SANTA CLARA, Calif. - SoundHound AI , Inc. (NASDAQ: NASDAQ:SOUN) has announced that MUSC Health has launched an AI-powered agent named Emily to streamline patient appointment management. The system, based on the Amelia Patient Engagement solution, integrates with Epic's healthcare software to provide personalized and efficient patient self-service.
Emily is designed to be available around the clock within MUSC Health's patient access center, allowing patients to manage appointments and receive answers to non-clinical queries. The Charleston-based healthcare system expects that the AI agent will enhance patient satisfaction and improve operational efficiency.
"Thanks to Amelia's integration with Epic, we are able to build and deploy a robust digital assistant that is already having a positive impact on patient access," stated Crystal Broj, Enterprise Chief Digital Transformation Officer at MUSC Health. She highlighted the ability of the digital assistant to reduce call volumes and wait times, contributing to MUSC Health's commitment to delivering top-tier service.
Michael Anderson, Executive Vice President of Enterprise AI at SoundHound AI, emphasized the significance of MUSC Health's initiative, calling them a "trailblazer in AI for healthcare."
The Amelia Patient Engagement solution, now a part of SoundHound AI's offerings, equips healthcare organizations with HIPAA-compliant AI agents capable of handling tasks such as scheduling, intake, payments, and medication refills through natural-language conversations across various channels.
MUSC Health, established in 1824, is South Carolina's only comprehensive academic health system, known for its educational, research, and patient care endeavors. The institution has been recognized by U.S. News & World Report as the No. 1 hospital in South Carolina for ten consecutive years.
This move by MUSC Health represents a growing trend in healthcare towards digital transformation and the adoption of AI to enhance patient experiences. The information for this article is based on a press release statement.
In other recent news, SoundHound Inc. posted a substantial 54% increase in revenue for the second quarter of 2024, reaching a total of $13.5 million. The voice-enabled AI firm also announced the strategic acquisitions of conversational AI leader Amelia and ordering platform Allset, aiming to bolster its customer service capabilities and create a voice commerce ecosystem. These acquisitions are projected to positively impact earnings in the latter half of 2025.
The firm's backlog of subscriptions and bookings has notably doubled year-over-year, reaching $723 million, indicating a strong demand for its services. SoundHound's Polaris (NYSE:PII) model is gaining significant traction across multiple sectors, including the automotive industry, as evidenced by new contracts from leading electric vehicle manufacturers.
SoundHound anticipates its revenues to surpass $80 million in 2024 and $150 million in 2025, reflecting the company's confidence in its growth trajectory. The firm is integrating Amelia's technologies to enhance its offerings and assess the life cycle value of contracts for growth and margins. These are the latest developments highlighting SoundHound's commitment to innovation in the voice AI market.
InvestingPro Insights
As SoundHound AI, Inc. (NASDAQ: SOUN) continues to make strides in the healthcare sector with its AI-powered solutions, the company's financial health and market performance provide additional context for investors. With a market capitalization of approximately $1.78 billion, SoundHound AI is navigating the competitive tech landscape with significant growth in revenue, reporting a 53.47% increase over the last twelve months as of Q2 2024. This growth trajectory aligns with the "InvestingPro Tips" indicating that analysts anticipate sales growth in the current year.
Despite the company's revenue growth, SoundHound AI's stock has experienced significant volatility, with a 7.65% decline in the past week alone. The stock's volatility is further highlighted by a notable return of 104.55% over the past year, underscoring the dynamic nature of tech investments. Moreover, the "InvestingPro Tips" suggest that the stock is trading at a high revenue valuation multiple, with a Price / Book ratio of 7.93 as of Q2 2024, which may attract investors looking for high growth potential in the tech sector.
For investors considering SoundHound AI, it's worth noting that the company holds more cash than debt on its balance sheet, which could be a sign of financial stability. Additionally, SoundHound AI does not pay a dividend to shareholders, a common trait among growth-focused tech companies that prefer to reinvest earnings into further expansion and development.
For more in-depth analysis and additional "InvestingPro Tips," investors can explore SoundHound AI's financials and forecasts in greater detail at https://www.investing.com/pro/SOUN. Currently, InvestingPro offers 10 more tips for SoundHound AI, providing a comprehensive view of the company's financial health and market prospects.
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