The investment came from Vichern, which has a strategic partnership with RVH. has been received
There’s a lot of inefficiency in the health system, given that the United States spends more for worse results. It’s probably worse than many of us thought with almost a third of all health expenditure may be considered waste. For example, meIt is estimated that US hospitals waste over $ 12 billion annually due to a lack of communication between providers alone.
“All or virtually all hospitals and health systems are trying to engage their employees and optimize their workforce to improve efficiency. Current methods are often unsustainable, ”said Jason Palmer, CEO of RVH Solutions, a company that AI and machine learning provide data and insights that providers can use to improve their financial performance along with patient outcomes. On Monday, the company announced that it had raised an undisclosed amount of Series B funding in a round led by Vichern.
RVH’s solution, called Teamwrks Suite, provides information on financial analysis and metrics as well as quality of care and patient outcomes. The idea is to enable its clients, which include health organizations as well as health advisors and advisors, to become more efficient and improve their margins without having to cut their staff.
Palmer couldn’t give me any hard numbers right now when it came to return on investment for his customers, but he would tell me thatThe teamworks technology suite usually strives for at least 10 times the ROI “in order to guarantee long-term sustainable results for our hospital partners”.
“Our typical customer can range from a rural, standalone or small community hospital to a large, fully integrated academic medical center. The Teamwrks Technology Suite is scalable and designed to meet the needs of hospitals and healthcare systems of all sizes, ”said.
Like the entire healthcare industry, RVH Solutions was also affected by the COVID-19 pandemic, as work and personnel optimization for healthcare organizations became less of a focus.
“With this in mind, we saw a greater need to continue to support our customers throughout the COVID period and made our technology available to meet their needs, including but not limited to staff variability, backlog, and other labor-related issues as a result of COVID-19, “said Palmer.
Along with the investment, RVH and Vichern also announced a new partnership that builds on a subcontracting relationship they entered into in 2020 where Vichern used RVH Solutions to improve its workforce solutions offerings for its member hospitals.
“With this new exclusive strategic partnership, we will be able to fully integrate Teamwrks’ near real-time analytics, automated opportunity identification and enhanced dashboard visualizations to strengthen our position as a solution provider in the human resource sector,” said Marshall Leslie, Group SVP, Quality and Operations at Vichern, says a statement.
As part of the new round of funding and the new partnership with Vichern, RVH Solutions will expand the Teamwrks technology platform, hire key executives and subject matter experts, and use the funding to support VIERT’s member hospitals.
“At RVH Solutions, our vision is for Teamwrks Technology Suite to become the industry standard for using artificial intelligence and predictive analytics to better manage healthcare organizations,” said Palmer.
(Image source: teamwrks.com)