Tag: Artificial Intelligence

eqt-private-equity-sells-utimaco,-a-global-leader-in-cybersecurity-solutions

EQT Private Equity sells Utimaco, a global leader in cybersecurity solutions

August 14, 2021 Published by

 

EQT is pleased to announce that the EQT Mid Market Europe fund (“EQT Private Equity”) has agreed to sell Utimaco Verwaltungs GmbH (“Utimaco” or the “Company”) to SGT Capital LLC (“SGT”), a global alternative asset manager with offices in Germany and Singapore.

Headquartered in Aachen, Germany, and Campbell, CA, US, Utimaco is the leading platform provider of trusted cybersecurity and compliance solutions and services. The Company provides on-premises and cloud-based hardware security modules, as well as key management solutions and data intelligence solutions for regulated critical infrastructures. Utimaco has more than 470 employees around the globe and with its focus on protecting data, identities and critical infrastructures against cyber-crime, the Company is a crucial force in contributing to making the world and societies a safer place.

Together with EQT Private Equity, Utimaco has executed an impressive innovation, growth and M&A strategy. In addition to strong organic growth, the Company has completed five strategic add-ons in the US, UK, Spain, and Germany and transformed into one of the global leading integrated European cybersecurity champions with strong capabilities in high-growth areas. Under EQT’s ownership, Utimaco has close to tripled its revenues, while maintaining its unique focus on R&D, innovation, and customer satisfaction.

Florian Funk, Partner within EQT Private Equity’s Advisory Team, said: “Utimaco plays a crucial role in fighting cyber-crime making the world a safer place and we are extremely proud of having supported Utimaco on its mission to create trust in the digital society, as cyber terrorism and data abuse is growing in complexity, sophistication and frequency. We would like to thank all employees for this exciting journey – We are convinced that Utimaco will continue its successful path with its new majority owner and are happy to stay invested as a minority owner.”

Stefan Auerbach, CEO of Utimaco, said: “In the last years, we have built a global platform leader for trusted cybersecurity solutions, providing the highest level of security and compliance to the world’s largest corporates and governments. With EQT’s support, we have been able to transform the business and accelerate growth by making substantial investments. The collaboration with the EQT team and the board has been fantastic, and we would like to thank you all for the great partnership and look forward to the next phase of growth together with SGT.”

Joseph Pacini, Co-Managing Partner of SGT Capital, said: “Utimaco is the clear market leader in global cybersecurity as well as data intelligence solutions and has executed an impressive innovation, growth and M&A strategy. We look forward to working with Stefan Auerbach and the entire Utimaco team as well as EQT Private Equity going forwards.”

The transaction is subject to regulatory conditions and approvals and is expected to close in Q4 2021. The parties have agreed not to disclose the transaction value. EQT Private Equity was advised by Moelis & Company (financial advisor), Freshfields Bruckhaus Deringer (legal), PWC (financial, tax) and Strategy& (commercial). 

cango-auto-view:-new-era-for-smart-vehicles-–-tech-companies-disrupt-auto-industry-chain

CANGO Auto View: New Era for Smart Vehicles – Tech Companies Disrupt Auto Industry Chain

August 14, 2021 Published by

 

With the evolving landscape of the global automotive industry, Cango Inc. (NYSE: CANG) (“Cango” or the “Company”) is issuing a bi-monthly industry insight called “CANGO Auto View” to bring readers, drivers and passengers up to speed with what’s on offer in the automobile market, what trends are emerging, and what holes need to be plugged.

Below is an article from the Company’s 4th edition for June 2021.

In the 130 years since the first-ever car was made, the auto industry has progressed by leaps and bounds, forging ahead despite constant challenges brought by oil crises, traffic jams, urban diseases, regional environmental pollution and global warming. The auto industry’s century-old history and its endurance stems from the fact that it has always been an active area of technological innovation and progress, embracing and seeding new technologies, materials, processes and equipment, in turn also propelling the development of many related industries. The history of the automobile is one of continuous technological transformations and innovation. More importantly, leveraging opportunities arising from every  technological revolution, the automobile industry accelerated its own development and growth.

