Tampa General Hospital Selects Palantir’s AI Software to Power Connected Care Coordination, Extending Long-Term Partnership

Rhea-AI Summary

Tampa General Hospital (TGH) has extended its partnership with Palantir Technologies to implement Palantir’s AI platform for enhanced care coordination.

The collaboration aims to use AI for optimizing workflows like bed placement, patient itineraries, and staffing, which have already shown significant improvements in patient care.

Notably, TGH reported an 83% reduction in patient placement time, a 28% drop in post-anesthesia care unit holds, and a 30% decrease in the mean length of stay for sepsis patients.

Palantir's software will also help streamline revenue cycle management, while TGH aims to set the national standard for care coordination using its new Hospital Sync application suite.

The partnership, which began in 2021 with Palantir’s Foundry software, now expands as Palantir joins the Tampa Medical and Research District.

Positive

• 83% reduction in patient placement time.
• 28% decrease in post-anesthesia care unit holds.
• 30% reduction in average length of stay for sepsis patients.
• Enhanced patient care and operational efficiency.
• Streamlined revenue cycle management.
• Palantir joining the Tampa Medical and Research District, indicating a deeper commitment to health care innovation.

Negative

• Potential high costs associated with implementing advanced AI solutions.
• Dependence on Palantir’s technology might limit flexibility for future changes.

Insights

Healthcare Technology Analyst

Palantir’s AI platform is being integrated into Tampa General Hospital’s operations, transforming it into a cutting-edge healthcare facility. This adoption of AI for care coordination is notable as it leverages advanced data analytics to reduce patient waiting times, optimize bed placement and streamline staffing processes. Such improvements not only enhance patient care but also bolster the hospital's efficiency and capacity. The use of AI in reducing the mean length of stay for sepsis patients by 30 is a significant achievement, indicating better outcomes and potentially lower healthcare costs. For investors, this showcases Palantir's software's tangible benefits in the healthcare sector, possibly driving further partnerships and revenue growth.

Financial Analyst

From a financial perspective, the continuation and expansion of the partnership between Tampa General Hospital and Palantir Technologies signals a potentially stable revenue stream for Palantir. By successfully implementing their AI platform in a major healthcare provider, Palantir demonstrates its product’s effectiveness, which could attract similar partnerships with other hospitals and health systems. Moreover, the reported improvements like an 83 reduction in patient placement time and a 28 decrease in PACU holds suggest significant operational efficiencies that could translate into cost savings and enhanced service capabilities for hospitals. For retail investors, this indicates that Palantir is building a strong case as a valuable player in the healthcare tech market.

• Palantir AIP will serve as the core analytics and AI platform for Tampa General Hospital’s vision for care coordination
• AI-powered workflows for bed placement, patient itineraries, and staffing allocation have already shown drastic improvements in patient care, sharply reducing patient waiting time and length of stay

TAMPA, Fla. & DENVER--(BUSINESS WIRE)-- Tampa General Hospital (TGH) and Palantir Technologies Inc. (NYSE: PLTR) ("Palantir"), a leading builder of artificial intelligence (AI) systems for the health care sector and the modern enterprise, today announced a significant step forward in their long-term partnership to deliver on an ambitious vision for the future of AI in health care.

Tampa General, one of the nation’s leading academic health systems, plans to deploy Palantir’s Artificial Intelligence Platform (AIP) to deliver a Care Coordination Operating System, which will securely encode Tampa General’s domain expertise, real-time situational awareness, and large-language models into decision-support tools to power eligibility and prioritization workflows for frontline teams across all aspects of care operations. TGH will also leverage this platform to bring automation to other system workflows, including streamlining revenue cycle management.

Tampa General will use AIP to encode its clinical expertise into eligibility and prioritization decisions on the frontlines, to ensure patients receive the right care in the right place as quickly and safely possible. Its new Hospital Sync application suite and insights, powered by Palantir software, aims to set the standard for optimal care coordination nationwide.

Tampa General Hospital and Palantir Technologies started working together in 2021, when TGH implemented Palantir’s Foundry software to revolutionize health care management, optimize operational efficiency and enhance patient outcomes. Since then, Tampa General has expanded its use of Palantir’s software from one to more than a dozen use cases across the health system, contributing to meaningful, measurable improvements in patient care. For example, Tampa General cut by 83% the amount of time required to place patients and post anesthesia care unit (PACU) holds declined 28%. In addition, the mean length of stay for sepsis patients went down 30%.

“We are on a mission to transform health care through innovation, and Palantir’s technology platforms enable us to leverage data to improve quality and strengthen our operations,” said John Couris, president and CEO of Tampa General Hospital. “Less time waiting for placement and a reduced length of stay does not just enhance the patient experience, it gives us an opportunity to treat more patients that need care. These improvements, powered by data and technology, contribute to better and more robust treatment plans, which in turn, can lead to better patient outcomes.”

