HealthTensor, a Los Angeles, California-based startup creating software program to reinforce medical decision-making, right now introduced it has raised $5 million. The firm says the funds will likely be used to scale up operations and purchase new prospects.
The international marketplace for huge information analytics in well being care was valued at $16.87 billion in 2017 and is projected to achieve $67.82 billion by 2025, in accordance with a latest report from Allied Market Research. It’s believed that well being care organizations’ implementation of huge information analytics may result in a greater than 25% discount in annual prices within the coming years. Better prognosis and illness predictions, enabled by AI and analytics, can result in value discount by lowering hospital readmission charges, amongst different elements.
HealthTensor was based by three longtime mates. Eli Ben-Joseph and Thomas Moulia met at MIT, and so they met Nate Wilson by way of a mutual pal. All three had been on the medical college monitor sooner or later, however they realized that know-how was enjoying an more and more necessary position in well being care and determined to lean into tech.
HealthTensor goals to construct a set of AI-powered well being care options, starting with “clinically validated” diagnostic algorithms. Its product analyzes medical doctors’ notes and lab outcomes to diagnose sufferers and writes diagnoses, together with required billing information, again into the medical report. A retrospective evaluation function evaluations historic affected person information to find out the place diagnoses and documentation could be lacking. The platform may also be utilized in outpatient settings to automate the prognosis and documentation of continual circumstances. Algorithms repeatedly monitor sufferers, offering physicians with “data-driven” notes.
“HealthTensor works with a team of physicians from leading institutions to ensure that bias is not introduced into any algorithms. This is done by a thorough six-step development process, where the data used to build the models is taken from a large and randomized pool and is then always manually vetted by the team of physicians,” CEO Ben-Joseph stated in an announcement. “Any algorithm that is in production has hit an accuracy level of at least 90%. Furthermore, HealthTensor has developed unique features that ensure the physician does not blindly copy over any suggested information. All information must be approved by the physician before it can be added into the medical record.”
HealthTensor’s strategy isn’t not like that of Ferrum, a startup growing an AI affected person security platform to forestall medical errors. There’s additionally Health Data Analytics Institute, whose AI-powered platform analyzes over a billion affected person encounters to enhance well being care outcomes, and Lumiata, an organization offering AI-powered predictive analytics for managing well being care prices.
Since HealthTensor made its platform publicly out there in 2020, the corporate says it’s gone reside in three hospitals, with plans for 70 further places. To date, HealthTensor claims it has helped write greater than 2,000 notes and recognized neglected medical circumstances in 95% of instances.
“We think of HealthTensor as an AI-powered medical resident that is focused specifically on the tedious, data-driven aspects of medicine, which is what computers do best,” Ben-Joseph stated. “Many doctors are forced to spend a majority of their day focused on data aggregation from medical records, which leads to missed diagnoses, patient dissatisfaction, and physician burnout. HealthTensor frees up the physician to focus on the conceptual and emotional aspects of medicine, which is what humans do best.”
Calibrate Ventures, TenOneTen Ventures, and Susa Ventures led the seed funding spherical. The firm stated the spherical noticed participation from “top-rated” hospitals and physicians, together with a medical officer at Amazon Health.
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