The Facilities for Medicare and Medicare Services this week declared the 25 participants chosen to move on to the next round of its Artificial Intelligence Health Outcomes Challenge.
Launched this March by the CMS Innovation Facility, in collaboration with the American Academy of Family Physicians and the John and Laura Arnold Foundation, the AI Health Outcomes Challenge objectives to provide innovators a showcase for how they’re creating AI and machine learning technologies, deep learning gadgets, and neural networks.
While the main target is helping hospitals and health systems drive cost efficiencies for value-based compensation, prevent hostile patient safety events and enhance quality results, CMS put out the call innovators from all areas of the economy – not just from healthcare.
Over 300 different organizations submitted offers. They were evaluated by a team of data science experts, clinical informaticists, and care providers. A CMS selection board then chose 25 of the applicants to proceed to Stage 1.
Of those, as many seven – to be named in April 2020 – will finally move on to Stage 2, where they will be awarded $60,000 each to help improve their software program and algorithms with more CMS datasets. From that group of finalists, a grand prize winner will receive $1 million, and the runner-up will get $230,000.
That executive order first declared in February and updated again in June into a more realized strategic order, was meant as a way to assist in keeping pace with nations such as China, which many fear is far outpacing America in its advances in artificial intelligence development.