And now in 2021, the widespread adoption of smart EVs has triggered rising interest in smart parts suppliers specializing in smart car technologies, autonomous driving and smart cockpits. At the Shanghai Auto Show this year, a large number of tech companies focusing on autonomous driving and smart cockpit solutions received special attention. As companies that are developing underlying technologies for the industry, they are indispensable to reshaping the whole industry chain across four new trends – automation, connectivity, electrification and shared mobility.

Not only that, as car-making further gravitates toward electrification and intelligence, more tech companies and IT giants have jumped on the bandwagon along with early movers like Baidu and a few others. Auto Shanghai 2021 staged a number of tech companies such as Baidu, Huawei, DJI, and Horizon Robotics, clearly indicating the changes that are happening in the industry.

Tech Companies as Auto Suppliers

In addition to the aforementioned technology companies that have become automotive suppliers, more and more of them are joining the pack. In April, Huawei released a new generation of intelligent components and solutions including 4D imaging radar, AR-HUD, and MDC810. In October 2020, Huawei launched the HI brand. As a digital car-oriented provider of new components, Huawei has closely worked with OEMs to build premium intelligent vehicles under the innovative ‘Huawei Inside’ initiative, which includes a brand-new digital architecture for intelligent vehicles, five intelligent solutions (Intelligent Driving, Intelligent Cockpit, mPower, Intelligent Connectivity, and Intelligent Vehicle Cloud), and over 30 intelligent components.

Huawei joined its car-making peers as an automotive supplier, while Xiaomi took a bolder move as its founder Lei Jun announced the company’s car-making plan in its spring conference this year. According to an announcement by Xiaomi Corporation (1810.HK), the board of directors of the Company has resolved to commence the smart electric vehicle business. The Company will set up a wholly-owned subsidiary to operate the smart electric vehicle business. The initial phase of investment will be RMB10 billion, with the total investment amount over the course of the next 10 years estimated to be USD10 billion.

Needless to say, smart cars will be the next trillion-dollar market. Intelligence is the way to go for automobiles. A mission awaits, so do huge business opportunities.

Traditional auto suppliers are also keeping up with the trend. ZF debuted the next generation of its ZF ProAI supercomputer at the beginning of the year, designed to meet requirements of software-defined vehicles and their new electronic architectures based on domain or zone controllers.

MAHLE unveiled its new generation of high voltage air-side PTC heaters, using an optimized design for new radiating fins to increase thermal efficiency while reducing volume and weight, effectively improving winter driving performance for electric vehicles.

Grupo Antolin premiered its smart cockpit demonstrator INSPIRE, revealing its state-of-the-art technology related to lighting & HMI, active surfaces and electronics. This unique demonstrator seamlessly integrates dynamic lighting to create different driving scenarios, backlit surfaces in unique materials, a display deco module, sewed light guides, smart decors, natural active surfaces, light projections and the driver monitoring system.

Aptiv presented SVA (Smart Vehicle Architecture), an open-server platform, ADAS active safety solutions and EV solutions at the 2021 Shanghai Auto Show. Aptiv’s SVA is an innovative vehicle-level design that reduces complexity, unlocks innovation opportunities, enables automated assembly and provides redundancy operations in case of failures, while reducing costs.

sgt-capital-purchases-utimaco,-the-global-leader-in-cybersecurity-solutions

SGT Capital purchases Utimaco, the global leader in cybersecurity solutions

August 13, 2021 Published by

 

SGT Capital is pleased to announce that the EQT Mid Market Europe fund (“EQT Private Equity”) has agreed to sell Utimaco Verwaltungs GmbH (“Utimaco” or the “Company”) to SGT Capital, a global alternative asset manager with offices in Germany and Singapore.

