Nebraska Medicine and Palantir Announce Pioneering Partnership to Use AI Technology to Advance Healthcare

Rhea-AI Summary

Palantir Technologies Inc. (NYSE: PLTR) and Nebraska Medicine have announced a multi-year, multi-million-dollar contract for Palantir's Artificial Intelligence Platform (AIP) to advance healthcare innovation. In less than a year, Nebraska Medicine has implemented over ten AIP applications, resulting in significant improvements:

• +2000% increase in Discharge Lounge utilization
• Average one-hour reduction in discharge time
• 1,200+ AI-powered appeal letters sent to payors in under 3 months

The partnership, which began in January 2024, has led to rapid advancements in patient throughput, claims reimbursements, and patient care monitoring. Nebraska Medicine is using AIP for various purposes, including predicting OR and PACU bed necessity, managing supply chains, and recommending staff movements.

Positive

• Multi-year, multi-million-dollar contract secured with Nebraska Medicine
• +2000% increase in Discharge Lounge utilization, freeing up beds earlier
• Average one-hour reduction in time from discharge order to patient discharge
• 1,200+ AI-powered appeal letters sent to payors in less than 3 months
• Rapid implementation of over ten AIP applications in less than a year
• Fastest time to enterprise commitment for Palantir in health system partnerships

Negative

• None.

Insights

Healthcare Technology Analyst

Nebraska Medicine's partnership with Palantir represents a significant leap in healthcare AI adoption. The rapid implementation of over ten AIP applications in less than a year demonstrates exceptional agility in the typically slow-moving healthcare sector. Key achievements include:

• A staggering 2000% increase in Discharge Lounge utilization
• Average reduction of one hour in patient discharge time
• 1,200+ AI-powered appeal letters sent to payors in under 3 months

These outcomes suggest potential for substantial operational efficiencies and cost savings. However, the true test will be in long-term patient outcomes and financial performance. Investors should monitor for sustained improvements and any regulatory challenges that may arise from AI implementation in healthcare.

Financial Analyst

This partnership marks a strategic move for Palantir, expanding its footprint in the lucrative healthcare AI market. The multi-year, multi-million-dollar contract with a $2.5 billion health system like Nebraska Medicine could serve as a powerful case study for Palantir, potentially attracting more healthcare clients. The rapid adoption and implementation speed (6 weeks to production, 90 minutes for some workflows) is particularly noteworthy, as it could significantly reduce sales cycles and implementation costs for Palantir. However, investors should be cautious about extrapolating these results across the entire healthcare sector, as Nebraska Medicine seems to be an exceptionally innovative outlier.

Healthcare Operations Expert

The operational improvements reported are impressive and address critical pain points in hospital management. The 2000% increase in Discharge Lounge utilization and one-hour reduction in discharge time can significantly impact patient throughput and satisfaction. The AI-powered appeals process could potentially recover millions in denied claims, a major issue for many hospitals. However, it's important to monitor how these changes affect staff workload and patient care quality. The use of AI for predicting OR and PACU bed necessity, supply chain management and staff movement recommendations could lead to more efficient resource allocation, but may face resistance if not implemented with care for staff needs and preferences.

DENVER--(BUSINESS WIRE)-- Palantir Technologies Inc. (NYSE: PLTR) ("Palantir"), and Nebraska Medicine, a $2.5B academic health system based in Omaha, and a national leader in healthcare innovation, today announced a new multi-year, multi-million-dollar contract for Palantir’s Artificial Intelligence Platform (AIP) to help improve healthcare through transformational technologies.

Nebraska Medicine invests in driving innovation at a rate that most peers would deem impossible. Less than one year into the partnership, Nebraska Medicine has implemented more than ten applications of AIP, improving patient throughput, expanding claims reimbursements, and better monitoring patient care. AIP provides Nebraska Medicine safe and secure awareness of their operations, with long-term opportunities for transformation across Nebraska Medicine’s enterprise, and more.

Palantir and Nebraska Medicine started working together in January 2024, sharing a mission to rapidly solve critical healthcare problems. The proof: Nebraska Medicine represents Palantir’s fastest time to enterprise commitment of any Palantir health system partner to-date. In a series of targeted bootcamps, Nebraska Medicine took less than 6 weeks to put a new workflow in production and as little as 90 minutes to introduce more. Since partnering with Palantir, Nebraska Medicine has seen a +2000% increase in Discharge Lounge utilization, freeing up beds earlier for patients and decreasing time from discharge order to patient discharge by one hour on average. Furthermore, Nebraska Medicine sent 1,200+ AI-powered appeal letters to payors in less than 3 months, helping the health system more efficiently and effectively respond to claims denials, leveraging AI to combat payor behaviors. The areas of focus vary wider: Nebraska Medicine uses AIP to predict OR and PACU bed necessity, manage their supply chain, recommend staff movements, and more.

"Nebraska Medicine is one of the most innovative healthcare organizations in the country. While many organizations talk about having bold visions, Nebraska Medicine takes actions to translate ideas into real solutions, quickly," said Drew Goldstein, Co-Head of Healthcare at Palantir. "Their swift commitment to this enterprise partnership highlights our shared focus on rapidly delivering value and driving impactful outcomes to enhance patient care."

“Our partnership with Palantir is delivering real results for our patients and our staff,” said Michael Ash, MD, Nebraska Medicine president and chief operating officer. “The technology allows our staff to work smarter, and for more of our patients to leave the hospital as soon as they’re able. Most exciting for us – this is just the beginning of the innovations we’ll discover together and lead the way for other hospitals.”

Palantir will continue to work with Nebraska Medicine by providing AI software to help orchestrate patient flow, nurse allocation, clinical supplies management and revenue cycle optimization at scale, while expanding Nebraska’s Medicine core Foundry Ontology to additional high-priority areas through a single connected platform. Together, Palantir and Nebraska Medicine will explore novel opportunities in clinical research and clinical care to help improve patient outcomes.

Learn more about how Palantir is driving next-generation operations and outcomes for health systems.

About Palantir Technologies Inc.

Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.

About Nebraska Medicine

The Nebraska Medicine mission is to lead the world in transforming lives to create a healthy future for all individuals and communities through premier educational programs, innovative research and extraordinary patient care. More information is online at https://www.nebraskamed.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240917343520/en/

Lisa Gordon

media@palantir.com

Source: Palantir Technologies Inc.

FAQ

What is the financial value of the contract between Palantir (PLTR) and Nebraska Medicine?

The press release describes it as a multi-year, multi-million-dollar contract, but does not specify the exact financial value.

How has Palantir's AIP improved discharge processes at Nebraska Medicine?

Palantir's AIP has increased Discharge Lounge utilization by +2000% and decreased the time from discharge order to patient discharge by an average of one hour.

When did the partnership between Palantir (PLTR) and Nebraska Medicine begin?

The partnership between Palantir and Nebraska Medicine began in January 2024.

How many AI-powered appeal letters has Nebraska Medicine sent using Palantir's AIP?

Nebraska Medicine sent over 1,200 AI-powered appeal letters to payors in less than 3 months using Palantir's AIP.