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Humata Health uses the latest AI Prior Authorization to treat patients. It puts payers and providers first. Now, it is backed by a $25 million investment.
Blue Venture Fund and LRV Health led the funding. Optum Ventures also participated. The main reason for partnering and using the fund was to use it to collaborate better with the hospitals. The company was founded in 2023. It has now partnered with over 255 health groups.
The main aim was to reduce the friction between the payers and providers. Considering the founders, veteran and serial entrepreneur Jeremy Frieses founded it. A renowned MD who has served as a radiology and physician leader at the Mayo Clinic for years.
What does funding aim for?
There were several reasons to raise funding. Of course, it was for the betterment of everyone involved. Let’s understand a few points which involved the raising of funds.
- The company plans to use the funding to expand the use of generative AI. It will make using it faster and smoother.
- AI has been developed. There are chances to increase the providers’ customer base.
- It can smoothly partner between payers and delegated entities. This will widen the use of AI for prior authorization.
- Partnerships start to provide complementary solutions. The only goal is to streamline AI Prior Authorization.
How does Artificial Intelligence in the Healthcare Industry help?
AI is a revolution. AI is important in healthcare. It provides new solutions. They boost efficiency, accuracy, and patient treatment. It enhances the algorithms and disease diagnosis by providing personalized treatment to patients. AI helps automate administrative and repetitive tasks. This will reduce the burden of caring for patients. It supports real-time monitoring of patient’s health it’s treatment.
Overall, it easily manages operational efficiency. In addition, AI Prior Authorization helps manage all telemedicine services. It also helps with overall data management. It makes healthcare organizations efficient. It makes them accessible to all patients with various diseases.
Let’s summarise the benefits of AI Prior Authorization in healthcare organizations:
- Improves diagnostic accuracy.
- Streamlines administrative tasks.
- Enhances personalized treatment plans.
- Predicts patient outcomes.
- Assists in drug discovery.
- Monitors patient health in real-time.
- Optimizes resource allocation.
- Reduces operational costs.
- Supports telemedicine services.
- Enhances data management and analysis.
$25 Million Investment: Direct from the Investor’s Point of view
The below-mentioned perspective is directly from the investor’s point of view. Let’s see what he said.
I was a physician executive at the Mayo Clinic. We understood the complexities and importance of authorization very well. Due to this, I was motivated to found Verata Health and later Humata Health. The organization has AI solutions and prior authorization automation. It links payers and providers for a smooth process.
Providers have a demanding and growing customer base. The investment helps our vision of solving prior authorization. Strategic investors raised the investment. It included some of the nation’s largest providers and payers. It helps rapidly increase the positive impact on patients and the healthcare system. Friese gave this statement.
Using AI at Humata Health helps improve timely clinical and health document submission. It also keeps up quality. It seamlessly reduces the workload of payers and increases the first-pass approvals for providers.
Carl Daley, CEO of Highmark Health, is thrilled to partner with Humata. They will easily transform the prior authorization process. It lets you focus more on patient care now. You won’t be stuck with paperwork and putting your health at risk. We are eager to see how innovation will improve the process for our providers’ health plans.
Everything you need to know about AI Prior Authorization in the Healthcare Industry
First, AI is important in healthcare. We know the concepts. It is important to know how and in what sectors AI can be helpful.
AI makes it simpler for patients, doctors, and healthcare organizations. These organizations include clinics and hospitals. AI handles the daily repetitive tasks. The workforce can be managed smoothly with more efficiency in less time.
AI has many uses in healthcare. It finds new links between genes and powers surgery robots. It also automates tasks, personalizes treatment, and much more.
Let’s understand the use case and example of AI in the healthcare industry.
Examples of AI in the Healthcare Industry
AI and healthcare are the most evolving fields. There is always a need for accurate treatment. AI Prior Authorization can be used in many sectors. It is used in the healthcare industry.
Let’s have a look at each example:
1. Medical Diagnosis
The hospital records show that there are almost 400,000 patients. Of those, 100,000 lead to death. This is due to bad diagnoses and false promises to improve patient health. AI can help in healthcare. It can speed up diagnosis and treatment. They have incomplete medical histories and large caseloads. This can lead to human error that misleads treatment.
The diagnosis should be accurate for a better treatment process and faster recovery. AI can diagnose diseases faster. This increases the efficiency of medical professionals.
2. Drug discovery
Research in drug discovery takes a lot of time. It is one of the slowest processes. and almost takes a thousand hours to launch in the medical market for patients.
There is a longer process that involves research to take trials of the medicines. The medication trial costs around $1.3 billion, one of the most costly funds wasted. Still, it does not ensure the successful launching of the drugs in the market. AI speeds up the process. It helps marketing with faster research on launching drugs. This speed lets them quickly help patients. It also identifies the best candidates. They can run the trials well and with fewer issues.
3. Boosting the patient experience
Patients get frustrated when treatment is not faster. With more patients, hospitals and other healthcare organizations tend to be crowded. In some emergencies, stuck on formalities instead of rushing for treatment. AI helps. It speeds up the AI experience. It does this by finishing the documentation and medical history process faster. This leads to faster and more personalized care.
The smoother patient experience. It allows hospitals and other healthcare organizations to take over treatment right away.
4. Managing the healthcare data management
For hospitals and big health organizations, there are many data points. Some are useful, but some are useless. In this case, there are chances that the real patient data can be lost. This could mislead treatment and diagnosis. With the help of AI, helps in organizing healthcare data management with accuracy. It cuts the time and costs of healthcare admin. It helps raise daily efficiency and, in turn, patient experience.
5. Performing robotic surgery
Hospitals use AI and robots to help with many surgical processes. This includes open heart surgery. Surgeons can easily guide the robots. They do this by giving clear directions and commands. Robots assist in surgeries. They perform them well and manage the whole operation. This leads to fewer complications, less pain, and faster recovery.
Conclusion
Blue Venture and LRV Health are leading Humata Health’s $25 million investment. Optum technology initiatives are also participating. It embraces the growing importance of AI in the healthcare industry. The AI automates prior authorizations. It embraces the use case in healthcare by boosting efficiency.
This Health IT investment highlights the role of artificial intelligence in healthcare. Patients get the best experience. It also sorts the work of the providers. It is also backed by the Blue Cross Blue Shield Investments. The Optum technology initiative shows confidence in Humata’s tech. It marks a huge change in healthcare.
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