In the 19th century, an Italian economist named Vilfredo Pareto introduced the concept of “Pareto optimality”. It describes a system in which benefits are maximized for every participant or member. More specifically, no individual can possibly be made any better off unless at least one other becomes worse off.
In its simplest form, Pareto optimality is a concept that describes the optimal balance of supply and demand. In 2011, our company was founded with a mission of bringing Pareto optimality to healthcare. That is the fundamental goal that underpins all we do at par8o.
When applied to healthcare, Pareto optimization holds the promise of delivering levels of efficiency, economy, and equitability that have long seemed far out of reach in America. Imagine, for example, improving access to care while simultaneously lowering costs. Pareto optimality tells us it’s possible. We believe the same.
Pareto and par8o at Work
par8o innovation has repeatedly demonstrated the power of the Pareto principle to make a difference in healthcare:
- Our flagship offering, CareCompass, revolutionized patient-specialist matching in the patient referral process, making par8o the largest provider of referral management software for large health systems and self-insured employers.
- Our 340B Referral Capture solution expands 340B program savings for health centers by automatically matching referrals with resulting prescriptions in order to make it easier to qualify “referral prescriptions” for 340B pricing.
- Most recently, we’ve launched par8o Research Network (PRN) to match health centers and their patients with nearby relevant clinical trials, while also serving to improve diversity in clinical research.
In short, pursuing the ideal that Vilfredo Pareto described seems to be working. For all of us. We intend to see just how far it can take us.