Virtusa to Lower Costs, Increase Efficiency with Click, Try, and Buy Marketplace for Healthcare and Life Sciences Companies

Rhea-AI Summary

Virtusa Corporation (NASDAQ GS: VRTU) has launched the vLife marketplace to enhance efficiency and reduce costs for Healthcare and Life Sciences organizations amidst the COVID-19 pandemic. This platform incorporates over 500 AI technologies aimed at processing critical workloads efficiently. With a projected 1 billion virtual care visits in 2020, the marketplace addresses various therapeutic areas, including diabetes and oncology. New capabilities such as computer vision and synthetic data generation tools are designed to support clinical trials and patient engagement, enabling safer and cost-effective operations.

Positive

• Launch of vLife marketplace with over 500 AI technologies.
• Addresses critical healthcare needs with capabilities for efficient operations.
• Supports various therapeutic areas, enhancing patient engagement.

Negative

• Healthcare organizations face a backlog of services and tests due to COVID-19 disruptions.
• Elective surgeries and clinical trials are still on hold, impacting revenue streams.

SOUTHBOROUGH, Mass., June 09, 2020 (GLOBE NEWSWIRE) -- Virtusa Corporation (NASDAQ GS: VRTU), a global provider of digital strategy, digital engineering, and IT services and solutions that help clients change and disrupt markets through innovation engineering, today announced a new marketplace that provides Healthcare and Life Sciences organizations with click, try, and buy access to applications and solutions that will increase efficiency and lower costs, including for virtual care.

Virtual care visits are predicted to exceed 1 billion in 2020 due to the COVID-19 pandemic, ongoing care management, mental health needs, and the 2020 flu season, according to a new ForresterNow report.

Except for frontline medical professionals and first responders, Healthcare and Life Sciences organizations have been restricted in the type of work that can be done because of COVID-19. Elective surgeries, wellness appointments, clinical trials of new medications and devices have all been on hold.  In addition to restarting normal operations, Healthcare and Life Sciences organization must manage a massive backlog of patients, appointments, tests, and tracking results of clinical trials. 

The new vLife marketplace incorporates more than 500 AI-based technologies from Virtusa and partners that will be in demand as organizations restart operations. vLife has been redesigned from the ground up to process these critical workloads quickly while avoiding skyrocketing costs.

New capabilities delivered in vLife include computer vision, synthetic data generation tools, platform AI, and faster AI algorithms to gain high-level understanding from data, digital images, and videos.

For example, using these new capabilities, patients recovering from surgeries can upload photos and videos that track the progress of recovering from orthopedic surgeries, new tools can decipher, analyze, predict, and prescribe the location of anatomical bodies in ultrasonic images in under 50 milliseconds, Generative Adversarial Networks (GAN) can create large sets of synthetic data from a handful of images, and automating biomedical image analysis to accelerate the understanding of human cells and disease.

“COVID-19 has disrupted the Global Healthcare ecosystem,” said Anthony Lange, SVP, healthcare and life sciences, Virtusa. "We prioritized our resources to launch vLife 4.0 to mitigate this disruption and enable our clients to engage with patients, members, and providers safely at scale while controlling costs."

Initial therapeutic areas vLife will address include Type 2 Diabetes, Oncology, Orthopedics, Renal, and infectious diseases, including COVID-19.

vLife service lines include:

Commercial Analytics. Converts data into insights to better understand and treat diseases, speed clinical trials, optimize medical and life sciences supply chains, and predict the future resources that will be needed.

Clinical Trials. A single resource to start, implement, and document clinical trials required before new medications, therapies, and medical devices are brought to market.

Patient Engagement. Keeps patients as informed as possible about options for treatment, medications, recuperation, and all other aspects of the healthcare system to improve wellness and self-manage elements of individual health.

Bioinformatics as a Service. Collect and analyze complex biological data, such as gene sequencing, without the massive investment in laboratory personnel or equipment.

Provider Services.  To help patients seek treatment to prevent, alleviate, cure, or heal human illness, physical disability, or injury.

Payer Services. To help payers streamline processes and improve services.

Partner Offerings.  To build and test how technologies from an extensive network of healthcare and life sciences organizations can work together to solve problems faster.

For additional information on vLife 4.0, please visit: virtusa.com/vlife

About Virtusa Corporation
Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovation engineering. Virtusa serves Global 2000 companies in the Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive business forward at unparalleled velocity enabled by a culture of cooperative disruption.

© 2020 Virtusa Corporation.  All rights reserved.

Virtusa is a registered trademark of Virtusa Corporation.  All other company and brand names may be trademarks or service marks of their respective holders.

Ron Favali
Conversion Marketing
ron@conversionam.com
727-512-4490 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26b67039-2071-4d1f-9323-c652327269f7

FAQ

What is the vLife marketplace launched by Virtusa Corporation (VRTU)?

The vLife marketplace provides Healthcare and Life Sciences organizations with access to over 500 AI-based technologies aimed at increasing efficiency and lowering costs.

How many virtual care visits are expected in 2020 according to Virtusa's announcement?

Over 1 billion virtual care visits are projected for 2020 due to the COVID-19 pandemic.

What therapeutic areas does the vLife marketplace address?

The vLife marketplace will address Type 2 Diabetes, Oncology, Orthopedics, Renal, and infectious diseases, including COVID-19.

What are the capabilities offered by Virtusa's vLife marketplace?

Capabilities include computer vision, synthetic data generation, and faster AI algorithms for efficient data and image analysis.

What challenges do Healthcare organizations face due to COVID-19 as per Virtusa's announcement?

Healthcare organizations face disruptions and a backlog of patients, appointments, and clinical trials due to COVID-19.