Atlanta, GA – December 18, 2024 – Catalyst by Wellstar, the innovation engine of the prominent Georgia-based health system, today announced the launch of Polysight, an artificial intelligence-driven company poised to disrupt the $39 billion healthcare compliance landscape. This new venture aims to alleviate the immense financial and operational burden placed on U.S. hospitals navigating an increasingly complex web of regulations.
For healthcare organizations, maintaining compliance isn’t merely a matter of ticking boxes; it’s a critical function impacting patient safety, financial stability, and operational efficiency. However, the current system is often characterized by manual processes, siloed data, and reactive responses to regulatory changes. Polysight offers a fundamentally different approach, leveraging AI to proactively anticipate, analyze, and adapt to evolving requirements.
The Rising Cost of Compliance: A System Under Strain
U.S. healthcare systems dedicate an estimated $39 billion annually to compliance efforts – a figure that continues to climb alongside the proliferation of new rules and guidelines. This substantial expenditure diverts resources from core patient care activities and places significant strain on already stretched hospital budgets. Traditional governance, risk, and compliance (GRC) solutions often fall short, functioning as static repositories of information rather than dynamic intelligence platforms.
Polysight distinguishes itself as an “AI-native” solution, meaning artificial intelligence is woven into its core architecture, rather than being an add-on feature. According to Rinku A. Patel, PharmD, RPh, CEO and Co-Founder of Polysight, “Safe AI begins with trustworthy data. Polysight utilizes only validated, official regulatory sources to guarantee the accuracy, defensibility, and operational readiness of every insight provided.”
How Polysight’s AI Works: Anticipate, Analyze, Adapt
The Polysight platform operates on a continuous cycle designed to transform regulatory compliance from a reactive burden into a proactive advantage. This cycle consists of three key phases:
- Continuous Monitoring: Polysight constantly scans for updates to regulations in real-time, eliminating the delays associated with quarterly audits or manual reviews.
- AI Analysis: The platform’s AI engine interprets the relevance and impact of these changes, filtering out irrelevant information and highlighting the specific regulations that require attention.
- Workflow Automation: Polysight provides automated recommendations to streamline policy updates and ensure ongoing compliance, reducing the risk of errors and improving operational efficiency.
Real-World Validation: Piloting with Wellstar Health System
Unlike many emerging health-tech companies, Polysight isn’t launching with a theoretical model. It’s currently undergoing rigorous testing within Wellstar Health System, a network encompassing 11 hospitals and 5 Health Parks across the Southeastern United States. This large-scale pilot provides a diverse and complex environment to validate the platform’s capabilities and refine its algorithms.
Beth Kost, SVP & Chief Compliance Officer at Wellstar, stated, “Polysight offers a promising new approach by delivering teams real-time intelligence and actionable insights. We are eager to assess how this technology can optimize our processes and enhance our compliance posture.”
Catalyst by Wellstar: Building the Future of Healthcare
Polysight represents the second venture to emerge from Catalyst by Wellstar, the health system’s internal innovation studio. This strategic move reflects a growing trend within healthcare: a shift from simply purchasing technology to actively building solutions that address specific operational challenges. By incubating solutions internally, Wellstar ensures that its innovations are directly aligned with the needs of healthcare providers and patients.
Hank Capps, MD, President of Catalyst by Wellstar, emphasized that “Regulatory complexity is a major operational hurdle for healthcare organizations today. By automating this process, we aim not only to reduce costs but also to free up valuable resources that can be reinvested in patient care.”
What impact will AI-driven compliance have on the future of healthcare operations? And how will this shift empower hospitals to focus more on patient outcomes?
Frequently Asked Questions About Polysight and AI in Healthcare Compliance
- What is Polysight’s primary goal in healthcare compliance? Polysight aims to reduce the $39 billion annual cost of healthcare compliance in the U.S. by automating and proactively managing regulatory changes.
- How does Polysight differ from traditional GRC tools? Unlike traditional tools that often act as digital filing cabinets, Polysight is an AI-native platform that actively monitors, analyzes, and adapts to regulatory updates.
- What is the “AI-native” approach to compliance? This means AI is integrated into the core of the platform, enabling real-time monitoring, intelligent analysis, and automated recommendations.
- How is Polysight being tested in a real-world setting? Polysight is currently undergoing a pilot program with Wellstar Health System, a large network of hospitals and health parks in the Southeast.
- What is the role of Catalyst by Wellstar in the development of Polysight? Catalyst by Wellstar is the innovation studio that incubated and launched Polysight, demonstrating a trend of health systems becoming technology builders.
- What are the benefits of automating healthcare compliance? Automating compliance can reduce costs, improve efficiency, minimize errors, and free up resources for patient care.
- How does Polysight ensure the accuracy of its AI-driven insights? Polysight uses only validated, official regulatory sources to ensure the accuracy and defensibility of its recommendations.
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Disclaimer: This article provides general information and should not be considered legal or medical advice. Consult with qualified professionals for specific guidance.
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