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“A pioneer in the Healthcare space. Continues to bolster Watson Health through increased investments in digital technologies and expanding partnership ecosystem.”
- IBM has been leading the healthcare space by focusing on optimizing the value chain and offering solutions that support cost containment and quality of care initiatives.
- Its flagship product, Watson Health, is driving the revenue growth with a focus on the data-driven approach to elevate the member’s experience. Watson assistant for health benefits is gaining traction due to its ability to improve call center performance and reduce the cost of member interactions.
- It applies AI and data analytics to the diagnosis and treatment of patients, assisting healthcare payors with smart decisions. E.g., Seton Healthcare is leveraging IBM Content and Predictive Analytics for Healthcare solution to identify patients likely for readmission to hospital, prevent that by introducing early interventions through predictive analytics.
- IBM is reimaging the patient and clinical experience by preparing different personas to explore and evaluate ideas for generating alternative solutions through Design Thinking workshops.
Investments and Innovation
- IBM is enhancing its analytical capabilities within Watson Health by acquiring healthcare companies: Truven Health Analytics in 2016 for USD 2.6 B, start-ups Explorys and Phytel in 2015. It also acquired Merge Healthcare in 2015 for USD 1B to integrate their medical imaging management platform to Watson Health. The USD 32 B acquisition of Red Hat will enable IBM to move Watson Cognitive Health services to a hybrid cloud model and leverage the open source software.
- IBM continues to invest in emerging technologies like quantum computing to develop innovative solutions providing personalized medication after analyzing the genome sequencing of the patient.
- IBM has a strong partnership ecosystem through the IBM Partner World program. It partnered with major healthcare players including Aetna, Anthem, HCSC and PNC Bank to build a blockchain solution for ensuring security of sensitive data of over 100m health plans.
- It has a 10-year partnership agreement with MIT valued at USD 240 M to establish the MIT-IBM Watson AI Lab in Cambridge, MA. One of the healthcare projects executed was to create new methods for generating relevant datasets from EHRs.
- It also has alliances with start-ups to provide innovative healthcare solutions, e.g., it partnered with GenieMD for wellness management solutions.
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