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<keyword id="2534058" type="General" weightage="50" keywordseo="healthtech" source="Orion">Healthtech</keyword> unicorn <keyword id="2848710" type="General" weightage="100" keywordseo="innovaccer" source="Orion">Innovaccer</keyword> has sacked nearly 245 employees, or about 15 per cent of its workforce, across teams in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> and the US, the media reports said on Tuesday. Innovaccer cofounder and CEO <keyword id="3561958" type="General" weightage="50" keywordseo="abhinav-shashank" source="Orion">Abhinav Shashank</keyword> cited an "uncertain macroeconomic environment" as the reason behind the job cuts, according to an internal mail sent to employees and accessed by leading startup news portal Inc42. "Innovaccer has always believed in empowering its customers to accelerate their transformations, leading to higher quality care for patients and populations, improved patient experiences, and better financial and operational performance," <keyword id="3452" type="General" weightage="50" keywordseo="shashank" source="Orion">Shashank</keyword> was quoted as saying in the email. The startup said it will provide severance packages to affected employees, as well as transitional health insurance benefits and job placement assistance. This is the second layoff at the company in around 4-5 months' time amid the deepening funding winter and recession fears. In September last year, Innovaccer laid off nearly 120 employees, or less than 8 per cent of its workforce, owing to "tough economic conditions", and most of the layoffs occurred within its tech teams. Innovaccer had said that its business fundamentals are still strong. However, "given the current economic conditions, we implemented a small workforce reduction to optimise our cost structure", said the company. The startup raised $150 mn in its <keyword id="45633" type="General" weightage="20" keywordseo="series" source="Orion">Series</keyword> E round at a valuation of $3.2 bn in February 2022. In December 2021, Innovaccer raised $150 million, driven by rapid customer adoption of the <keyword id="16233858" type="General" weightage="50" keywordseo="innovaccer-health-cloud" source="Orion">Innovaccer Health Cloud</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/egyptian-researchers-digitally-unwrap-2300-year-old-mummy-to-find-gold-and-other-amulets/articleshow/97297512.cms">Egyptian researchers digitally unwrap 2,300-year-old mummy to find gold and other amulets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/equity-markets-have-usually-been-nervous-ahead-of-budget-but-a-relief-rally-is-likely-post-budget/articleshow/97286146.cms">Equity markets have usually been ‘nervous’ ahead of budget but a relief rally is likely post budget, say analysts</a>

