MARINA DEL REY, Calif., Feb. 23, 2012 /PRNewswire/ -- Dr. Richard Merkin, President and CEO of Heritage Provider Network, recently named one of the global 10 most innovative companies in healthcare for 2012 by "Fast Company Magazine," will announce the winners of the $80,000 second progress prize in the $3 million Heritage Health Prize on Thursday, March 1, 2012 at the Strata Conference in Santa Clara, California.
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. Created, developed and sponsored by Dr. Richard Merkin, the goal is to decrease the number of avoidable hospitalizations, saving the country $32 billion in avoidable hospitalization costs. The prize is larger than the Nobel Prize for Medicine and the Gates Health Prize. (www.heritagehealthprize.com)
"The Heritage Health Prize has attracted over 11,000 entries from around the globe representing many different sectors of industry," said Dr. Merkin. "What we have observed over the past 12 months is the importance of these competitors from outside the healthcare sector who are bringing new solutions to the forefront and that is very exciting," he continued. "I truly believe these data miners can help solve our country's $2 trillion healthcare crisis in a globally transformative way."
The $80,000 dollar progress prize will be awarded at the 12 month mark in the competition on March 1, 2012, split $50,000 and $30,000 between the top two teams. Other milestone prizes include $100,000 dollars split between the top two teams at the eighteen month mark (split as $60,000 and $40,000). The duration of the contest is two years.
"If we can 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," said Dr. Merkin. "Then we can begin to change the world through healthcare delivery."
Kaggle, the company running the competition, is encouraged by the number of entries, enthusiasm and ongoing continued interest in the prize.
Heritage Provider Network, Inc. (HPN) is on the cutting edge of the accountable care model of healthcare delivery: coordinated, patient-doctor centric, integrated healthcare systems that represent the future of healthcare 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 healthcare and putting patients' wellness first. (www.heritageprovidernetwork.com)
SOURCE Heritage Provider Network, Inc.