Empiric Health, Inc.

Empiric Health, Inc. is a provider of AI-driven clinical analytics solutions aimed at minimizing clinical variation and improving surgical care delivery while enhancing patient outcomes and affordability. Founded in 2017, Empiric Health, Inc. is based in Salt Lake City, US, focusing on AI-powered clinical analytics.

The company has successfully closed 3 deals, with the latest deal occurring on April 13, 2021, during its Seed funding round, which raised USD 3. 00 mn from Intermountain Healthcare, Inc. CEO Rick Adam leads the organization. Empiric Health primarily provides AI-powered clinical analytics solutions aimed at identifying unwarranted clinical variation, enhancing patient outcomes, and increasing the affordability of surgical procedures.

Their core product, the Empiric Analytics Suite, utilizes advanced methodologies, including Natural Language Processing (NLP) and machine learning, to create over 360 active cohorts based on detailed surgical data from more than 40,000 algorithms. This suite allows healthcare organizations to standardize surgical techniques, optimize doctor preference cards, and drive evidence-based care delivery while engaging physicians in the process. Targeted primarily at hospitals and healthcare systems, Empiric Health's services are utilized across the United States, focusing on improving operational efficiency and reducing costs in surgical care delivery. Their customer base includes notable healthcare organizations such as Intermountain Healthcare, which has reported significant savings through the application of Empiric's analytics.

Empiric Health generates revenue through a business-to-business (B2B) transaction model, where healthcare institutions subscribe to their analytics services. The company's revenue structure is comprised of service contracts and subscription-based pricing aligned with the implementation of their Empiric Analytics Suite, which is tailored to meet the specific needs of its clients. These agreements typically encompass ongoing support and training to ensure effective use of the analytics tools, driving physician engagement and operational improvements. The company’s flagship offerings, which include unique cohort analytics and operational efficiency solutions, contribute to a value-driven pricing model that emphasizes cost savings and quality enhancements for healthcare providers.

Specific pricing details for these services are aligned with the scale and engagement level of each client, ensuring a customized approach to healthcare analytics. In April 2021, Empiric Health, Inc. was acquired by Olive AI, Inc. , a move aimed at expanding Olive's capabilities across the supply chain and clinical analysis.

Future growth plans may include the development of new products leveraging AI technologies and plans for geographic expansion, although specific markets and timelines have not been disclosed. Recent funding from the acquisition will likely support these initiatives, enhancing Empiric's analytical capabilities and increasing their service delivery to healthcare clients.