comprehensive, personalized forecasts delivered directly into a clinical workflow. Each forecast harnesses patient-specific data and surfaces key variables that explain precisely what risks a patient faces and why. It integrates relevant clinical details and links to specific interventions that clinical teams use to prevent adverse events, improve outcomes, and reduce unnecessary costs.
Today’s announcement comes at a time of tremendous growth for ClosedLoop. This new deployment will leverage the technologies showcased in ClosedLoop’s win of the Centers for Medicare and Medicaid Services (CMS) AI Health Outcomes Challenge. In the largest healthcare-focused AI competition in history, ClosedLoop beat more than 300 of the world’s leading technology and healthcare organizations including IBM, Mayo Clinic, Merck, and Accenture. ClosedLoop also recently closed an $11M Series A round in November 2020 led by top healthcare and AI VCs and was recognized as a KLAS Healthcare AI 2020 Top Performer.
“We’re proud to partner with PBACO,” said ClosedLoop CEO and Co-founder Andrew Eye. “Today’s healthcare leaders know that success in value-based care requires them to become AI-enabled healthcare organizations. The industry’s top organizations are leading the way by harnessing these technologies to help them achieve the Triple Aim.”
ClosedLoop.ai is healthcare’s data science platform. We make it easy for healthcare organizations to use AI to improve outcomes and reduce costs. Purpose-built and dedicated to healthcare, ClosedLoop combines an intuitive end-to-end machine learning platform with a comprehensive library of healthcare-specific features and model templates. Customers use ClosedLoop’s Explainable AI to drive clinical excellence, operational efficiency, value-based contracts, and enhanced revenue. Winner of the CMS AI Health Outcomes Challenge and named KLAS Healthcare AI Top Performer for 2020, ClosedLoop is headquartered in Austin, Texas. For more information, visit https://closedloop.ai/.
About Palm Beach ACO
Palm Beach Accountable Care Organization, LLC (PBACO) is a wholly physician-owned and operated organization. PBACO was established to improve healthcare delivery based on Accountable Care Organizations’ principles and purpose; the “three-part aim” of improving patient experience, improving population health, and decreasing per capita healthcare costs. PBACO includes both primary care and specialist physicians, as both are critical for coordinating collaborative healthcare for optimized outcomes. There are 275 PCPs and 175 Specialist physician members in PBACO and PBACO has over 79,000 Medicare lives. For more information, visit http://www.pbaco.org/