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Microsoft puts AI at heart of digital health strategy with Nuance deal

Microsoft has made its aspirations in digital health clear with a whopping $19.7 billion deal to buy Nuance Communications and its artificial intelligence platform for speech recognition that is increasingly being used for clinical applications. 

The $56 per share deal is all about increasing Microsoft’s position in digital health, and represents a hefty multiple on Nuance’s current revenue stream, which was running at around $350m in the fourth quarter of 2020.

It also speaks to Microsoft’s ambitions in healthcare that this is the second largest acquisition it has ever made after its $26 billion takeover of social media platform LinkedIn.

The tech behemoth hasn’t been so active in building in digital health as rivals like Google and Apple, but made a big play last year with the launch of its Microsoft Cloud for Healthcare in 2020.

“AI is technology’s most important priority, and healthcare is its most urgent application,” said Microsoft chief executive Satya Nadella.

“Together, with our partner ecosystem, we will put advanced AI solutions into the hands of professionals everywhere to drive better decision-making and create more meaningful connections,” he added.

Nuance has long been a specialist in speech-to-text software – laying the groundwork for the initial version of Apple’s Siri voice service – and in recent years has expanded its focus to include conversational AI and cloud-based ambient clinical intelligence for healthcare providers.

It’s been working closely with Microsoft since 2019, and its main products – including Dragon Ambient eXperience (DAX), Dragon Medical One and PowerScribe One for radiology reporting – are all built on Microsoft’s Azure cloud platform.

Using ambient intelligence, DAX listens in to consultations between doctors and patients and automatically transcribes notes into health records, while Dragon Medical and PowerScribe are speech recognition platforms for clinical note taking, data sharing and patient follow-up.

The takeover could give Microsoft an immediate leg-up in the healthcare sector as Nuance’s software products are already used in 77% all US hospitals, 55% of physician offices and 75% of radiology suites, according to the tech giant.

Nuance CEO Mark Benjamin will retain his role, reporting to Scott Guthrie, executive vice president of Cloud & AI at Microsoft.

History in the making! We are committed to solving our customers’ biggest challenges and we are taking that to a new level with @Microsoft. Aligned with a shared mission, together we will empower others with technology that helps them achieve EVEN more! https://t.co/FJlHpOVX6w

— Mark Benjamin (@MarkB_Nuance) April 12, 2021

Benjamin said the deal brings together Nuance’s “deep domain expertise in conversational AI and ambient solutions with [the] incredible scale and platforms that Microsoft has with their cognitive services and other attributes”.

With the pandemic focusing attention on the potential for digital health to ease physician workload and improve patient care, there has been something of an M&A spree in the sector, which shows no signs of letting up.

This week also saw UK-based digital health startup HealthHero enter the French market with its acquisition of telehealth startup Qare – just three months after buying Ireland’s telehealth player MyClinic.

HealthHero says that the Qare takeover means it now provides digital health services to around 22 million people – making it one of the largest telehealth players in Europe, and is on track to provide just under three million consultations this year.

Meanwhile, in the US telehealth startup Zipnosis has been bought by insurance company Bright Health Group. Minneapolis-based Zipnosis’ platform provides virtual triage and consultations to nearly 60 health systems across the US, covering around 500,000 people.

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from https://pharmaphorum.com/news/microsoft-puts-ai-at-heart-of-digital-health-strategy-with-nuance-deal/

[nuadox]

Microsoft to acquire speech recognition pioneer Nuance for $19.7B

- By Nuadox Crew -

Microsoft and speech recognition pioneer Nuance Communications today announced they have entered into a definitive agreement under which Microsoft will acquire Nuance for $56.00 per share, implying a 23% premium to the closing price of Nuance on Friday, April 9, in an all-cash transaction valued at $19.7 billion (including Nuance's net debt).

Microsoft has accelerated its efforts to provide industry-specific cloud offerings to support customers and partners as they respond to disruption and new opportunities. These efforts include the Microsoft Cloud for Healthcare, introduced in 2020, which aims to address the comprehensive needs of the rapidly transforming and growing healthcare industry. Today’s acquisition announcement represents the latest step in Microsoft’s industry-specific cloud strategy.

Nuance is a pioneer and a leading provider of conversational AI and cloud-based ambient clinical intelligence for healthcare providers. Nuance’s products include the Dragon Ambient eXperience, Dragon Medical One and PowerScribe One for radiology reporting, all leading clinical speech recognition SaaS offerings built on Microsoft Azure. Nuance’s solutions work seamlessly with core healthcare systems, including longstanding relationships with Electronic Health Records (EHRs), to alleviate the burden of clinical documentation and empower providers to deliver better patient experiences. Nuance solutions are currently used by more than 55% of physicians and 75% of radiologists in the U.S., and used in 77% of U.S. hospitals. Nuance’s Healthcare Cloud revenue experienced 37% year-over-year growth in Nuance’s fiscal year 2020 (ended September 2020).

