Today, MedBright AI (MBAI.c MBAIF) announced that Rejuvenation Medical Group is using the commercial version of MedMatrix AI Reporter to streamline reporting and centralize clinic operations and dashboarding.
In targeting the US$729.30 billion outpatient clinical services market, MedMatrix, is on track to revolutionize the industry having recently unveiled significant developments in its growth path.
Rejuvenation is now using the MedMatrix AI Reporter across 8 of its clinics spread across 3 Canadian Provinces, comprising 21 dermatologists, 5 Mohs surgeons, 3 plastic surgeons and 13 general practitioners specializing in dermatology.
Furthermore, Rejuvenation is expected to use all 5 MedMatrix AI-enabled products as it works to improve resource utilization, expand its clinic footprints to enhance accessibility and grow its clinical trial recruitment programs across its sites.
“We are extremely impressed with the reporting capabilities of the MedMatrix AI Reporter,” said Paul Kuzel, MD, Medical Director and Dermatologist at Rejuvenation medical group. “MedMatrix is already showing us where we have opportunities to improve our clinic, and we expect we will soon be using MedMatrix forecasting and AI engines to capture these opportunities.”
Advanced Analytics & Personalized Care
The MedMatrix Artificial Intelligence platform analyzes crucial aspects of healthcare facilities and works alongside healthcare professionals to drastically improve healthcare operations with the potential to enhance clinic revenue by 10% at no additional cost to the clinic.
Demonstrating its substantial scalability and vast addressable market, MedMatrix is currently offering services to clinics with over $100 million in clinical revenue. However, with the launch of the final commercial product suite and pricing schedule, MBAI's is on track for substantial growth in offering its services to additional clinics.
Five-Feature Product Suite
Following the completion of beta testing, which saw the platform's adoption into 14 clinics, including a Yale University-Affiliated Clinic, MedMatrix is moving to full commercialization with a five-feature product suite identified as high-value tools based on their ability to generate revenue:
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AI Reporter: Data reporting from AI analytics platform, a complete dashboard of a clinic's operations and the MedMatrix forecaster
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AI Market Expander: Analyzes providers' current clinic locations and allows them to assess the potential demand in the market based on patient demographics, competition, facility costs, and other key factors.
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AI Resource Matcher: Virtual assistant to front office administration analyzing patient needs at the time of scheduling and matching them to the appropriate resources within the clinic
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AI Claim Optimizer: Analyzes a clinic's claim data to look at key performance indicators for revenue cycle management
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AI Revenue Enhancer: Finds opportunities for revenue growth based on a clinic's existing patient base and revenue models
Artificial Intelligence in Healthcare
Driven by the integration of artificial intelligence for improved patient care, early disease detection, and management of vast patient data amidst growing digitalization in healthcare, the market size for AI in healthcare is forecasted to grow at a 37% CAGR through 2030
Notably, the global market of outpatient clinical services is expected to achieve revenue of US$1.37 trillion in 2024, with anticipated growth of 4.76% per year. Specifically, however, MedMatrix is targeting the US market which is expected to account for revenue of US$729.30 billion in 2024.
Highlighting MedMatrix's operation in a huge and growing trillion-dollar market, MBAI CEO Trevor Vieweg commented:
“We have a stellar product offering which will be available to customers both in the US and globally. With 1-3% of clinical revenue as our pricing model without any upfront costs to the clinic, we have a fantastic value proposition for our customers. Importantly, our AI-driven low-cost business model has significant operating leverage designed to deliver superior return to shareholders.”
Posted on Behalf of MedBright AI Investments Inc.