“Our partnership is proving that software is vital for overcoming many of the most pressing healthcare challenges that we collectively face,” said Alex Karp, co-founder and chief executive officer of Palantir Technologies Inc. “Tampa General has become an industry leader in leveraging technology to deliver even further improvements in patient care.”

Palantir’s engineers will continue working closely with Tampa General’s operations, analytics, and clinical subject matter experts as part of this next phase. In addition to the expanded partnership, Palantir will be joining the Tampa Medical and Research District, which boasts a variety of health care organizations from academics and clinical care to research and biotechnology, in the heart of Tampa Bay. The District, which is anchored by Tampa General and the University of South Florida Morsani College of Medicine, is the driving force behind Tampa’s growing reputation as a global destination for world-class care.

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

About Tampa General Hospital

Tampa General Hospital, a 981-bed, not-for-profit, academic health system, is one of the largest hospitals in America and delivers world-class care as the region’s only center for Level l trauma and comprehensive burn care. Tampa General Hospital is the highest-ranked hospital in the market in U.S. News & World Report's 2023-24 Best Hospitals [health.usnews.com], with six specialties ranking among the top 50 best hospital programs in the United States. Tampa General Hospital has been designated as a model of excellence by the 2022 Fortune/Merative 100 Top Hospitals list. [tgh.org] The academic health system’s commitment to growing and developing its team members is recognized by two prestigious Forbes magazine rankings – in the top 100 nationally in the 2023 America's Best Employers for Women [forbes.com] and top 25 in Florida in the 2023 America’s Best Employers by State [forbes.com]. Tampa General is the safety net hospital for the region, caring for everyone regardless of their ability to pay, and in fiscal year 2021, provided a net community benefit of approximately $240.3 million in the form of health care for underinsured patients, community education, and financial support to community health organizations in Tampa Bay. It is one of the nation’s busiest adult solid organ transplant centers and is the primary teaching hospital for the USF Health Morsani College of Medicine. With six medical helicopters, Tampa General Hospital transports critically injured or ill patients from 23 surrounding counties to receive the advanced care they need. Tampa General houses a nationally accredited comprehensive stroke center, and its 32-bed Neuroscience, Intensive Care Unit is the largest on the West Coast of Florida. It also is home to the Muma Children’s Hospital at TGH, the Jennifer Leigh Muma 82-bed neonatal intensive care unit, and a nationally accredited rehabilitation center. Tampa General Hospital’s footprint includes TGH North which is comprised of three hospitals and several outpatient locations in Citrus and Hernando counties, 17 Tampa General Medical Group Primary Care offices, TGH Family Care Center Kennedy, TGH Outpatient Center, TGH Virtual Health, and 21 TGH Imaging [tghimaging.com] outpatient radiology centers throughout Hillsborough, Pasco, Pinellas and Palm Beach counties. Tampa Bay area residents also receive world-class care from the TGH Urgent Care powered by Fast Track network of clinics. To see a medical care professional live anytime, anywhere on a smartphone, tablet or computer, visit Virtual Health | Tampa General Hospital (tgh.org) [tgh.org]. As one of the largest hospitals in the country, Tampa General Hospital is the first in Florida to partner with GE Healthcare and open a clinical command center that provides real-time situational awareness to improve and better coordinate patient care at a lower cost. For more information, go to www.tgh.org [tgh.org].

About Palantir Technologies

Palantir builds category-leading software that empowers organizations to create and govern artificial intelligence across public and private networks. Since 2003, we have helped some of the world's most important organizations solve their most difficult problems. Foundational Software of Tomorrow. Delivered Today.

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 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/20240605163436/en/

Media Contacts

Tampa General Hospital

Amanda Bevis

amanda@redhillsfl.com

Palantir

Rita Devlin

rdevlin@palantir.com

Source: Palantir Technologies Inc.

FAQ

What improvements has Tampa General Hospital seen with Palantir's AI software?

Tampa General Hospital reported an 83% reduction in patient placement time, a 28% decrease in post-anesthesia care unit holds, and a 30% reduction in the average length of stay for sepsis patients.

When did Tampa General Hospital first start using Palantir's software?

Tampa General Hospital began using Palantir’s Foundry software in 2021.

What is the purpose of Palantir's AI platform at Tampa General Hospital?

The AI platform is aimed at optimizing care coordination, including bed placement, patient itineraries, staffing allocation, and streamlining revenue cycle management.

What is the newly announced Tampa General Hospital application suite called?

The new application suite is called Hospital Sync.

How does Palantir's involvement impact Tampa General Hospital's reputation?

Palantir's involvement helps position Tampa General Hospital as a leader in leveraging technology for patient care improvements, contributing to its reputation as a global destination for world-class care.