Humata Makes Business Insider's Top 10 List of Startups Using AI to Disrupt Healthcare Payments

• Health insurers are coming under fire for increasingly denying patient claims for medical care.
• Investors are rushing to back startups using AI to automate the complex healthcare billing process.
• These 10 startups are helping patients, providers, and insurers improve health payments with AI.

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In the wake of the fatal shooting of UnitedHealthcare's CEO last week, public hostility toward health insurers has reached a boiling point.

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After Brian Thompson was shot and killed in Manhattan on December 4, social media exploded in morbid celebration. Shell casings found at the scene of the crime reportedly showed the words "deny," "defend," and "depose,"mirroring a phrase commonly used by insurance critics to describe tactics used by health plans to avoid paying claims.

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Suspect Luigi Mangione was arrested Monday with a note in his possession containing the line, "These parasites had it coming."

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It's a reckoning for how healthcare in the US is paid for — or not paid for — as health insurers increasingly deny paying for patient care. UnitedHealthcare and other health insurers have come under fire in recent years for using algorithms to deny patient claims, particularly Medicare Advantage claims. Claim denial rates have been on the rise for more than a decade, and denied or delayed payments cost hospitals hundreds of billions of dollars a year. A growing crop of startups think AI can help.

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Investors are rushing to back startups using AI to help providers, patients, and health plans more accurately and efficiently pay for medical care.

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These 10 startups are using AI to automate key parts of healthcare's complex billing process, from prior authorization to claims adjudication.

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1. Alaffia Health
2. Anomaly
3. Anterior
4. Claimable
5. Cofactor AI
6. Cohere Health
7. Humata Health
8. Goodbill
9. Guardian AI
10. Thoughtful AI

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Humata Health Details:

Founded: 2023

Total raised: $25 million

What it does: Humata Health works with hospitals to automate the collection of documents included in requests for prior authorizations sent to insurers and flag likely denials. The startup raised a $25 million Series A in June, led by LRV Health and the Blue Venture Fund.

Dr. Jeremy Friese started Humata Health after serving as the president of health AI startup Olive, which shut down last year after selling its prior authorization business to Humata.

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Read the full article by Business insider here.

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