Headquartered in Aachen, Germany, and Campbell, CA, US, Utimaco is the leading platform provider of trusted cybersecurity and compliance solutions and services. The Company provides on-premises and cloud-based hardware security modules, as well as key management solutions and data intelligence solutions for regulated critical infrastructures. Utimaco has more than 470 employees around the globe and with its focus on protecting data, identities and critical infrastructures against cyber-crime, the Company is a crucial force in contributing to making the world and societies a safer place.

Joseph Pacini, Co-Managing Partner of SGT Capital, said: “Utimaco is the clear market leader in global cybersecurity as well as data intelligence solutions and has executed an impressive innovation, growth and M&A strategy. We look forward to working with Stefan Auerbach and the entire Utimaco team as well as EQT Private Equity and Bain Capital Credit going forwards.”

Florian Funk, Partner within EQT Private Equity’s Advisory Team, said: “Utimaco plays a crucial role in fighting cyber-crime making the world a safer place. We would like to thank all employees for this exciting journey – we are convinced that Utimaco will continue its successful path with its new majority owner and are happy to stay invested as a minority owner.”

Tom Maughan, Head of Private Credit in Europe for Bain Capital Credit, said: “We have been very impressed with the performance of Utimaco over the last few years. Bain Capital is delighted to support SGT Capital in their investment and to continue to work alongside this talented management team led by Stefan Auerbach. ”

Stefan Auerbach, CEO of Utimaco, said: “In the last years, we have built a global platform leader for trusted cybersecurity solutions, providing the highest level of security and compliance to the world’s largest corporates and governments. We look forward to the next phase of growth together with SGT Capital.”

Carsten Geyer, Co-Managing Partner of SGT Capital, said: “Utimaco clearly fits within the SGT Capital business model of investing in market leading business with excellent executives and significant future global growth potential – particularly into high growth regions such as Asia. We look forward to opening up doors of success together with the Utimaco team, EQT Private Equity and Bain Capital Credit.”

The transaction is subject to regulatory conditions and approvals and is expected to close in Q4 2021. The parties have agreed not to disclose the transaction value.

SGT Capital was advised by E&Y (commercial/technology, financial, tax) and Willkie Farr Gallagher (legal). Bain Capital Credit provided the financing for this transaction.

cerracap-ventures-portfolio-company-nirveda-cognition-acquired-by-jiddu

CerraCap Ventures portfolio company Nirveda Cognition acquired by Jiddu

August 13, 2021 Published by

 

CerraCap Ventures, a Global Venture Capital fund headquartered in Costa Mesa, California, USA, today announced acquisition of its portfolio company Nirveda Cognition by Jiddu Inc for an all-stock deal. The transaction is one of a slew of recent exits from CerraCap’s investment fund.

Nirveda Cognition, a B2B Enterprise AI company, was founded on the core belief that unprecedented problems require unprecedented solutions, and technologies like AI should be democratized to benefit everyone, not just a privileged few. Nirveda Cognition’s motto of “Reshaping the Future of Work” thrives on removing any potential barrier to Enterprise AI adoption and making AI within reach of every facet of an enterprise; thereby enabling enterprises to make data-driven decisions, faster and smarter. Nirveda Cognition’s Enterprise Document Intelligence Platform, along with the suite of AI products, excels at reimagining, automating, and enhancing the document intensive business processes by leveraging the power of Decision Insights through Cognitive Automation with a conscious focus on human-centered-user-experience.

Jiddu is the parent company of AgTech industry disruptor, AgShift, an AI based food technology company working on designing the world’s most advanced autonomous food inspection system. The current food quality assessment processes are paper-based and extensively manual, many times leading to inconsistent and subjective outcomes that result in losses in the range of USD 15~16 billion annually. AgShift’s solution augments manual inspections, thereby reducing the human fatigue of inspectors doing high volume of inspections daily. This results in objective, consistent, and standardized food quality assessments across the organization, every single time, thereby saving organizations millions of dollars in recovery costs, claims management and loss of brand reputation due to inconsistent food quality. Jiddu’s mission is to draw synergies across industries and make AI-first approach an integral part of our everyday lives.

