Draper Richards Kaplan Foundation Makes Rare For-Profit Investment in macro-eyes to Combat The $150B Access to Care Crisis
The Draper Richards Kaplan Foundation, a global venture philanthropy firm supporting early stage, high impact social enterprises, recently announced its investment in Dreamit HealthTech startup macro-eyes, a machine learning company increasing access to care.
macro-eyes’ patient scheduling software Sibyl deploys clinically validated AI technology to address the $150B patient no-show crisis at the very foundations of care. Sibyl identifies when each patient is most likely to show for care and uses this insight to build a better schedule. At the point of scheduling, Sibyl recommends patient-specific appointments that increase the likelihood that the patient will show and that maximize utilization across the schedule as a whole. Sibyl allows providers to see more patients each day without adding clinical hours to their day.
Sibyl is being deployed at the Arkansas Heart Hospital, and macro-eyes is partnering with the California Primary Care Association (CPCA) to bring Sibyl to federally qualified health centers [FQHC] throughout the state.
Patient no-shows hit the trifecta of negative impact: lost revenue - restricted access to care – operations thrown into turmoil. The annual cost of patient no-shows in the United States is higher than what the world spends on cancer medicine. The majority of the $150B in financial damage is in the inflated cost of operations: high turnover rates, misaligned supply chains, low customer satisfaction, and decreased customer retention driven by an unpredictable schedule rife with empty slots and indiscriminate overbooking. Lowering operational costs by building a predictable schedule would put billions of dollars back into healthcare, increase the time caregivers spend with patients, and improve access to care.
Sibyl has demonstrated the ability to reduce empty slots by 50% while simultaneously decreasing overbooking. Based on national averages, organizations would accommodate 15% more appointments annually and increase revenue by 15%, increasing access to care.
macro-eyes artificial intelligence (AI) was designed by Chief AI Officer and co-founder Suvrit Sra, Ph.D. The core macro-eyes AI technology is also being deployed with the Bill & Melinda Gates Foundation in Tanzania to schedule the delivery of vaccines – like patient scheduling, vaccine delivery relies on correctly predicting future utilization. macro-eyes is creating a predictive supply chain for health that increases childhood vaccination coverage and minimizes vaccine wastage with precise utilization prediction, translated into vaccine deliveries that anticipate demand. Success will enable better vaccination coverage at a significantly lower cost.
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