3M, Alphabet Subsidiary Verily Partner To Create Health Care Efficiency Platform
3M has forged a partnership with Verily Life Sciences, formerly Google Life Sciences, on Tuesday to develop a population health management platform.
The joint technology platform will be designed to analyze population-level health data sets and synthesize the information so that hospitals, health systems, regulators and strategic partners can use the data to evaluate performance and reduce waste.
Maplewood-based 3M said the platform, which will be built by the company’s health information systems arm, could potentially impact hospital efficiency and quality, as well as trim operational costs.
“This collaboration reflects our commitment to continued innovation in health information systems that address real-world problems facing health care today, while protecting the privacy and security of health data,” said JaeLynn Williams, vice president and general manager of 3M Health Information Systems.
3M said its project focus would involve the coding and classifying of health data. Clinical data coding is one of the company’s specialties, with a number of federal agencies, hospital associations and state Medicaid agencies currently using risk stratification methodologies created by 3M.
Meanwhile, Alphabet subsidiary Verily said it would apply its expertise in data analytics and software development to make the health data 3M codes in “useful and actionable” for the platform’s clients.
“We see a clear opportunity to apply this approach to health data for insights that can impact care,” said Tom Stanis, head of software and analytics at San Francisco-based Verily. “Together, with 3M’s know-how and deep expertise in parsing and coding clinical data, we imagine a world where providers have precise information to guide focused improvement, and can consistently access objective, actionable feedback to make informed decisions.”
3M and Verily noted the platform is intended to provide analytical coverage beyond hospitals and practitioners. Performance measures would also include downstream providers such as specialists, home health and transitional care facilities.
Ultimately, both companies see the platform as a potentially useful tool in monitoring patient complications, readmissions and mortality, as well as limiting cost measures like the length of stay and specific service line expenses.