How Faros will bring artificial technology and software to healthcare
As part of an exclusive license from Indiana University and Technology Corp, Faros Healthcare LLC will begin bringing patent-pending artificial technology and software to healthcare providers.
Using machine learning, the software will endorse treatment plans for intricate health conditions and study patient outcomes to recommend intervention adjustments while considering the value of treatment costs.
This type of data-driven technology will assist in informing clinicians and healthcare providers on patients’ response to treatment, while allowing time for adjustments.
The technology arrives at a moment when healthcare is transitioning from “fee-for-service” to “pay-for-performance approaches. Therefore, healthcare providers are being assigned to greater risk management.
Faros Healthcare is part of the not-for-profit organization Centerstone Research Institute, which offers community-based behavior healthcare for services in mental health, substance abuse, as well as intellectual and developmental disabilities.
President and co-founder Jim Stefansic said Faros is very excited to bring the new technology to healthcare providers.
“Faros provides a cloud-based platform that integrates with existing electronic health records and population health software to aid clinicians in achieving the best patient outcomes at an optimal cost,” said Stefansic. “Moving both sides of the cost-of-care value equation is essential in transforming our healthcare system, and we’re incredibly excited to bring this power to providers.”
Faros co-founder Casey Bennett also served as a data architect, research fellow and data scientist at Centerstone, where his contributions to analytics and data warehousing were nationally recognized, including in IBM's Smarter Planet series.
"With this technology, we can provide clinicians and patients with not only static information about the best route to get from point A to point B, but constantly updated, real-time information about effectiveness or treatment changes during the journey," said Bennett. "It's an exciting time as data analytics and health care converge, and we look forward to transforming the way individuals receive care."
Source: IU Newsroom