Parallax Health Sciences inks licensing pact with HealthPointe Solutions

Parallax Health Sciences Inc (OTCMKTS:PRLX) said Monday that the telehealth company has inked a license agreement with HealthPointe Solutions, a provider of health solutions powered by artificial intelligence.

Parallax is a data-driven, Santa Monica, California-based company focused on developing technology to make remote healthcare a more reliable, cost-effective option for patients.

It is relying on HealthPointe’s cognitive artificial intelligence solutions to power a wide variety of healthcare analytics.

READ: Parallax Health Sciences opts for third-party artificial intelligence for its remote healthcare platform

To grasp what HealthPointe does one must understand there are different types of artificial intelligence. The form most commonly known is machine learning and utilizes machine algorithms to detect patterns in large data sets. Think IBM Watson – it’s good and useful in many situations, but problematic in healthcare because there can be so many variables.

The second major type of AI is Deep Neural Networks – the kind that Google Deep Mind uses. Used by government agencies for facial recognition, it can look at patterns and images in order to recognize detectable patterns like in breast cancer. However, that it is limited to the training set it receives – it can’t automatically detect brain cancer without extensive retraining.

Neither types function, however, like the artificial intelligence technology that HealthPointe utilizes because, unlike machine learning and Deep Neural Networks, the company’s AI has the unique ability to perceive and reason.

HealthPointe says it uses a system that already has a “common sense understanding combined with higher-ordered health industry knowledge” to determine best possible solutions. Most important, though, is its ability to provide the user with a complete trail of exactly how it got to that answer.

Provides a broad menu of tools  

“We chose HealthPointe Solutions because of their senior management’s deep background in healthcare and healthcare technologies,” said Parallax Health Sciences‘ Chief Technology Officer Nathaniel Bradley.

“HealthPointe Solutions provides us with a broad menu of tools to deliver the solutions that are core to our product offerings. HealthPointe Solutions focus is on cognitive intelligence which is right in line with our vision of the future of artificial intelligence.”

Bradley noted that HealthPointe’s cognitive AI platform combines the complex nature of healthcare data extraction, management and analysis, coupled with Parallax Health’s need for seamless interoperability of applications and technologies.

“Our collaboration with Parallax Health Sciences will bring a new age of behavior modification toolkits for population and digital health allowing better collaboration between physicians and their patients while driving treatment compliance, digital monitoring, and better outcomes,” said Mark Anderson, chief operating officer at HealthPointe Solutions.

“We are truly excited about our opportunity to help transform the healthcare landscape together.”

HealthPointe’s AI solutions will be woven into the Parallax Care Platform, a remote patient diagnosis, treatment and monitoring system.

“HealthPointe Solutions is powered by Cyc, and other advanced artificial intelligence engines and knowledge bases making HealthPointe Solutions the ideal partner to integrate with the Parallax Care Platform,” said Parallax Health Sciences CEO Paul Arena.

Arena noted that HealthPointe Solutions shared their mission to “reduce costs, increase access, and improve outcomes” for patients and allow healthcare providers deliver better outcomes.”

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Story by ProactiveInvestors