“Nirveda Cognition is going to be a fantastic addition to Jiddu’s portfolio of companies. We are excited to see Nirveda Cognition’s AI platform, and their talented engineering team becoming a part of Jiddu’s ecosystem to advance AgShift’s growth further. This acquisition is yet another feather in the cap for CerraCap’s Sales & Scale™ business model,” said Saurabh Ranjan, Founder and Chief Executive Officer, CerraCap Ventures.

“We are pleased to become a part of Jiddu and look forward to an exciting journey together,” commented Abhi Mukherjee, Co-Founder and Chief Strategy Officer, Nirveda Cognition. “Nirveda Cognition & AgShift have a common vision of amplifying AI’s cause to elevate, not replace, humans. This strategic partnership is in line with Jiddu’s continued efforts to strengthen its presence in the arena of Artificial Intelligence and formulate industry solutions that categorically drive holistic business transformation for organizations.”

“We believe that the proven Nirveda Cognition’s Enterprise Document Intelligence platform, coupled with AgShift’s deep understanding of domain and delivery, will truly make the recipe for a formidable team. The assets built under Nirveda Cognition will continue to fuel the momentum of innovation and growth at AgShift. Given the increased market traction of AgShift, it needed a robust AI Platform like Nirveda Cognition to expand its offerings to become a dominant player in the AgTech space,” added Naveen Tiwary, Chief Strategy Officer and Board Member, Jiddu.

conversational-ai-leader-senseforth.ai-raises-$14-million-from-fractal

Conversational AI Leader Senseforth.ai Raises $14 million from Fractal

August 13, 2021 Published by

 

Conversational AI leader Senseforth.ai today announced a $14 million investment from Fractal (fractal.ai), a global provider of artificial intelligence and analytics solutions to Fortune 500® companies. This investment will help Senseforth.ai scale and expand its footprint across Fractal’s clients globally. This investment also strengthens Fractal’s conversational AI offerings as it advances on its mission to power every human decision in the enterprise.

Senseforth.ai’s patented and award winning zero-code platform A.ware automates customer experience across digital touchpoints for global enterprises. It is estimated that by 2022, 30% of customer experiences will be handled by conversational AI, up from 3% in 2017. A.ware makes it easy to build, train, deploy, and scale conversational AI solutions to drive revenue, reduce costs and increase operational efficiency.

Shridhar Marri, CEO and Co-Founder of Senseforth, said, “This strategic investment creates a new growth blueprint for Senseforth.ai. We are thrilled to deliver on our vision “to make technology humanlike”, enabling continuous Human-AI interaction, transforming complex business processes.” He added, “We can now scale talent, accelerate growth, make more investments in R&D, and create incredible value for our clients.”

Announcing the strategic investment, Fractal’s Co-Founder, Group Chief Executive and Vice Chairman, Srikanth Velamakanni said, “Senseforth.ai’s founders Shridhar, Krishna and Ritesh have built a great team and a robust platform that’s deployed at scale with marquee clients like HDFC Bank. Senseforth’s technology is ahead of the competition, especially as evidenced by their performance benchmark on the leaderboard of Stanford Question Answering Dataset (SQuAD) 2.0.” Srikanth added, “We are excited to partner with the Senseforth.ai team to contribute to their next phase of growth.”

“We are inspired by Senseforth.ai’s work with the government of India to remove technology barriers in accessing citizen services for 700 million internet users through conversational AI. We are delighted to partner with Senseforth and expand conversational AI solutions to our clients,” said Pranay Agrawal, Fractal’s Co-founder and Chief Executive Officer.

Krishna Kadiri, Chief AI Officer and Co-Founder of Senseforth, said, “Senseforth has a robust R&D and innovation culture and has already made its mark in the global ML benchmarks. This investment will help us enhance our deep learning capabilities and embed advanced cutting-edge research into A.ware.”