Healthtech unicorn Innovaccer lays off 245 workers, 2nd job cut in 5 months

New Delhi, June 29 (IANS) The COVID-19 onslaught has accelerated the pace of IT modernisation and digital transformation via Cloud-driven solutions in the vast public sector in India and various state governments are fast embracing the Cloud technology to reduce the infection rate while efficiently managing the lockdown, a top global Amazon Web Services (AWS) executive has stressed. According to Teresa Carlson, Vice President, Worldwide Public Sector, AWS (the Cloud arm of e-commerce giant Amazon with over $40 billion annual run rate), as COVID-19 continues to spread, the global health emergency will only be resolved by governments, businesses, academia and individuals working together to better understand this virus and ultimately find a cure. "Research institutes, scientists and organisations working on diagnostics need reliable, scalable compute power, which AWS can deliver to them along with industry-leading services like analytics and machine learning, so they can process and analyse large data sets and iterate quickly," Carlson told IANS. Today, from state governments to startups, India is fast harnessing AWS Cloud technology for scale, speed and agility and above all, data security. Quantela, a provider of smart urban infrastructure automation, has developed CoVER (COVID-19 emergency response) platform in India. "CoVER is used by government authorities across 10 cities in India to monitor, manage, track, diagnose, communicate, collaborate and prevent the impact of COVID-19. In one of the large cities in southern India that has so far reported far fewer COVID-19 cases, they used CoVER to track about 120 hospitals, 600 ambulances, and 400 isolation beds, and monitor people in quarantine," informed Carlson. The officials attributed real-time access to data and quick decision-making as among the key measures that helped the city contain the spread of COVID-19 even in densely-populated areas, and significantly helping reduce the infection rate in the city. The India eGovernments Foundation collaborated with AWS to develop the National COVID-19 e-Pass solution within 72 hours to provide a digital pass management system that supports multiple state governments, to manage the lockdown while ensuring smooth movement of the essential service providers across and within states. "Since its launch, more than 50,000 organizations have been evaluated, and more than 6,00,000 daily passes have been issued on the platform. It has been deployed in Haryana, Punjab, Delhi, Telangana, Puducherry, Odisha and Karnataka," the AWS executive noted. TruFactor is a platform that provides mobile-first consumer data and insights. The company has a patented platform that ingests, filters, and processes over 100TB of data anonymously, using AI to produce graphs that combine digital signals, physical people movement data, and demographics to help tackle spread of COVID-19. TruFactor has listed datasets on AWS Data Exchange, a service that makes it easy for millions of AWS customers worldwide to securely find, subscribe, and use third-party data in the cloud. Innovaccer, a San Francisco-based healthcare technology company, with offices in India and Asia, launched a COVID-19 Management System that can conduct early community-based triage of COVID-19 patients through automated assessments in minutes. The multi-platform system is currently in use by the governments in Goa and Puducherry in India. Within three days of launch, more than 25,000 citizens in Goa had already used the app to assess their vulnerability to COVID-19. Mumbai-based Qure.ai, a healthcare startup built on AWS, has developed a machine learning-powered solution called 'qXR' which uses X-rays to classify patients as high, medium, or low risk for COVID-19 in less than a minute. Built on data from more than 2.5 million radiology scans, qXR is capable of detecting problem areas and abnormalities that are indicative of COVID-19. Since its deployment in over 40 sites across South Asia, Europe and North America, it is identifying approximately 5,000 suspected cases on a weekly basis. Qure.ai is currently in talks with the state governments to use its solution in government hospitals, large clinics and healthcare centres across the country. AWS announced the Diagnostic Development Initiative (DDI) in March this year. "This is a programme to support customers who are working to bring better, more accurate, diagnostics solutions to market faster, and promote better collaboration across organizations that are working on similar problems," Carlson told IANS. This includes an initial investment of $20 million to accelerate diagnostic research, innovation, and development to speed collective understanding and detection of COVID-19 and other innovative diagnostic solutions to mitigate future infectious disease outbreaks. "We are actively working with 35 projects that have been submitted and are still accepting more applications," said Carlson. (Nishant Arora can be reached at nishant.a@ians.in) --IANS na/rs/

