Faros Healthcare LLC will be bringing patent-pending artificial technology and software to heath care providers in an exclusive license from IU Research and Technology Corp.
The software, using machine learning, will recommend treatment plans for complex health conditions and study patient outcomes to suggest adjustments for intervention while also considering the value of treatment costs.
Faros President and Co-founder Jim Stefansic said in an IU press release the company is incredibly excited to bring this new technology to health care providers.
“Faros provides a cloud-based platform that integrates with existing electronic health records and population health software to aid clinicians in achieving the best patient outcomes at an optimal cost,” Stefansic said in the release. “Moving both sides of the cost-of-care value equation is essential.”
The technology comes at a time when health care is shifting from “fee-for-service” to “pay-for-performance” approaches, according to the release. Because of this, health care providers are being tasked with greater risk management.
Large amounts of data compiled using new technology would be useful in lower cost treatments for patients suffering complex health conditions, such as mental health disorders, according to the release.
Accountable care organizations and other risk-management health care groups have begun using such data to identify patients at risk for poor outcomes, according to the release.
However, there is currently no effective analysis tool to optimize treatment and understand overall cost.
Such data-driven technology would help inform clinicians and care providers on their patients’ response to treatments and would allow for adjustments in health care over time, Faros board of directors chairman Tom Doub said in the release.
“We’ve seen how access to data at this level can have a tremendous impact in the field of behavioral health care,” Doub said. “Its potential to help providers across the health care spectrum is truly paradigm-shifting.”
Faros Healthcare LLC is a spin-off of Centerstone Research Institute, a not-for-profit organization offering community-based behavior health care for services in mental health, substance abuse and intellectual and developmental disabilities.
Faros’ other co-founder, Casey Bennett, invented the analytics and artificial intelligence platform as a graduate student of the IU School of Informatics and Computing and has been recognized nationally for his contributions to analytics and date warehousing by IBM’s Smarter Planet Series.
“With this technology, we can provide clinicians and patients with not only static information about the best route to get from point A to point B, but constantly updated, real-time information about effectiveness or treatment change during the journey,” Bennett said in the release.
“It’s an exciting time as data analytics and health care converge, and we look forward to transforming the way individuals receive care.”
Carley Lanich
