A recent survey of healthcare venture capitalists found promise in several young companies using artificial intelligence and virtual care to streamline administrative tasks plaguing the United States medical system. By freeing up physicians’ time and connecting patients to convenient services, these startups aim to improve outcomes while lowering costs.
Among the leaders in the field is Abridge, a Pittsburgh-based company that utilizes machine learning to generate medical notes from doctor-patient conversations. Founded in 2018 by a practicing cardiologist, Abridge has gained traction by integrating with popular electronic health record software. Investors said the startup is at the forefront of automating what can be an onerous documentation process for physicians.
Other startups garnering attention include CodaMetrix, which applies AI to automate medical coding, a task prone to errors that negatively impact insurance billing. Based in Boston, the company has developed one of the largest datasets for training its models. In Massachusetts, Cohere Health is using artificial intelligence to expedite the often tedious prior authorization process for treatment approvals. By streamlining paperwork, the startup hopes to save medical staff significant time.
For behavioral health, New York’s Maven Clinic offers a variety of services such as fertility and mental health support through both employers and Medicaid. As women’s healthcare has historically lacked suitable virtual options, the 10-year-old company continues growing to meet this important need. Equip, meanwhile, is increasing access to eating disorder treatment nationwide by transitioning therapy online for underserved patient populations.
Several other startups are reducing administrative burdens on physicians. Memora Health deploys AI-powered messaging to handle post-care follow-ups and inquiries instead of taking up clinical time. Based in Cambridge, Massachusetts, SmarterDx taps machine learning to detect undiagnosed conditions that providers may have overlooked in documentation, allowing for improved billing and care.
With AI and telehealth innovations holding promise to modernize the United States healthcare infrastructure, these companies stand to play a transformative role if their solutions fulfill expectations. By streamlining operations and connecting more patients to important services, they aim to drive down costs and improve outcomes in a system critically in need of reform. Their successes could demonstrate the power of digital health to reshape medical care for the better.
