Forian Partners With Databricks to Expand Access to Advanced Healthcare Analytics
Rhea-AI Summary
Forian (Nasdaq: FORA) has announced a strategic partnership with Databricks to offer its Chartis™ product through the Databricks Marketplace. Chartis™, which utilizes Forian's proprietary scoring algorithm to map physician and organization affiliations, will be accessible via Delta Sharing, Databricks' open-source data-sharing protocol.
The partnership aims to expand access to healthcare analytics, enabling organizations to leverage real-world evidence for improved decision-making in healthcare research, drug development, and patient care. Chartis™ employs an event-based approach that evaluates proximity, recency, and share of services to provide detailed insights into provider connections across the healthcare ecosystem.
Positive
- Strategic partnership with Databricks expands market reach for Forian's products
- Integration with Databricks Marketplace increases product accessibility and visibility
- Potential for revenue growth through broader distribution channel
Negative
- None.
Insights
The partnership with Databricks represents a strategic move to enhance market penetration and data accessibility. Integration with Databricks Marketplace significantly expands the distribution channel for Forian's Chartis™ product, leveraging Delta Sharing's cross-platform capabilities. The technology stack enables secure, real-time data sharing across multiple environments - a important feature for healthcare analytics.
The proprietary scoring algorithm in Chartis™, focusing on proximity, recency and service share metrics, provides a competitive edge in the healthcare analytics space. However, the immediate revenue impact remains uncertain as success depends on adoption rates and integration efficiency with existing Databricks customers.
Chartis™'s event-based approach to mapping healthcare provider relationships addresses a critical need in the industry for understanding complex medical networks and referral patterns. The ability to track provider connections and analyze service patterns can significantly impact healthcare delivery optimization and clinical trial recruitment strategies.
The platform's focus on real-world evidence aligns with the growing emphasis on data-driven decision-making in healthcare. This could particularly benefit pharmaceutical companies in their drug development process by providing deeper insights into treatment patterns and patient outcomes. However, market penetration in the highly competitive healthcare analytics sector will require demonstrated ROI for potential clients.
NEWTOWN, Pa., Dec. 16, 2024 (GLOBE NEWSWIRE) -- Forian Inc. (Nasdaq: FORA), a leading provider of data science driven information and analytics solutions to the life science, healthcare and financial services industries, today announced a partnership with Databricks, the data and AI company, to deliver access to its Chartis™ product, which maps physician and organization affiliations, through Databricks Marketplace. This collaboration will empower healthcare organizations with enhanced visibility into Forian’s robust information products, driving innovative solutions in healthcare research, drug development and patient care.
Using Forian’s proprietary scoring algorithm, Chartis™ is designed to uncover and track valuable provider connections to enhance decision-making across the healthcare ecosystem. Employing an innovative event-based approach, Chartis™ prioritizes proximity, recency and share of services performed at various organizations to deliver unparalleled levels of insight and clarity.
The Databricks Marketplace is an open marketplace for data, analytics and AI, powered by Delta Sharing. Delta Sharing is Databricks’ open source approach that enables customers to share live data across platforms, clouds and regions within a platform that prioritizes security and governance.
“We are excited to partner with Databricks to extend the reach of our solutions,” said Max Wygod, Chief Executive Officer of Forian. “This collaboration enables us to deliver our high-quality data products like Chartis™ to a broader audience, empowering researchers, pharmaceutical companies and healthcare leaders with the tools they need to drive meaningful improvements in patient care and outcomes.”
Forian’s participation in the Databricks Marketplace underscores its commitment to making high-quality healthcare support for studies more accessible and actionable. The partnership aligns with Forian’s mission to provide insights that advance health outcomes by enabling more organizations to leverage real-world evidence in their decision-making processes, accelerating the development of therapies and interventions that improve patient outcomes.
"As the demand for data intelligence grows, we are thrilled to integrate Forian’s Chartis™ product into the Databricks Marketplace," said Jay Bhankharia, Sr. Director of Marketplace and Data Partnerships at Databricks. "Offering access to Forian’s Chartis™ product through Delta Sharing will allow insights into patient care, treatment patterns and market dynamics and will open up new avenues for innovation and efficiency across the healthcare and life sciences landscape.”
About Forian
Forian Inc. provides a comprehensive suite of data management and analytics solutions designed to optimize operational, clinical and financial performance in the life sciences and healthcare sectors and, with its recent acquisition of Kyber Data Science, in the financial services sector. Leveraging industry-leading expertise, Forian integrates, normalizes and commercializes large-scale healthcare information. Through Real World Evidence (RWE) studies, custom segmentation and profiling, market analytics or campaign ROI, Forian helps healthcare stakeholders better understand their customers, products and markets. Forian’s multi-dimensional platform aggregates, cleanses and links key cohorts to create a unique information ecosystem, generating proprietary, evidence-based insights. For more information, visit www.forian.com.
Cautionary Statements Regarding Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, which often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions and variations or negatives of these words. Forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control and are not guarantees of future results, such as statements about future financial and operating results, company strategy and intended product offerings and market positioning. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, those risks and uncertainties associated with operations, strategy and goals, our ability to execute on our strategy and the additional risks and uncertainties set forth more fully under the caption “Risk Factors” in Forian’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on March 29, 2024, and elsewhere in Forian’s filings and reports with the SEC. Forward-looking statements contained in this release are made as of the date hereof, and we undertake no duty to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
Media and Investor Contact:
Forian Media Relations
marketing@forian.com
forian.com/investors
ir@forian.com
267-225-6263
SOURCE: Forian Inc.
FAQ
What is the significance of Forian's (FORA) partnership with Databricks announced in December 2024?
How does Forian's (FORA) Chartis™ product work with Databricks' Delta Sharing?
What capabilities does Forian's (FORA) Chartis™ product offer to healthcare organizations?
How will the Databricks partnership affect Forian's (FORA) market presence in healthcare analytics?
