(Yicai) Aug. 29 -- Shares in Innovative Medical Management advanced today after the Chinese private hospital operator said that it will invest CNY27.9 million (USD3.9 million) in artificial intelligence medical management solutions firm All-in-One Clinic to become the second-largest shareholder.

Innovative Medical’s stock price [SHE: 002173] closed up 3.6 percent at CNY6.19 (USD0.87) apiece.

Innovative Medical will buy a 20.55 percent stake in All-in-One Clinic, which provides AI-generated content model-based solutions for large hospitals, though the issuance of new shares, the Zhejiang province-based company said yesterday. The models act as AI assistants for doctors, which can carry out important functions such as pre-consultations, remote consultations and the keeping of outpatient and inpatient medical records.

All-in-One Clinic is also able to provide digital solutions to primary-level medical institutions and local governments’ public health management departments to make their operations more efficient, Innovative Medical said. The Hangzhou-based technology startup’s AI models have already been applied in many top public hospitals in the province.

The deal will help Innovative Medical explore the application of new technologies and products and help its hospitals improve their level of operation and management through the application of AI large models, as well cultivate new earnings growth points for the firm, said Innovative Medical, which owns and operates four private hospitals in eastern and northeastern China.

Editor: Kim Taylor