- The American Medical Association (AMA) has announced that it will help boost chronic disease reduction, productivity, and value-based care through a $27.2 million investment in Health2047, a Silicon Valley-based innovation enterprise that works closely with the AMA to catalyze healthcare change.
“Improving the health of the nation is at the core of the AMA's work and the innovation that Health2047 is leading can address some of the greatest challenges in healthcare today,” said AMA Chief Executive Officer and Health2047 Board Chair James L. Madara.
“Our mutual goal is to improve both care delivery and health outcomes to benefit the nation’s physicians and their patients and we’re excited to provide expansion capital for Health2047’s development and commercialization efforts.”
AMA’s investment will help Health2047 ramp up the development of technology that will confront some of healthcare’s greatest challenges, a familiar endeavor for both organizations.
In 2017, Health2047 and AMA tackled healthcare’s data access issues, seeking to revolutionize the way providers use data to make clinical decisions.
“Better access to data will empower physicians to practice at the top of their license. It will give them the time and the tools to be more productive,” Jack Stockert, MD, Managing Director of Strategy and Business Development at Health2047, told HealthITAnalytics.com at the time.
“Hopefully, they will also be happier and feel more fulfilled so that we can start to address the enormous toll that burnout is taking.”
In this next phase of innovation, Health2047 expects to do just that. The organization also plans to make strides in other key areas of the industry, including chronic disease reduction and payment reform, which Stockert explained is inextricably linked to data access.
“EHR data has to be enriched with more data sources if it is to be used for outcomes-based reimbursement,” he said.
“When we start putting EHR data into context within that broader ecosystem of health and health data, we can start transforming how we think about the way payments are allocated for the care that is being delivered.”
Ultimately, the investment from AMA will allow Health2047 to continue its journey toward healthcare reform and build its collaborative efforts.
“This new investment will help us create much-needed changes in the US healthcare system,” said Health2047 Chief Executive Officer Lawrence K. Cohen.
“Our growing team collaborates closely with both the physician community and technology leaders to tackle key problem areas. We will deploy this new investment to broaden our network of strategic partners and accelerate the pace at which we are able to develop and spin out new businesses in our four areas of focus.”