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Got favored by No.1 hospitals in the US, AI-powered clinical tool skyrockets the digital medicine
Mayo Clinic, the "Best Hospital" nationwide ranked by U.S. News & World Report for six consecutive years, has accepted AESOP Technology into their Mayo Clinic Platform_Accelerate. During the last year AESOP has identified omission of revenue and quality associated diagnoses from real inpatient practice in the platform, refined models and clinical documentation improvement tool, and aiming to level up the coding efficiency and save up costs. Targeting clinical decision optimization, AESOP Technology has its solution going in hospitals across Taiwan, the United States, and China.
In the United States, the medical industry accounts for 17% of the GDP, up to 50% of which is the cost generated by administrative processes within hospitals and clinics. “With the data and AI technology, we can significantly increase the efficiency and reduce the unnecessary costs,” said Jim Long, CEO of AESOP Technology. Consisting of a batch of experienced physicians, pharmacists, researchers, and data scentisits, AESOP Technology manages to find its niche, gaining a foothold in the medical markets of the United States.
Deep-rooted in medical technology, AESOP Technology builds a professional team with abundant research experiences
Yu-Chuan (Jack) Li, the founder of AESOP Technology, is a pioneer of Al in medicine and translational biomedical informatics and has been nominated as “World’s Top Scientist” by Elsevier Journal. He is currently President of the International Medical Informatics Association (IMIA) and distinguished professor at Taipei Medical University.
Li‘s former student at Taipei Medical University Jim Long, is now the CEO of AESOP Technology. Long started to engage in digital medicine in 1997 right after national health insurance adopted and most hospitals suffered from the transition. Then, Long worked as director of the IT department at municipal Wanfang Hospital.
At that time, digital medicine was a brand new idea for the markets, with many applications still under development. Within two years, Long has taken innovative attempts, like implementing surgical procedure safety systems, medication safety, and risk evaluation systems, adverse event reporting systems and etc. He established a task force to better analyze staff behavior using statistical process control. With experience working in hospitals, Long realized that digital solutions would be a good help for hospitals running.
Together with Li and a visiting scholar to Taipei Medical University Jeremiah Scholl, Long launched AESOP Technology in 2019, aiming to solve errors in healthcare. AESOP team consists of research scholars, who specialize in medical informatics, epidemiology, and computer science. The team has conducted seven major research projects for the Ministry of Science and Technology in Taiwan, with total funding exceeding NT$50M.
Building the world’s largest prescription database from Taiwan and US, AESOP plans to fix medical billing errors
“Take solaxin as an example, a medicine that is used to treat muscle spasms and pain alone has seen over 50 similar translations by pharmaceutical factories in Taiwan,” said Long, “wrong prescriptions and medication dispensing errors are very common.” 11% of medication errors are caused by mistaking drugs. Medical coding is required when hospitals send the prescribed records to the national insurance systems for reimbursement. And hospital coders are responsible for ensuring that medical records are properly organized and documented. But it’s a time-costly manual task when the doctor’s prescriptions are in handwriting, inconsistent, or mixed with different symptoms and diseases. Hospitals suffer from medical billing errors, resulting in reimbursement denials.
With AI-power technology, AESOP Technology plans to optimize clinical decisions to improve patient safety and medical coding quality. What empowers AESOP Technology to achieve that, is the world’s largest prescription database. The prescription database center is difficult to access. Through conducting international research projects, AESOP has obtained 4.5 billion outpatient and inpatient data that can be used in the US and Taiwan.
To solve the problem from the source, AESOP comes up with DxPrime, which digitalizes the whole medical coding process and predicts the decision-making behavior with 99% of accuracy. The solution analyzes the coding gap between overcoding, undercoding, and missing medical records. It can also automatically prioritize items that require more maintenance, improving the efficiency of medical record operations. After a wide range of testing in hospitals, DxPrime showcased a 300% increase in diagnostic codes, a 5% increase in average revenue, and a five-time elevation in efficiency.
Boosted by Mayo Clinic Platform, AESOP Accelerates its Global Expansion
Mayo Clinic, the "Best Hospital" nationwide ranked by U.S. News & World Report for six consecutive years, has accepted AESOP Technology into their Mayo Clinic Platform_Accelerate. The 20-week program will help cohort companies develop and validate their artificial intelligence-driven healthcare products and advance its business plans.
As the only Taiwan-based cohort team, AESOP Technology’s tremendous potential lies in the global trend of Diagnosis-related groups (DRG). Introduction In 1983, DRGs became the price-setting system for the Medicare program in the United States. There has been a growing interest in using diagnosis-related groups (DRGs) payment to reimburse inpatient care worldwide, as the systems can induce increased efficiency, better transparency, and reduced average length of stay. Amid the COVID-19 pandemic, hospital capacity has drastically increased. As a result of which, clinical coding was sorely needed.
However, the implementation of the DRG system has had its challenges due to a lack of technical infrastructure and the complexity of the reimbursement method. AESOP Technology could solve the problem. Their clinical documentation improvement tool, DxPrime, aims to level up the coding efficiency and the quality of DRG cases. The product fits the needs of hospitals’ DRG transforms. Based on the 800-bed hospital, the DxPrime system can save up to $13M per year, according to AESOP Technology.
Hospitals across the globe are adopting DRGs. “Sooner or later, they will all need it,” said Long. Taiwan launched TDRG in late 2009, with 10 hospitals using the DxPrime systems so far. China plans to implement DRGs in national hospitals by 40%, 30%, and 30% respectively in the next three years, aiming for full coverage of DRG by 2025.
“AESOP Technology is a startup eyeing the global market,” said Long. The team has offices in California, Colorado, and Taiwan. And they plan to go further into hospitals worldwide.
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