MINNEAPOLIS - OneMedNet Corporation (NASDAQ:ONMD), a curator of regulatory-grade Real World Data (RWD), has announced the successful integration of artificial intelligence (AI) into its data curation process. This advancement has reportedly led to a significant reduction in operational costs and improved the speed of processing clinical data. The company can now de-identify patient data more rapidly and precisely, processing vast amounts of clinical data in minutes instead of hours.
The integration has also increased the speed of delivering longitudinal clinical data and images to Life Science organizations, up to five times faster than previously possible. This efficiency gain is measured from the start to the end of the data curation process. Aaron Green, CEO & President of OneMedNet, stated, "The integration of AI into our de-identification processes not only enhances our data privacy but also significantly boosts our operational efficiency."
OneMedNet's AI-driven de-identification process is a part of the company's iRWD™ platform, which manages diverse clinical data, including electronic health records, laboratory results, and medical imaging. With the addition of AI, OneMedNet aims to set a new standard in healthcare data curation, promising unparalleled accuracy and speed in delivering regulatory-grade, de-identified datasets.
The company's iRWD™ platform is employed across more than 1,400 healthcare system and provider sites. It is designed to meet the clinical requirements necessary across various domains, such as rare diseases, oncology, and cardiology. OneMedNet is focused on enhancing patient outcomes and supporting the next wave of healthcare innovation.
OneMedNet's CEO, Aaron Green, noted the increasing trend among medical device companies to utilize existing Real World Data (RWD), particularly medical imaging data, to support various development stages, including post-market surveillance. The company's iRWD™ network, which includes over 1,400 healthcare system and provider sites, provides diverse clinical data management, including unique medical imaging. These recent developments highlight the increasing importance of data in the healthcare sector.
InvestingPro Insights
As OneMedNet Corporation (NASDAQ:ONMD) leverages artificial intelligence to revolutionize its data curation process, the company's financial metrics and market performance provide a broader context for understanding its current position. According to InvestingPro data, OneMedNet has a market capitalization of $28.27 million, reflecting the market's valuation of the company. Despite the technological advancements and operational efficiencies, the company's revenue over the last twelve months as of Q4 2023 stands at $1.02 million, showcasing a decline of 11.37%.
The financial health of OneMedNet is further illuminated by its gross profit margin, which was reported at -12.52% for the same period, indicating challenges in maintaining profitability. This is in line with an InvestingPro Tip highlighting the company's weak gross profit margins. The stock's performance has shown significant fluctuations, with a remarkable 84.17% return over the last three months, yet a stark contrast is seen in the one-year price total return, which plummeted by 91.44%. This volatility aligns with another InvestingPro Tip that points out the stock's high price volatility.
Investors seeking a deeper dive into OneMedNet's financials and market performance can find additional insights and tips on InvestingPro, which currently lists 11 InvestingPro Tips for ONMD, providing a comprehensive analysis of the company's stock behavior and financial health.
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