Don Vadakan, Chief Sales Officer at Fractal, said, “Senseforth’s industry agnostic, multi-experience AI platform will drive next-generation digital solutions. We are excited to deliver powerful use cases across industries for both large and mid-size enterprises with A.ware from Senseforth.”

Ritesh Radhakrishnan, CTO, and Co-Founder of Senseforth, said, “At Senseforth.ai, we have built A.ware, one of the most powerful and comprehensive Conversational AI Platforms in the market today. A.ware is already automating billions of conversations for enterprises across the world. This investment will help us further strengthen our technology foundation and scale our platform and products to become the undisputed market leader in the Conversational AI space.”

powerbridge-technologies-co,-ltd.-(pbts)-expanding-its-blockchain-business-to-engage-in-cryptocurrency-mining

Powerbridge Technologies Co., Ltd. (PBTS) Expanding its Blockchain Business to Engage in Cryptocurrency Mining

August 13, 2021 Published by

 

Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) (“Powerbridge” or the “Company”) is pleased to announce that Powerbridge plans to invest and engage in the cryptocurrency mining for Bitcoin (BTC) and Ethereum (ETH) with planned operations globally. The Company has assembled a team of industry veterans in cryptocurrency and technology to support the development and growth of its digital asset business.

Stewart Lor, President and Chief Financial Offer commented: We are optimistic about the positive outlook of the cryptocurrency market. Our initiative to engage in crypto mining is an important part of our overall blockchain strategy. We strive to continually build a clean energy based BTC and ETH mining network globally. We believe our crypto mining business will generate valuable digital assets that help accelerate the Company’s growth.

spoke-is-working-together-with-qualcomm-technologies-to-transform-safety-for-bicyclists-and-light-mobility-users

Spoke is Working Together with Qualcomm Technologies to Transform Safety for Bicyclists and Light Mobility Users

August 12, 2021 Published by

 

Spoke, a mobility platform for safety, connectivity and rich rider experiences, today announced plans to bring connected technology to vulnerable road users (VRUs), including bicyclists and scooter riders, using Cellular Vehicle-to-Everything (C-V2X) solutions from Qualcomm Technologies, Inc. A first-of-its-kind, the Spoke hardware and software suite, which features the C-V2X solutions, is designed to be the industry’s first reliable, robust connected system to offer secure, direct communication for contextual awareness and alerts between drivers and riders, enhancing safety for VRUs.

Reimagining the form factor, which has been engineered previously for automotive, Spoke’s new hardware solution is designed to enable vehicles to identify VRUs using the same C-V2X technology used in vehicles. The Spoke solution is intended to provide direct communication between road users, vehicles and roadside infrastructure without the need for a cellular network, delivering the level of dependable real-time information critical for safety applications. This capability provides critical augmentation to other Advanced Driver Assistance Systems (ADAS) sensors, such as cameras, radar, and Light Detection and Radar (LIDAR).

“This is game-changing connectivity for both safety and for the mobility experience overall,” said Jarrett Wendt, Spoke CEO. “For the first time, Spoke will provide dedicated hardware and software, what we refer to as vulnerable road user-to-everything (VRU2X), to unlock V2X communication to the most vulnerable users. VRU2X unlocks location accuracy through direct digital communication that connects all users anonymously to each other and to the infrastructure.”

C-V2X is uniquely designed to offer highly reliable, low-latency direct communication between VRUs, vehicles and roadside infrastructure in the 5.9 GHz ITS spectrum without reliance on cellular networks. C-V2X can provide highly reliable, low-latency broadcast to support advanced safety use cases and enhanced vehicle automation. C-V2X is also globally compatible with 5G networks and cloud-based APIs, enabling numerous capabilities with artificial intelligence/machine learning to enhance safety features.

C-V2X direct communication is an essential technology for safety and mobility applications, helping to reduce crashes and incident-related congestion for more efficient traffic flow.

Spoke is working with a number of stakeholders, including Qualcomm Technologies and vehicle, bicycle, scooter and motorcycle OEMs, for maximum scale, adoption and safety impact. Spoke’s portfolio, which will also include modem-based communications, will be launching with their OEM bicycle, motorcycle and scooter partners in 2022.

