To support research and development, the Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, today announced $553,693 in funding for SiftMed under the Business Growth Program.
SiftMed’s platform uses machine learning and artificial intelligence to sort medical-related documents. The company is working to expand its technology to a predictive analytics model in order to:
- Help users quickly assess claim health issues;
- Create a more efficient risk assessment process; and,
- Accurately predict medical claim complexities, identify potential health concerns within a claim that could identify and triage a claim as complex.
As part of this funding, SiftMed will undertake a 13-month research and development project to enhance the company’s existing product and provide better understanding of medical claim complexities and trends. Funding from the Provincial Government will support six new technical positions.
SiftMed is also receiving advisory services and up to $400,000 in research and development funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to further develop its medical AI technology.
SiftMed Inc. is an innovative technology company located in St. John’s, Newfoundland and Labrador. The company was created to organize medical files for Independent Medical Examiners (IMEs). Since its incorporation, the company has grown to 18 full-time employees and a board of advisors and directors. Today the company works with law firms, IMEs and insurance companies to solve the problem of sifting through medical records.
Quotes
“We are proud to support locally grown companies like SiftMed as they get a foothold in the complex world of heath tech while creating tech jobs right here at home. SiftMed’s software has the potential to be an industry first, with applications in hospitals, the insurance industry and in law firms.
Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology
“SiftMed is developing game-changing tools for people working in law, insurance, medicine and beyond. This funding represents a belief in a company and the tremendous potential of its medical AI technology that is being developed right here in Windsor Lake.”
Honourable John Hogan, KC
Minister of Justice and Public Safety and Attorney General
Member of the House of Assembly for Windsor Lake
“We’re thrilled with this announcement from Industry, Energy and Technology and their unfaltering commitment to innovation in the province. At SiftMed, our mission is to catch medical facts that change lives and without the continued support from the province, this would not be possible. We’re grateful to have the province behind us and we’re excited for what the future holds.”
Holly Hill, CEO
SiftMed
-30-
Learn more
Government of Newfoundland and Labrador Research and Development
Follow us on X @IET_GovNL
Like Industry, Energy and Technology NL on Facebook