Professional Project Services Inc., or Pro2Serve, and Covenant Health have formed VortexT Analytics Inc., a strategic partnership that will address the rapidly evolving field of big data analytics in health care, a press release said.
The joint venture will use VortexT, a data analytics software based on algorithms originally developed and patented by Oak Ridge National Laboratory and licensed and further advanced by Pro2Serve. VortexT is currently being used in critical national security applications and is producing valuable data, the press release said.
Barry Goss, founder and chief executive officer of Pro2Serve, calls VortexT “a disruptive big data analytics technology that is proven, sustainable, and ready to be introduced into commercial markets, starting with healthcare.
“VortexT analyzes more data in less time and at less cost, and produces more valuable information than other big data analytics technologies,” Goss said. “We also hold field-of-use licenses for applying the technology to the insurance, financial services, and legal services industries.”
Tony Spezia, president and CEO of Covenant Health, a comprehensive health system headquartered in Knoxville that includes 10 hospitals and numerous outpatient/specialty services and clinics, said pilot studies have demonstrated that the analytic software can have useful applications for many industries.
“There is significant potential for VortexT to produce valuable, actionable information for Covenant and the entire health care industry,” Spezia said. “VortexT shows great potential to provide data that can improve patient outcomes, lower the cost of treatment, and match treatment to appropriate reimbursement. It may also reduce time demands on healthcare professionals and address important business, financial, clinical, and operational challenges.”
In addition to the “internal” data that is maintained and analyzed on a highly secure stand-alone system, the VortexT technology has been used to continuously monitor public information available on the internet, the press release said. The VortexT Healthcare App, which pulls targeted healthcare information from public sources worldwide on a daily basis, was successfully launched in Chattanooga’s GIGTANK Accelerator this past summer. The app will enable medical professionals to stay abreast of relevant and important news and developments in their fields of interest.
Goss says Pro2Serve interacted with a number of healthcare organizations to determine where VortexT would have the best opportunity to rapidly demonstrate the technology’s ability to solve the healthcare industry’s growing data analytics challenges. “It was a pleasure to find a nationally recognized healthcare organization like Covenant Health here in our own local community which has the vision and commitment to use data analytics to advance the future of patient care.”
Tony Spezia noted that Covenant Health was in the process of developing its strategy for incorporating advanced analytics into clinical and business operations when the health system began discussions with VortexT.
“It was particularly appealing to our leadership that the technology, which originated at ORNL, was further developed and successfully applied by Pro2Serve, and has great potential for healthcare and other industries,” Spezia said. “The resources we need for success, such as experienced personnel in computational sciences, software engineering, and healthcare, are available locally.”
The release said a pilot program is currently underway with Covenant Health and is already producing valuable results in the area of patient claim denials. A list of demonstration projects for the near future is also being developed.
“We believe that the greatest potential for VortexT lies in the clinical arena,” Spezia said.
Covenant Health projects will be used as “proofs of concept” for VortexT applications, which will then be offered to the entire healthcare industry through VortexT Analytics. The healthcare analytics market is already a multibillion dollar market and is expected to more than triple in the next five years.
Goss will serve as chairman of the Board of Directors of VortexT Analytics Inc. Tony Spezia and Homer Fisher, senior vice president emeritus of the University of Tennessee, will also serve as directors. Executive appointments are expected to be announced in the near future. Headquarters for VortexT Analytics will be at the National Energy Security Center on the campus of ORNL.