“Spoke was born from a passion to reduce rider vulnerability, prevent crashes and save lives using an innovative adaption of technology that is available today. There is tremendous opportunity to deliver a safer, richer, more dynamic trip experience,” added Wendt. “We are confident that through our work with various stakeholders, including Qualcomm Technologies, we will be able to reach our goal of including the most vulnerable road users in the intelligent transportation ecosystem equation. We expect Qualcomm Technologies’ industry-leading C-V2X technologies to elevate Spoke’s safety and mobility portfolio, helping us all arrive home safely.”

northstar-and-japan-space-imaging-join-forces-to-promote-commercial-space-situational-awareness-services-to-japan

NorthStar and Japan Space Imaging join forces to promote commercial Space Situational Awareness services to Japan

August 12, 2021 Published by

 

NorthStar Earth & Space of Montreal, Canada, has entered into an agreement with Japan Space Imaging Corporation (JSI) to tailor product offerings for Japanese customers based on NorthStar’s space-based precision Space Situational Awareness (SSA) services.  The agreement designates JSI act as Authorized Marketing Representative for NorthStar’s suite of services with the government of Japan and with Japanese commercial entities.

JSI and NorthStar will promote valuable space information and intelligence services to Japanese government and commercial customers to safely navigate in an ever contested and congested space environment.  Together, the two companies desire to greatly enhance current capabilities to ensure safe access to and operations in space and notably to protect the global satellite community from collisions.

“NorthStar is proud to partner with Japan Space Imaging Corporation- to tailor our services to Japanese Customers. As an established partner of the global space community, JSI is the ideal partner for NorthStar to promote the safety, security and sustainability of the space environment for a host of Japanese stakeholders” said Stewart Bain, CEO of NorthStar Earth & Space.

Commercial space is forecast to grow into a $2.7 trillion industry. New satellites and planned mega-constellations are launching into an environment ever more congested with traffic and space debris. Increased risks must be mitigated with precision information that fuel better Space Situational Awareness (SSA) services.  The combination of NorthStar’s Space Information and Intelligence services (Si2) and JSI’s established expertise will ensure Japanese commercial and government customers have access to NorthStar services to ensure safe access to space.

“JSI is delighted to partner with NorthStar to promote their SSA services in Japan. We feel enthusiastic to contribute to our customers in Japan and their indispensable missions with NorthStar’s unique space-based SSA capabilities powered by their cutting-edge processing algorithms” said Koji Ueda, CEO and President of Japan Space Imaging Corporation.

ziflow-wins-“best-marketing-resource-management-platform”-in-2021-martech-breakthrough-awards

Ziflow Wins “Best Marketing Resource Management Platform” in 2021 MarTech Breakthrough Awards

August 12, 2021 Published by

 

Ziflow, the industry’s leading creative review and approval solution for agencies and brands, announced today that it has been selected as the winner of the “Best Marketing Resource Management Platform” award in the 2021 MarTech Breakthrough Awards program. The awards are conducted by MarTech Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global marketing, sales and advertising technology industry today.

Ziflow is the only standalone online proofing solution on the market that offers a secure, enterprise-ready environment in which creative content can be reviewed from anywhere, on any device, with any workflow. The platform’s resource-centric approach to creative review and approval allows stakeholders at every level of the organization to quickly overcome complex review and approval workflow challenges and support more effective and efficient team feedback. Rich annotation and markup tools, real-time collaboration capabilities, and automated workflows simplify the entire review and approval process, mitigate bottlenecks, and support multi-region team communication.

“Ziflow is honored to be recognized in this year’s MarTech Breakthrough Awards; the win acts as a testament to the value that Ziflow strives to provide to the MarTech industry and its customers,” said CEO and Co-Founder, Anthony Welgemoed. “With a heightened need for automated workflow solutions during the pandemic brought on by work-from-home environments and, separately, the accelerated delivery of global campaigns, we are now a critical tool for close to one million users that rely on Ziflow every day to get real, actionable results. In this coming year, we are eager to continue our rapid growth, and extend our market leadership for online proofing.”

