Chicago, IL, July 30, 2020 (GLOBE NEWSWIRE) -- Intelligent Medical Objects (IMO) launched IMO Precision Normalize, a product that powers more accurate insights with a precise normalization engine that improves clinical, quality, and financial decision-making. The product standardizes inconsistent diagnosis, procedure, medication, and lab data from diverse systems into common, clinically validated terminology for healthcare providers and companies that support them.
“This product is really exciting for IMO,” said Ann Barnes, CEO. “We are demonstrating to the market the next generation of our products that use terminology as a foundation and apply it to managing the massive amount of disparate data in healthcare to drive better insights.”
The total addressable market for the data integration segment in 2019 is $56.1 million globally. It is expected to grow to $120.7 million by 2024.1 With the shift to value-based care, providers and companies that support them are more focused than ever on improving patient outcomes through quality improvement and population health initiatives. As a result, the need for comprehensive, actionable analytics is increasingly important. Customers will use IMO Precision Normalize for clinical insights, improved quality reporting, and to operate more efficiently.
“The amount of disparate data in healthcare is currently difficult to manage and creates challenges in both the care delivery setting and in how we work to reduce our costs,” said Darren Dworkin, Chief Information Officer at Cedars-Sinai Hospital. “The industry needs technology that can dramatically help to clean and normalize our data to common, clinically validated, terminology and that’s what this product is delivering.”
Currently, healthcare data can be inconsistent, incomplete, and inaccurate due to variation in clinical documentation, limited interoperability standards, and changes to standards codes. As providers consolidate, IT leaders and data stewards must manage, and leverage data derived from multiple EHRs. The data normalization process requires significant front and back-end time, resources, and coding expertise. Clinical and financial decision-making may be compromised, which may put patient safety, outcomes, and reimbursement at risk.
“As a health information exchange (HIE), we support the healthcare community in Colorado’s diverse data needs and are excited about our opportunity to utilize IMO’s clinically validated terminology services to help us to fill in information gaps for our HIE participants,” said Deanna Towne, CORHIO Chief Information Officer.
IMO Precision Normalize delivers value to anywhere healthcare data is being relied on for decision making. Organizations like Integrated Delivery Networks (IDNs), Enterprise Data Warehouses (EDWs), HIEs, and health analytics vendors can look to IMO terminology and IMO Precision Normalize to unlock the power of their healthcare data.
Learn more about IMO Precision Normalize here.
About IMO
At IMO, we are dedicated to powering care as you intended, through a platform that is intelligent, intuitive, and intentional. Used by more than 4,500 hospitals and 500,000 physicians daily, IMO’s clinical interface terminology (CIT) forms the foundation for healthcare enterprise needs including effective management of Electronic Health Record (EHR) problem lists, accurate documentation, and the mapping of over 2.4 million clinician-friendly terms across 24 different code systems.
We offer a portfolio of products that includes terminologies and value sets that are clinically vetted, always current, and maintenance-free. This aligns to provider organizations’ missions, EHR platforms’ inherent power, and the evolving vision of the healthcare industry while ensuring accurate care documentation and administrative codes. Clinicians can get back to being clinicians, health systems can get reimbursed, and patients can more easily engage in their own care. As intended.
1 Markets and Markets Terminology report. Data Integration Market from 2017-2024