Cleveland Clinic Signs a Decade Long Contract With Palantir
Palantir has just Inked a 10 year deal with the Cleveland Clinic
This followed shortly after a five year contract with Lockheed Martin, focused on building more defense systems for the Navy. Let's see if they keep some of this momentum going!
Healthcare is a four trillion dollar opportunity. There are a lot of companies going after it. Palantir has carved out its niche in the data side, the operational side, and the supply chain logistics side of things. Really Palantir is showcasing their ability to make hospitals more efficient.
They know what they're doing when it comes to healthcare, and they've shown the ability to execute. Literally being the backbone of the infrastructure for the Covid vaccine distribution in the UK and the US over the past couple of years. They know how to get things done.
Shyam Sankar the COO of Palantir went onto Fox Business to discuss this new decade long deal, Lets see what Fox had to say:
…”expanding its’ [Palantir] Healthcare business by signing a new 10-year long partnership with the Cleveland Clinic for its virtual Command Center. Palantir Software will use AI to help predict patient admissions and discharges based on scheduling data. That's like just scratching the surface here. The idea is to help the clinic, which is already fantastic at this stuff, keep its finger on the pulse of metrics such as demand, staffing, and hospital beds making the entire system including yes those long waits in the emergency room much more efficient.”
In a nutshell, that is Palantir. The core thesis behind an investment in Palantir, both us as investors in the company, and Institutions investing in the software, is that there will be an asymmetric ROI driven through operationalizing real time data.
The Pandemic Opportunity
At the start of this year, The Financial Times released an article showing how Palantir was able to reduce the backlog of patients at the NHS by 28%. The backlog particularly in the UK is bad, because of the way their healthcare system is structured, being socialized and not based on a free market.
Unfortunately, any inefficiencies in a healthcare system at the moment are being tested to the max due to the extreme overloading of patients coming in for visits. One might think with Covid mostly in the rearview mirrors, the system could finally get a break. However what we are finding is that all the individuals who have been pushing off treatments due to the pandemic are finally coming out and looking to be seen.
“…for your institution to not only survive, but to thrive, it's not just about how well you can plan what's going to happen. It's how well you can react to the things that you could not plan.” Says Shyam Sankar COO.
The pandemic has been a perfect opportunity for Palantir to show that when unexpected things happen, they can actually step up to the plate and solve challenges.
Cleveland Clinic is iconic for their data driven focus. They are one of the few clinics that has a history of keeping up with rapidly changing environments and offering top quality service.
Nonetheless, they have life or death on the line here, and are choosing to partner with Palantir.
Imagine how many clinics there are in the world right now that are inefficiently managing their patient data. Operationalizing their data and making better sense of how to save lives is something Palantir can offer them.
Personal Data Security
One of the Largest Concerns, especially over in the UK right now revolves around personal privacy and security. Saving lives is something I think we can all agree should be prioritized, but when the cost becomes personal privacy many people begin to stall out. It's one thing to be able to help reduce wait times, but if that comes at the cost of your individual freedoms the lines get blurry to say the least.
Healthcare is Palantir’s third largest vertical. Having started working in the space before 2012, it's an area they have grown to be quite dominant in. There is no place in healthcare if you can't protect the patient data.
Contrary to what some might believe, Palantir developed world-class leading data protection software called Purpose-Based Access Control. Where data is not secured based on the data set or the rows and the columns, but also through a purpose based system. Essentially, users must prove that they have authorization to view the data before being able to work on it in any fashion.
This is an awesome deal for Palantir - let's see how they continue to attack the healthcare space over the coming years.
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