Cognizant and Microsoft Collaborate to Power the Future of Healthcare Administration with Generative AI

Rhea-AI Summary

Cognizant and Microsoft collaborate to integrate generative AI into healthcare administration through the TriZetto platform, aiming to boost productivity, efficiency, and patient care. The partnership seeks to inject $1 trillion into the U.S. economy over the next decade through new revenue streams and innovation.

Insights

Healthcare Technology Analyst

The integration of generative AI into healthcare administration through the collaboration between Cognizant and Microsoft represents a significant advancement in the healthcare technology sector. By harnessing the capabilities of Azure OpenAI Service and Semantic Kernel, the TriZetto platform is positioned to address some of the most pressing challenges in healthcare: cost containment, process efficiency and patient outcomes.

The implementation of AI in healthcare can lead to substantial cost savings by automating routine tasks, which not only reduces labor costs but also minimizes the potential for human error. Moreover, the enhanced data security and improved regulatory compliance facilitated by this technology are crucial in an industry where data privacy is paramount. The ability to automate and streamline workflows through the TriZetto Assistant on Facets is anticipated to increase productivity for healthcare providers and payers, ultimately translating into better care for patients.

From an investment perspective, the focus on innovation and data insights can be a catalyst for growth within Cognizant's portfolio of healthcare solutions. Additionally, the potential to inject $1 trillion into the U.S. economy through generative AI underscores the transformative power of this technology and its capacity to create new revenue streams.

Healthcare Compliance Expert

The healthcare industry is heavily regulated and compliance with laws and regulations is a significant operational challenge for payers and providers. The promise of the TriZetto platform to improve regulatory compliance is of particular interest. Enhanced compliance capabilities can reduce the risk of fines and penalties associated with non-compliance and can also streamline the reporting and auditing processes.

Furthermore, the AI's ability to interpret configuration documents and provide configuration templates can standardize processes and ensure that best practices are followed, reducing variability and the risk of compliance breaches. The mention of User Identity Management highlights an understanding of the need for robust access controls and audit trails, which are critical in maintaining the integrity of sensitive health data.

Market Research Analyst

The healthcare market is increasingly competitive and the demand for innovative solutions that can provide both cost savings and improved patient care is high. The collaboration between Cognizant and Microsoft to enhance the TriZetto platform with generative AI capabilities indicates a strategic move to capture a larger share of this market. By offering a solution that promises to reduce hidden costs and improve patient outcomes, Cognizant is likely to see an increase in demand for its services among healthcare payers and providers.

Moreover, the reference to the technology's potential to unlock $1 trillion in economic value suggests that the market for AI in healthcare is vast and growing. As organizations seek to improve efficiency and patient care, they are likely to invest in technologies that can provide measurable benefits. This collaboration positions Cognizant as a leader in this space, which could have positive implications for its market share and stock performance.

The TriZetto platform, powered by Azure OpenAI Service, will help payers and providers reduce hidden costs and enable better patient outcomes for millions of Americans.

TEANECK, N.J., March 6, 2024 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) and Microsoft are collaborating to infuse generative AI into healthcare administration. This new, groundbreaking collaboration aims to increase productivity and efficiency for healthcare payers and providers, while ensuring timely responses and improved care for patients. The TriZetto Assistant on Facets will leverage Azure OpenAI Service and Semantic Kernel to provide access to generative AI within the TriZetto user interface.

"Generative AI has the potential to inject $1 trillion into the U.S. economy over the next decade through new revenue streams, operational efficiency and innovation in products, services and ways of working," said Surya Gummadi, EVP and President, Cognizant Americas. "At Cognizant, we're working closely with clients to understand and implement generative AI into their organizations, helping them unlock and expand value across the enterprise. Through this collaboration with Microsoft, we have infused generative AI capabilities into our TriZetto platform, making it easier for healthcare organizations to realize the full potential of this groundbreaking technology."

Cognizant's TriZetto software platform, powered by Microsoft Azure, is a critical tool that can help healthcare payer and provider clients reduce hidden costs and enable better patient outcomes for millions of Americans. Key benefits include:

• Access to innovation and data insights
• Process automation
• Improved regulatory compliance
• Enhanced data security

The TriZetto Assistant on Facets complements human users by sourcing enterprise data and summarizing and enriching content. By accessing TriZetto application programming interfaces, this new solution will take actions on behalf of the user and enable desktop automation to further reduce manual steps in workflow. Automating these processes can enable enhanced user experiences, increase efficiencies, and help improve cost containment at scale. For example, by contextualizing desk-level procedures for the transaction at hand, instructions and micro-automations are simplified to improve accuracy and reduce processing time. Additionally, to improve the accuracy of configurations, generative AI can interpret configuration documents and provide pre-built configuration templates to provide "jump-starts" to user workflows. With appropriate User Identity Management, TriZetto software users will have access to necessary data in several contexts, further extending the value of pre-existing TriZetto and Microsoft investments while preserving access controls, auditability, and producing a higher accuracy of results.

"Generative AI is having a profound and transformational impact on every industry, including healthcare," said Rob Dahdah, CVP of Microsoft's Healthcare & Life Sciences Industry and Partner Sales organization. "Working in close partnership with Cognizant, we are building state-of-the art solutions that alleviate the acute challenges facing providers and insurance companies, while also delivering better patient and member experiences. With that same focus on outcomes-based innovation, we are creating productivity tools, interoperability functionalities, and efficiencies of scale that support healthcare organizations to connect across the broader health and life sciences ecosystems."

Cognizant will be demonstrating the TriZetto Assistant on Facets, leveraging Azure OpenAI service, at the 2024 Healthcare Information and Management Systems Society (HIMSS) Conference and Exhibition at booth number #581. 

About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant.

Cognizant media contacts:   U.S.: Jason Forget jason.forget@cognizant.com   Europe/APAC: Christina Schneider       christina.schneider@cognizant.com   India: Rashmi Vasisht rashmi.vasisht@cognizant.com

 

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SOURCE Cognizant

FAQ

What is the collaboration between Cognizant and Microsoft about?

Cognizant and Microsoft are collaborating to infuse generative AI into healthcare administration through the TriZetto platform, enhancing productivity, efficiency, and patient care.

How will the TriZetto Assistant on Facets leverage Azure OpenAI Service?

The TriZetto Assistant on Facets will use Azure OpenAI Service and Semantic Kernel to provide access to generative AI within the TriZetto user interface.

What benefits can healthcare payer and provider clients expect from the TriZetto platform?

Clients can expect access to innovation and data insights, process automation, improved regulatory compliance, and enhanced data security from the TriZetto platform.

What actions can the new solution take on behalf of the user?

The new solution can source enterprise data, summarize and enrich content, automate processes, and enable desktop automation to reduce manual steps in workflow.

How does generative AI improve accuracy and reduce processing time?

Generative AI can interpret configuration documents, provide pre-built configuration templates, and simplify instructions and micro-automations to enhance accuracy and reduce processing time.