MedMatrix Product Moves from Beta to Full Commercialization, Announces AI Product Suite

Rhea-AI Summary

MedBright AI Investments Inc. announced the completion of beta testing for MedMatrix, a product focusing on AI-driven optimization of healthcare facilities. The product suite includes five key features to enhance revenue and efficiency in outpatient clinics.

VANCOUVER, British Columbia, Feb. 27, 2024 (GLOBE NEWSWIRE) -- MedBright AI Investments Inc. (the “Company” or “MedBright”) (CSE:MBAI, OTCQB:MBAIF, FSE:1V7) today announced that MedMatrix, a product in which it has a significant investment, has completed its beta testing with its initial clients. As a result of the beta testing period, management has chosen a five-feature product suite to sell into the global outpatient facility market.

MedMatrix harnesses the power of artificial intelligence to evaluate and analyze key aspects of healthcare facilities, including patient needs, provider & resource matching and optimization, revenue cycle management, market competition and expansion, and patient revenue enhancement opportunities.

Through its advanced AI and data analytics capabilities, MedMatrix supports healthcare professionals to optimize each of these critical areas to capture revenue and efficiency opportunities:

1. AI Reporter – provides data reporting from the MedMatrix AI analytics platform, a complete dashboard of a clinic’s operations, and the MedMatrix forecaster, which allows customers to see how changes to the clinic’s resource matching, revenue models, and market locations and competition could improve business operations.
2. AI Market Expander – analyzes providers’ current clinic locations and allows them to assess the potential demand in the market based on patient demographics, competition, facility costs, and other key factors. Providers can simulate facility moves or expansion of additional clinics to predict the impact on their top and bottom line. The Market Expander also includes the ability to identify top candidates for conversion into the clinic based on their demographics and preferences.
3. AI Resource Matcher – acts as a virtual assistant to front office administration, analyzing patient needs at the time of scheduling and matching them to the appropriate resource within the clinic. The Resource Matcher can dynamically assign appointment durations and times based on need, while helping predict late or no-show patients to improve clinic on-time performance and overall efficiency.
4. AI Claim Optimizer – analyzes a clinic’s claim data to look at key performance indicators for revenue cycle management and analyzes top reasons for claim denials and areas for improvement in coding, charge capture, claim processing, and RCM workflows.
5. AI Revenue Enhancer – finds opportunities for revenue growth based on a clinic’s existing patient base and revenue models. These can include identification of patient upsell opportunities for non-medical procedures, patient clinical trial recruitment, concierge medicine upsell opportunities, and other revenue generating products and services.
   

These five features have been identified as high value tools for outpatient clinics. As a next step, MedMatrix plans to unveil its revenue generating go-to-market strategy as it transitions current beta customers to commercial agreements.

“It is gratifying to complete the beta phase as we move towards the revenue generation phase of the MedMatrix product,” said Trevor Vieweg, CEO of MedBright. “We have identified these five feature sets based on their ability to generate revenue for our outpatient clinic clients, and we look forward to highlighting the use cases for these tools with our initial customers in the coming months, as well as expanding our customer base as we transition to full commercialization.”

About MedBright AI Investments Inc.

MedBright AI is a capital allocator focused on investing in healthcare technology companies. The team at MedBright prides themselves on unparalleled access to opportunities, as well as structuring unique and advantageous investments. MedBright's mission is to construct a portfolio of synergistic investments to generate superior returns for shareholders. MedBright will focus on significant near-term and midterm high-quality opportunities with strong return potentials while maintaining commitment to governance. Click here to view the MedBright AI corporate video.

MedBright AI Investments Inc.
Trevor Vieweg, Chief Executive Officer
604-602-0001
Email: investors@medbright.ai

Cautionary Statement Regarding “Forward-Looking” Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including, without limitation, the Company’s expectation that MedMatrix will offer clinics the tools to obtain increased clinic revenue, enhanced patient satisfaction, reduced wait times, and improved business operations, as well as predictive ability regarding the same, the expectation that MedMatrix will be commercialized and become revenue-generating, the expectation that MedMatrix will expand its customer base, and the Company’s plans to generate returns for its shareholders through its portfolio of investments, are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should” or “would” occur.

Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including, among other things, that MedMatrix will offer clinics the tools to obtain increased clinic revenue, enhanced patient satisfaction, reduced wait times, and improved business operations, as well as predictive ability regarding the same, that MedMatrix will be commercialized and become revenue-generating, that MedMatrix will expand its customer base, and that the Company will be able to generate returns for its shareholders. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important risks that may cause actual results to vary, include, without limitation, the risk that the use of MedMatrix will not result in increased clinic revenue, enhanced patient satisfaction, reduced wait times, and improved business operations, or that MedMatrix will not offer clinics the anticipated predictive ability regarding the same, the risk that MedMatrix will not be commercialized and become revenue-generating on the timetable anticipated or at all, the risk that MedMatrix will not expand its customer base, and the risk that the Company’s portfolio of investments will not generate returns for shareholders.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.

FAQ

What did MedBright AI Investments Inc. announce regarding MedMatrix?

MedBright AI Investments Inc. announced the completion of beta testing for MedMatrix.

What is the focus of MedMatrix?

MedMatrix focuses on AI-driven optimization of healthcare facilities.

What are the key features of the product suite offered by MedMatrix?

The key features include AI Reporter, AI Market Expander, AI Resource Matcher, AI Claim Optimizer, and AI Revenue Enhancer.

How does AI Reporter benefit customers?

AI Reporter provides data reporting, a complete dashboard of clinic operations, and forecasting capabilities to improve business operations.

What does AI Market Expander analyze?

AI Market Expander analyzes clinic locations, potential demand, patient demographics, competition, and facility costs to predict impacts on revenue.

What is the role of AI Resource Matcher?

AI Resource Matcher acts as a virtual assistant to match patient needs with appropriate resources in the clinic, improving efficiency.

How does AI Claim Optimizer help clinics?

AI Claim Optimizer analyzes claim data to improve revenue cycle management and identify areas for coding and workflow improvement.

What opportunities does AI Revenue Enhancer identify?

AI Revenue Enhancer identifies revenue growth opportunities such as patient upsell, clinical trial recruitment, and concierge medicine services.

What is the next step for MedMatrix after beta testing?

MedMatrix plans to unveil its revenue generating go-to-market strategy and transition beta customers to commercial agreements.

Who is the CEO of MedBright AI Investments Inc.?

Trevor Vieweg is the CEO of MedBright AI Investments Inc.