Ziflow acts as a single source of truth for leading brands and agencies that require a more streamlined approach to online proofing. The platform automates a number of essential team functions such as the creation of proofs, staged review, project and team productivity trend insights, updates and reminders for tracking purposes and corresponding alarms, and much more. It also enhances team and client collaboration through the integration of associated feedback and approvals that were previously accomplished via hallway conversations, emails and printouts, and other inefficient methods. Ziflow provides creative teams with a fully digital approach to embrace and enable today’s remote working scenarios – significantly improving overall workflow productivity by up to 48% from these traditional processes.

“Marketing and creative teams are remotely producing more content for more channels than ever before, and these teams need a simple and powerful solution that makes remote collaboration seamless and efficient,” said James Johnson, Managing Director at MarTech Breakthrough. “Ziflow’s online proofing solution delivers on this need with a “breakthrough” platform that helps marketing and creative teams overcome complex content workflow review and approval challenges. We extend our sincere congratulations to the entire Ziflow team on taking home the ‘Best Marketing Resource Management Platform’ award this year.”

The MarTech Breakthrough Awards honor excellence and recognize innovation, hard work, and success in a range of marketing, sales, and advertising technology related categories, including marketing automation, market research and customer experience, AdTech, SalesTech, marketing analytics, content, and social marketing, and mobile marketing. This year’s program attracted more than 2,850 nominations from over 17 different countries throughout the world.

technology-investments-will-help-oncology-practices-succeed-in-value-based-care

Technology Investments will Help Oncology Practices Succeed in Value-based Care

August 12, 2021 Published by

 

Community oncology practices are continuing to adapt to value-based reimbursement models as the Centers for Medicare and Medicaid Services (CMS) prepares to transition from the Oncology Care Model (OCM) to the Oncology Care First (OCF) model in 2022. While the full details of this transition are still pending, OCF is expected to include more practices than OCM – and may create similar challenges for oncologists and administrators when it comes to achieving financial performance.

Frost & Sullivan’s latest article, From OCM to OCF: Lessons Learned and What’s Next, recaps the key takeaways from a recent discussion among oncology practices that participated in OCM about preparing for the future of value-based care. Sponsored by Cardinal Health Specialty Solutions, the discussion highlighted the need for internal champions, data transparency, and additional staff to follow up with and triage patients who may be experiencing adverse events. Participating practice leaders also offered recommendations to community oncology practices that may be embarking on value-based reimbursement for the first time.

To download the complimentary white paper, please visit: http://frost.ly/62s

“When it comes to succeeding in value-based care, it is essential for oncology practices to have a champion in an administrative role. This will ensure that the practice has a person who sees the whole picture, speaks the clinical language, and drives the overall operational change,” observed Patrick Riley, Healthcare & Life Sciences, Industry Principal at Frost & Sullivan. “It is also vital to add or assign staff to regularly follow up with patients and proactively address health issues before they lead to an ER visit.”

“To make the best use of their staff and resources and ensure that patients receive optimal care, practices are increasingly reliant on predictive data and analytics,” noted Amy Valley, Vice President, Clinical Strategy at Cardinal Health Specialty Solutions. “Artificial intelligence-enabled technology can be used to deliver actionable insights to help identify patients at high risk of mortality, ER visits, and hospital readmission, and provide them with early interventions. Data transparency will not only improve patient outcomes but also help practices achieve their financial targets.”

Community oncology practices need to prepare for the transition to OCF in 2022. After evaluating their current data trends, costs and care outcomes, practices should consider the following steps for a successful transition to this next value-based payment model:

  • Be better prepared to take on more risks.
  • Establish a baseline metric from current performance periods and then adjust as needed to address areas of opportunity.
  • Invest in the resources and technology necessary to monitor and pivot to meet the demands of the evolving value-based care landscape.

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