Innodata Announces New AI Data Annotation Capabilities for Patient Medical Records and Significant New Customer Acquisition
Innodata Inc. (NASDAQ:INOD) announced the expansion of its AI data annotation capabilities to include patient medical records and secured a $3 million contract with a Fortune 500 insurance company for predictive model development. The ongoing revenue is projected at $800,000 annually. The new platform integrates HIPAA-compliant AI data annotation and extraction capabilities, preparing for the anticipated $62 billion AI-related healthcare market by 2027. CEO Jack Abuhoff emphasized the importance of overcoming data challenges to scale AI in healthcare.
- Secured a $3 million contract with a Fortune 500 insurance company.
- Anticipated ongoing revenue of $800,000 per year.
- Expansion into the rapidly growing AI healthcare market, projected to reach $62 billion by 2027.
- Creation of a HIPAA-compliant AI data annotation platform enhancing data security and processing.
- None.
NEW YORK, NY / ACCESSWIRE / September 15, 2021 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced it has expanded its AI data annotation capabilities to include patient medical records and has won a contract with a new customer, a Fortune 500 insurance company, to support its medical record predictive model development and business analytics. Innodata anticipates revenue from the engagement will be approximately
By synthesizing capabilities from its AI data annotation platform and Synodex medical data extraction platform, Innodata has created a medical record AI data annotation platform that can create large volumes of high-quality AI training data, is fully HIPAA-compliant, meets stringent information security protocols, and leverages auto-tagging intelligence with Innodata's proprietary AI models.
AI-related spend in the global healthcare market is expected to reach
"As AI moves from a 'nice-to-have' to a 'must-have', healthcare, insurance, and life sciences companies are likely to confront the data challenges most often cited as impeding AI success," said Jack Abuhoff, Chief Executive Officer at Innodata. "Innodata is well-positioned to help these companies successfully overcome their data challenges and scale their use of AI."
Learn more about Innodata's healthcare solutions here and Innodata's insurance solutions here.
About Innodata
Innodata (NASDAQ:INOD) is a leading data engineering company. Prestigious companies across the globe turn to Innodata for help with their biggest data challenges. By combining advanced machine learning and artificial intelligence (ML/AI) technologies, a global workforce of over 3,500 subject matter experts, and a high-security infrastructure, we're helping usher in the promise of digital data and ubiquitous AI. Visit www.innodata.com to learn more.
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[1] Artificial Intelligence in Healthcare Market By Offering (Hardware, Software), By Technology (Machine Learning, Context-Aware Computing, Natural Language Processing, Computer Vision), By End-Use (Hospitals & Healthcare Providers), and Region Forecast To 2027 (Reports and Data, January 2021).
CONTACT:
Jessie Schnurr
jschnurr@innodata.com
201-371-8189
SOURCE: Innodata Inc.
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FAQ
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