Microsoft’s acquisition of Nuance builds upon the successful existing partnership between the companies that was announced in 2019. By augmenting the Microsoft Cloud for Healthcare with Nuance’s solutions, as well as the benefit of Nuance’s expertise and relationships with EHR systems providers, Microsoft will be better able to empower healthcare providers through the power of ambient clinical intelligence and other Microsoft cloud services. The acquisition will double Microsoft’s total addressable market (TAM) in the healthcare provider space, bringing the company’s TAM in healthcare to nearly $500 billion. Nuance and Microsoft will deepen their existing commitments to the extended partner ecosystem, as well as the highest standards of data privacy, security and compliance.

The transaction has been unanimously approved by the Boards of Directors of both Nuance and Microsoft. The deal is intended to close by the end of this calendar year and is subject to approval by Nuance’s shareholders, the satisfaction of certain regulatory approvals, and other customary closing conditions.

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Header image: Banner with Microsoft and Nuance logos. Credit: Microsoft, Fair Use.

Source: Microsoft

Read Also

VA expands telehealth services with speech recognition cloud platform

[healthcaremarkettrend]

Advanced Visualization Market | Advancements in AV Software

According to MarketsandMarkets, [182 Pages Report] The global advanced visualization market is projected to reach USD 17.07 billion by 2023 from USD 10.30 billion in 2018, at a CAGR of 10.6%.

Growth in the advanced visualization market can be attributed to factors such as technological advancements in the field of AV software, integration of AV software into PACS, improved diagnostic interpretation with AV tools, and development of novel AV solutions.

Driver- Advancements in AV software such as integration of PACs & AV tools

Product innovations in the AV market are mainly focused on the development of more cost-efficient technologically advanced and user-friendly software compared to the conventional ones. Advanced AV solutions simplify working with 2D, 3D, and 4D images obtained from various imaging modalities. These solutions are equipped with powerful and advanced communication features, cloud data handling (such as storage, post-processing, computing, and remote access); they also provide easy-to-use/automated workflow solutions to clinicians. Key vendors in the AV market are increasingly focusing on technological advancements and the launch of new AV software.

From January 2012 to May 2016, the top 10 market players launched ~12 new AV systems in the global market. Such technological enhancements are stimulating the global demand for AV solutions.

In September 2016, Vital Images Inc. collaborated with Nuance Communications Inc. for the integration of its PowerScribe 360 Reporting (a speech recognition technology for radiology) and PenRad Technologies, Inc. for its PenLung Lung Screening Management system (solution for radiology and imaging facilities to manage low-dose computed tomograph lung screening) into Vital’s Lung Screening solution.

In November 2015, Vital Images, Inc. launched the CT Lung Screening Program solution, a radiology tool and workflow system for the standardization of lung nodules diagnosis and treatment plans.

Download a PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=111936030

A picture archiving and communication system (PACS) is a medical imaging technology for communicating diagnostic outcomes across healthcare systems. It is increasingly being integrated with other healthcare enterprise systems [such as image-enabled electronic health records (EHRs)/electronic medical records (EMRs), and health information systems (HIS)] to provide improved patient care. Most PACS vendors are now integrating AV solutions into their systems to provide advanced post-processing solutions for specialized applications. The AV functionality is integrated or embedded into PACS through a partnership between the PACS vendor and an AVIS (advanced visualization independent software) vendor. The integration enables healthcare providers to provide cost-effective solutions and streamline workflow efficiency of healthcare organizations. It also enables radiology departments to maximize their investments in PACS workstations and helps avoid delays such as relaunching or losing data as images are moved on machines. Thus, the integration of AV technology into PACS is expected to further stimulate the demand for AV software in the coming years. Some recent developments in this regard are listed below.

In January 2016, Fujifilm Medical Systems U.S.A. Inc. received the FDA 510 (k) clearance for the marketing of Synapse 5, a PACS system that includes 3-D, vendor-neutral archive (VNA), radiology information system (RIS), cardiovascular, and mobile offerings.

In November 2015, Philips Healthcare launched Lumify, a smart device ultrasound solution which allows portable diagnostic testing, connection with PACS, shared networks, and system directories through cloud-enabled technology.

In September 2015, Philips received the FDA 510 (k) clearance for marketing of its Spectral Diagnostic Suite (SpDS), a set of advanced visualization and analysis tools that supports PACS.

