OneMedNet selects Palantir to power healthcare data analytics platform

DENVER & MINNEAPOLIS - OneMedNet Corporation (NASDAQ:ONMD) has entered into a multi-year agreement with Palantir Technologies (NASDAQ:PLTR) to enhance its healthcare data analytics capabilities, according to a press release statement.

The collaboration will integrate Palantir’s Artificial Intelligence Platform with OneMedNet’s provider network, which currently provides access to more than 5 billion administrative claims and 131 million clinical exams across 1,750+ provider sites. While OneMedNet’s network reach is substantial, InvestingPro data shows the company faces financial challenges, with a revenue decline of nearly 60% and negative gross margins in the last twelve months.

Under the agreement, OneMedNet will utilize Palantir’s technology to deliver anonymized, regulatory-grade clinical data to life sciences, medical device, and research organizations. The platform aims to accelerate the development of medical solutions by providing faster data discovery and more accurate data delivery.

"Palantir’s AIP helps us revolutionize our ability to deliver high-quality, regulatory-compliant data at remarkable speed," said Aaron Green, President and CEO of OneMedNet.

Drew Goldstein, Co-Head of Healthcare at Palantir, stated that the company is "proud to provide the AI infrastructure for OneMedNet to accelerate the delivery of transformative healthcare solutions."

The platform will feature conversational search capabilities powered by Palantir’s AIP and large language models, allowing subscribers to search across vast datasets. It will also incorporate healthcare standards integration with SNOMED, HCPCS, ICD-10, and CPT codes.

OneMedNet’s objectives for the partnership include market expansion, building regulatory-grade data cohorts, streamlining clinical research, and creating scalable analytics solutions.

The company’s network spans multiple medical specialties including oncology, cardiology, and rare diseases. OneMedNet’s proprietary AI algorithms will operate on Palantir’s platform to securely de-identify clinical data, ensuring regulatory compliance and protecting against exposure of protected health information. Despite recent operational developments, InvestingPro reports a significant stock price movement, with a 113% return over the past six months. InvestingPro subscribers have access to 11 additional key insights about ONMD’s financial health and market performance.

In other recent news, OneMedNet Corporation has announced several significant developments. The company has secured a partnership with a leading medical device company, resulting in four purchase orders for its AI-powered Real-World Data services, which will aid in developing medical imaging AI models. In another strategic move, OneMedNet has partnered with Medcase to enter the healthcare data annotation market, creating a new revenue channel in a sector projected to grow substantially by 2030. Additionally, OneMedNet has expanded its cardiovascular data network by adding 85 new centers, enhancing its capacity to deliver comprehensive cardiovascular data to various stakeholders in the healthcare industry.

Moreover, the company has formed a partnership with Inka Health to develop external control arms for cancer therapy trials, initially focusing on the Keynote-189 trial for pembrolizumab in non-small cell lung cancer. This collaboration will utilize OneMedNet’s patient data platform in conjunction with Inka Health’s SynoGraph platform. The recent adoption of OneMedNet’s services by a top-five medical device leader further emphasizes the company’s growing influence in the medical data sector. These developments mark a period of rapid growth and expansion for OneMedNet, reflecting its strategic efforts to broaden its reach and capabilities.

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