State govts, firms harnessing Cloud to fight COVID-19 in India: AWS

<ul><li>95% of healthcare executives are focusing on the <keyword id="860946" type="General" weightage="20" keywordseo="digital-transformation" source="Orion">digital transformation</keyword> of the <keyword id="1007854" type="General" weightage="20" keywordseo="healthcare-systems" source="Orion">healthcare systems</keyword>, according to a recent study. </li><li>Cloud is becoming the de-facto choice of deployment for <keyword id="1865822" type="General" weightage="20" keywordseo="healthcare-companies" source="Orion">healthcare companies</keyword>. </li><li>Data and analytics drive better outcomes at a lower cost without compromising the patient experience.</li></ul> There is a significant shift in mindset amongst healthcare CXOs towards technology adoption and cloud, according to Sandeep (“Sandy”) Gupta, Co-founder and COO of <a href="https://innovaccer.com">Innovaccer</a>, an organization dedicated to accelerating innovation in healthcare. Sandy was speaking to Dan Sheeran, GM, Healthcare and Life Science, <keyword id="141088" type="General" weightage="20" keywordseo="amazon-web-services" source="Orion">Amazon Web Services</keyword> (AWS), as part of the SAAS Scions web series by Business Insider India, powered by AWS. A recent <a href="https://innovaccer.com/resources/industry-reports/healthcare-data-readiness-crisis?pdf=3">study </a>shows that 95% of healthcare executives (surveyed by Morning Consult) are focusing on the digital transformation of underlying legacy health systems, on account of limitations on scale, capacity, and reliability of these age-old engagement models. Healthcare leaders, according to Gupta, are cognizant of the gaps that exist in healthcare data and processes. <div type="image" title="SAAS" msid="96027540" hostid="261" sizebytes="45508"></div> “Healthcare was obviously one of the most affected industries during the pandemic, with patient interactions going virtual. The only silver lining for the sector was the pace at which technology advancements happened followed by rapid adoption. For example, many of the industry players, who preferred on-premises deployment models, are now considering cloud as the de-facto choice.” – Sandeep Gupta, Co-founder &amp; COO of Innovaccer [pull quote] Innovaccer, which started as a research collaboration between Harvard and Wharton in 2012, now has over 1,600 hospitals and clinics in the US, and 96,000 clinicians using its products. With its formal launch in 2014, the company chronicled impeccable growth in a short period by working with over 70 top organizations including the likes of NASA. However, the real pivot in the journey came with its decision in 2016 to focus solely on the healthcare sector. “This meant that we let go of 80% of the revenue we had been generating. In hindsight, it was one of the toughest but best decisions we made. We were also quite fortunate to have investors who supported our decisions and vision,” Gupta said. Helping healthcare providers through <keyword id="771372" type="General" weightage="20" keywordseo="data-analytics" source="Orion">data analytics</keyword> Innovaccer’s focus is to enable healthcare providers to deliver more efficient and effective care services through unified data and analytics. Its solutions integrate healthcare data from multiple sources, such as electronic health records and other IT systems, into a cloud-native unified data model. This “single source of truth” enables advanced analytics and integrated workflows that improve care and financial outcomes for its customers, helping them achieve their strategic goals. The company works with healthcare providers to generate ROI quickly and accelerate innovation of digital health solutions. “Our goal is to help customers drive better health outcomes at lower costs, while improving the patient experience. Another key aspect is around how can technology improve the care teams’ experience and well-being by lightening their workload through our SaaS offerings. We understand that automating and optimizing as much of the caregivers’ workflows as possible reduces their workload during peaks in demand,” Gupta said. Making healthcare affordable Another area where technology plays a crucial role is in reducing the cost in the overall healthcare ecosystem. According to Gupta, <a href="https://innovaccer.com/health-cloud">the company’s SaaS offerings</a> have helped its customers save approximately $1 billion. “Imagine this: 30% of healthcare spending may be considered waste, which means that we still have a lot of work to do in cutting the ‘wastage’ to bring down the cost of care. That’s an exciting opportunity where technology solutions can help,” he said. Gupta also believes that integrating technology with preventive care can significantly reduce hospitalization and bring down the overall cost. Data and analytics can enhance post-acute care and optimize the entire care cycle to enable cost savings for all stakeholders. For example, Innovaccer provides risk stratification through advanced analytics at the point-of-care, to enable providers to identify and deliver the right level of care and services for subgroups of patients. This improves care quality and lowers care costs. Innovaccer also works with dozens of <a href="https://innovaccer.com/partners">partners</a> who provide unique solutions on top of its cloud-native data platform, enabling healthcare providers to quickly add more capabilities, offer more services, and make healthcare more accessible and effective. One example: Its collaboration with <a href="https://www.findhelp.org/">Find Help</a>, the largest community resource search and referral network in the US, which enhances social determinants of health management for Innovaccer’s customers. Healthcare: The challenge to retain talent For tech start-ups that plan to focus on the healthcare sector, emphasizes Gupta, there is no shortage of opportunities: “One of the areas where we see a lot of potential for innovation is around optimizing the in-hospital experience for patients. There is also a lot of scope in building pricing transparency into the system. Improving care delivery is another potential area for SaaS companies that are looking at solving healthcare challenges. AI, ML, and NLP can drive a lot of use cases including remote monitoring, hospital-at-home, and so on.” And for this, one crucial aspect is for young start-ups to attract and retain top talent to be successful in this journey. Speaking on why talent retention is a bigger challenge than talent acquisition, Gupta explained that it depended on the culture of the company. “These are a few things that worked for us. Have a customer-first approach and focus on the fact that employees are your internal customers. Build a system that promotes taking risks and launching moon shots that push teams out of their comfort zone, while embracing failure and moving ahead. And as one scales up, it’s critical to cultivate an empathetic and binding culture within the organization,” Gupta said. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Why data analytics is the solution for healthcare providers in the post-Covid world

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Healthtech unicorn Innovaccer lays off 245 workers, 2nd job cut in 5 months

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State govts, firms harnessing Cloud to fight COVID-19 in India: AWS

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Why data analytics is the solution for healthcare providers in the post-Covid world

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