Providence Health Care Ventures to advance AI-driven medical innovations as part of DIGITAL’s $53M investment
At Providence Health Care Ventures (PHCV), we are committed to bridging the gap between innovation and implementation in the health care space. Our partnership with DIGITAL, Canada’s Global Innovation Cluster for digital technologies, is a significant step in this mission. Today, DIGITAL announced over $53 million in new co-investments aimed at accelerating the development of AI-driven solutions across various industries. PHC Ventures is proud to be a key partner in this initiative, helping to drive transformative healthcare advancements that will benefit patients and improve delivery.
Leveraging Providence Health Care’s deep expertise, our partnerships with FluidAI and Medtronic, are guiding the way to improve patient outcomes and the future of modern health care.
Our Featured Partnerships
Medtronic: Enhancing Pressure Injury Management
Together with Medtronic, we are working to prevent and manage pressure injuries (bedsores) with AI-driven technology. These injuries affect an estimated 26% of patients across Canada, often leading to prolonged hospitalizations and decreased quality of life. Medtronic’s AI solutions, developed in collaboration with PHCV, are poised to improve patient outcomes and optimize care management, addressing a critical need in healthcare.
FluidAI: Transforming Postoperative Care
In collaboration with PHC Ventures, FluidAI is set to revolutionize postoperative patient management. By developing an AI-powered platform, FluidAI aims to accurately assess risks related to postoperative complications such as anastomotic leaks and respiratory depression. This innovative solution will assist surgeons in making more informed decisions and facilitate earlier interventions, potentially enabling patients to recover faster and return home healthier.
Beyond the Noise: Alarm Fatigue
In partnership with PHC Ventures and Excelar, Medtronic Canada is tackling the pervasive issue of nuisance alarms in hospitals through its “Beyond the Noise” project. By advancing a machine learning algorithm designed to reduce unnecessary pulse oximetry alarms by at least 40%, this initiative aims to enhance patient safety and clinician well-being. The algorithm will differentiate between actionable alarms and those that can be safely silenced, addressing alarm fatigue and improving care quality. With validation and refinement occurring in real-world clinical settings, this innovative solution promises to significantly reduce alarm-related stress and optimize health outcomes for patients and healthcare providers alike.
A Commitment to Innovation and Excellence
DIGITAL’s investment highlights reflect a broader commitment to harnessing AI’s transformative potential across various sectors. PHC and PHC Ventures are honoured to be involved in these initiatives, contributing to advancements that enhance patient care and support healthcare excellence,.Our role as an enterprise and commercialization engine is more crucial than ever. The partnerships we forge today are the innovations that will redefine patient care tomorrow. As members of the Providence Health Care team, your engagement with these initiatives helps drive our collective mission forward—improving lives through technological advancement.
As we continue to expand our portfolio of innovative collaborations, we are not just witnessing healthcare transformation; we are shaping it. PHCV is ensuring that AI and other cutting-edge technologies translate into meaningful, measurable improvements in the care we provide to patients every day.
For more updates on our projects and the future of healthcare innovation, visit Innovarium.org.