Healthcare Triangle Eyes Top 10 Position With Successful Launch Of Healthcare Data Analytics And AI Software Platforms

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In March, 2021, Healthcare Triangle Inc. HCTI launched readable.ai, a medical documentation automation software that allows healthcare providers to capture and process paperwork digitally and with the help of artificial intelligence (AI). 

As medical document management remains one of the key challenges healthcare faces and other document management software often fails to offer solutions tailored to the unique needs of healthcare providers. Healthcare Triangle hopes its latest AI-powered solution will not only improve healthcare but help propel the company into a top-10 position in the healthcare IT space along with its other cloud and data analytics platform offerings such as CloudEz and DataEz. 

How Does Readable.ai Help Healthcare Providers?

Documentation is at the core of the healthcare process. From patient medical records to referrals to medical claims, everything must be documented. Moreover, a lot of that data needs to be shared regularly between different organizations and providers. Insurance providers need medical forms and bills from hospitals. Doctors need patient records, orders and referral documents when referring patients to each other. Lab testing facilities need to share test results with doctors. 

The volume of documentation combined with the fact that it needs to be shared so often makes it a cumbersome process that eats up a lot of time and energy. Problems occur often when different organizations use different documentation systems or when the necessary document is only available in paper form. 

With readable.ai, that entire process becomes much simpler. The software scans and extracts data from faces, documents and texts to create an automated method for processing all of that documentation. 

In a statement on the launch of readable.ai, Suresh Venkatachari, Chairman and CEO of Healthcare Triangle said, "The power of artificial intelligence and machine learning at the core of readabl.ai will enable a digital transformation for our customers that will streamline workflows and improve the patient care and clinical efficiencies that play an increasingly important role in the evolution of care delivery and the patient experience."

It's a secure platform that allows providers to handle protected health information in a HIPAA-compliant manner while also enjoying the convenience of cloud access and full integration with the healthcare organization’s electronic health record (EHR) system. 

The Market Potential for Medical Document Automation

The global medical document management market is valued at over $332 million today and is expected to exceed $631 million by 2026. Right now, the market is highly competitive with no clear leader, largely because existing players either aren’t meeting the high security and compliance needs unique to healthcare or because traditional IT solutions are expensive and difficult to implement.

Cloud-based software solutions are poised to transform that landscape since they’re more affordable than on-site solutions and require less infrastructure to maintain — making it easier for organizations of all sizes to adopt the new tech. However, many of the leading products available right now are not specifically tailored to healthcare. 

Solutions like Box Inc. BOX or Google Workspace through Alphabet Inc. GOOGL, for example, are two popular options that offer the convenience of cloud-based document management but lack a lot of the automation, EHR integrations and other healthcare-specific features that readable.ai offers.

In November 2021, Monument Health, a Mayo Clinic Care Network community health care system with five hospitals and 38 medical clinics, partnered with Healthcare Triangle to implement readable.ai across its health system. 

It’s a major proof of concept for readable.ai that’s already yielded results. Monument Health Vice President, Ted Syverson, spoke highly of the cloud-based software in a statement on the partnership, “The readable.ai project has had a tremendous impact on our health system’s accuracy and productivity in a time where struggles with recruitment and workforce put the industry at risk.”

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.