HCA - Augmedix surges ~60% on HCA investment for AI tool to document conversations

2023-04-20 10:39:26 ET

Augmedix ( NASDAQ: AUGX ) stock soared ~63% on Thursday afterthe company said it is collaborating with HCA Healthcare ( NYSE: HCA ) to develop AI-enabled ambient documentation.

In addition to the partnership, HCA will make a financial investment in Augmedix aimed at advancing Augmedix’s AI-centric R&D efforts to generate fully automated ambient documentation products which function within the acute care setting.

Augmedix will collaborate with HCA to develop AI-powered ambient documentation products for acute care clinicians, to streamline hospital workflows.

These products convert natural clinician-patient conversations into medical notes which doctors can review and finalize before they are transferred in real time to the Electronic Health Record (EHR).

The transformation of this often time-consuming task can improve the ease of documentation, according to the company.

HCA Healthcare is pilot testing Augmedix's technology stack, which includes automatic speech recognition (ASR) technology and natural processing (NLP) algorithms, in the emergency department in two hospitals, and intends to expand the pilot in emergency departments in two more hospitals in H1 this year.

"This technology has the potential to revolutionize the way documentation occurs at the point of care, and this partnership and investment is part of our broader strategy to use technology to support our physicians and nurses and enhance patient care," said Michael Schlosser, senior vice president, HCA's department of Care Transformation and Innovation.

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