Request a Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=111936030 Restraint- Limited availability of reimbursements for radiology-based diagnostic procedures

In 2006, the Centers for Medicare & Medicaid Services (CMS) announced an approximately 12 fold reduction on radiology remunerations. In line with the cost-containment and reduction strategies of the ACA, the agency proposed a rule in July 2014 which explains additional drops in the reimbursement for radiology practices.

Reimbursement changes for the technical part of imaging procedures (such as MRI and CT scans) is the most critical radiology billing problem. Several departments such as radiology, interventional radiology, and radiation oncology witnessed payment changes since 2015. The CMS provided updates about the changes in the reimbursement rates for specific Medicare services. Moreover, there was a decrease in the payment rate for many kinds of imaging procedures for radiologists, and this may impact finances in radiology departments. Thus, reimbursement cuts for radiology may hamper the demand for advanced visualization software as radiology accounts for a major share of ~54% in 2015.

Inquiry before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=111936030

[ourdeliciouspeachbouquetstu-blog]

360Quadrants recognizes Nuance Communications as a Visionary Leader in the Cognitive Analytics space

360Quadrants, the world’s only comparison platform that combines expert analysis with crowdsourced reviews, has released a quadrant on cognitive analytics to help businesses make quicker and more informed decisions.

Cognitive Analytics solutions are a combination of analytics and cognitive computing technologies used to help humans make smarter decisions. Cognitive analytics enables users to apply human-like intelligence to various tasks. For instance, it understands not only the words in text but also the full context of the written or spoken material. It also recognizes objects among a large amount of information in an image. Cognitive analytics solutions utilize varied technologies comprising Artificial Intelligence (AI), semantics, and learning techniques such as machine learning and deep learning to make applications more effective and smarter over time, by learning from its interaction with humans and data.

 The cognitive analytics market has been segmented into component, deployment model, organization size, industry, service, application, and region.  

 Nuance Communications has been identified as a visionary leader in the cognitive analytics space given its extensive product features, high product quality, reliability, suitable channel strategy, and wide geographical footprint. 360Quadrants also lists competitors of Nuance Communications in the Cognitive Analytics solutions  space.

Cognitive analytics offerings from Nuance Communications aim to deliver valuable insights and intelligence from data. The company has an established product portfolio with a robust market presence and business strategy. Some of the major developments of the company in the cognitive analytics space include:

  ·         Nuance announced IVR to Digital - an addition to its series of cognitive AI

Nuance, with its IVR to Digital platform, aims to bring about innovations in conversational AI for seamless customer care. This involves the ability to switch from traditional phone calls to a digital channel at any time. It also involves self-service as well as assisted service.

  ·         Nuance Introduces AI and Cloud powered PowerScribe One

PowerScribe One is one of the most popular radiology reporting platforms. It used the advanced natural language capabilities of Nuance, along with its cloud tech to integrate AI-powered access and enhance tools for better decision-making capabilities.

  ·         Nuance uses deep learning to enhance its text-to-speech tech

 Nuance announced the delivery of a quality standard that claims to reduce the chances of error by almost 40%. This advanced standard uses deep neural networks and combines deep learning with knowledge-based developments. It is used to enhance user experience across the healthcare, automotive, enterprise, and other sectors.

 ·         Nuance Expands Cognitive Innovation Group (CIG)

Nuance has expanded its Cognitive Innovation Group (CIG) to implement the latest AI and ML in customer service across various sectors. This group will also focus on predictive AI and analytics to enhance customer interactions across connected devices.

 About 360Quadrants

360Quadrants provides equal opportunities to all stakeholders, thus reducing prejudice. Vendors get to win ideal new customers, customize their quadrants, decide key parameters, and position themselves strategically in a niche space, to be consumed by giants and start-ups alike. 360Quadrants aims to simplify and de-risk complex purchase decisions by providing buyers with real-world insights from their peers, industry experts, analysts, and vendors, helping buyers make more informed decisions and finding the best-fit solutions faster. Experts get to grow their personal brand and increase their thought leadership. The platform targets the building of a social network that links industry experts with companies worldwide.

 Contact manoj.singhvi@marketsandmarkets.com for further information/ details.

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Nuance launches next-gen PowerScribe One, touts growth of AI Marketplace https://ift.tt/2DZ8WC3

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Philips and Nuance Partner in Artificial Intelligence to Enhance Radiology

New tools are being offered to radiologists which may help improve report structures and patient turnaround times. This comes with thanks to a newly formed partnership between Royal Philips and Nuance Communications. By integrating their Illumeo and PowerScribe 360 platforms, the companies will make the work of a radiologist much easier. Using artificial intelligence (AI) to enhance radiology…

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