MARINA DEL REY, Calif., Sept. 14, 2011 /PRNewswire/ -- Dr. Richard Merkin, President and CEO of Heritage Provider Network, will announce the $50,000 dollar progress prize winners in the $3 million dollar Heritage Health Prize on Friday, September 23, 2011 at the Strata Conference in New York.
The Heritage Health Prize is the world's largest predictive modeling contest, challenging entrants to create an algorithm that predicts how many days a patient will spend in the hospital. The goal is to decrease the number of avoidable hospitalizations, saving the country $32 billion dollars in avoidable hospitalization costs. The prize is larger than the Nobel Prize for Medicine and the Gates Health Prize.
"We have an opportunity to change the world," said Dr. Merkin. "If we create an algorithm that helps society avoid unnecessary costly hospitalizations, we can take those savings and use them for research to find cures for costly diseases. Indeed, a solution to the Heritage Health Prize challenge can help solve the country's $2 trillion dollar healthcare crisis and save money for families who are currently spending $1 out of every $4 dollars of their budget on healthcare," he continued.
The $50,000 dollar progress prize will be awarded at the six month mark on September 23, 2011, split $30,000 and $20,000 between the top two teams. Other milestone prizes include $80,000 dollars to the top two teams at the twelve month mark (split as $50,000 and $30,000) and $100,000 dollars to the top two teams at the eighteen month mark (split as $60,000 and $40,000). The duration of the contest is two years.
"I'm delighted to see we have over 4,500 teams from all over the world fiercely competing for the prize," said Dr. Merkin. "Competitors include those from both inside and outside the healthcare sector including investment bankers, information analysts and a self-taught data miner who acquired those skills watching Utube videos. This is critically important as those competitors who are currently outside the healthcare sector bring new solutions to the forefront."
Heritage Provider Network, Inc. (HPN) is on the cutting edge of the accountable care model of health care delivery: coordinated, patient-doctor centric, integrated health care systems that represent the future of health care in the United States. HPN develops programs and services that are responsive to the healthcare needs of today's patient. HPN designs its networks to offer patients a comprehensive range of medical care in convenient locations. It organizes and manages medical groups and independent practice associations, integrating with hospitals and ancillary care providers. This system represents a workable, successful business model that has been duplicated with medical groups, IPAs and medical facilities throughout California. HPN is dedicated to quality, affordable health care and putting patients' wellness first. (www.heritageprovidernetwork.com)
SOURCE Heritage Provider Network, Inc.