Robots are helping American healthcare – checking insurance payments to patients.

Robots are helping American healthcare

Infinitus Systems raised $ 30 million in a Series B funding round led by venture capital fund GV (formerly Google Ventures). After the funding round, the startup’s valuation reached $ 275 million after the funding round, according to a source familiar with the deal. How does a former Google Infinitus Systems startup help healthcare professionals?
Over the past year and a half, Eva Lightyear has called the largest US health insurance companies about 250,000 times. She helped 35,000 healthcare workers understand exactly how their patients’ insurance works: what is the additional cost, what is co-insurance, how much is the non-refundable minimum amount of damage, what are the requirements for prior approval of treatment, etc. namesake Buzz Lightyear, space ranger from Pixar’s Toy Story franchise, Eva Lightyear isn’t human at all. She is a robot.

Eva L. – it is under this name that most people with whom she communicates on the phone know her. Eva Lightyear is the development of the San Francisco-based startup Infinitus Systems. The goal of the founders of the company is to automate one of the most tedious and time-consuming administrative processes for private clinics, hospitals and pharmacies. We are talking about checking insurance payments to patients, that is, about the routine process of processing documents, which usually requires at least two people, which is accompanied by long waiting times, as well as answers from time to time to the same questions. “Yes, Eve does make a phone call and speaks to the person on the other end of the line, but we were still able to standardize those phone calls,” says Ankit Jain, 36, CEO of Infinitus Systems. He and his business partner Shyam Rajagopalan founded the startup Infinitus Systems in 2019. Subsequently, Rajagopalan took over as the company’s technical director.

Infinitus Systems uses standard data elements and APIs to get more digital information and also reduces the duration of calls to insurance companies. Thus, the San Francisco-based startup is laying the foundations for a much broader healthcare transformation. Perhaps thanks to such innovations, American health care workers will soon finally give up routine phone calls and faxing (yes, fax machines are still ubiquitous in US health care). “If you imagine that we are transported several years into the future, it will be easy to believe that only robots are involved in all phone calls,” says Jain. “However, if there are indeed robots at both ends of the wire, then there is no point in them, like humans, communicating with each other in English. This is the future we are striving to achieve, ”adds the head of Infinitus Systems.

Alexa, Siri and Google Assistant are now first generation technologies. Now, thanks to the latest advances in speech recognition and natural language processing, robots can not only answer simple questions, but also maintain a dialogue. Unlike consumer-oriented and barely functional interactive voice response systems from banks, cable TV providers and utilities, Eva Lightyer specializes only in B2B communications. “These calls are routine. We have scripted 98.99% of the conversations that take place in these calls, ”says Jain.

Yes, these calls may be a routine, but they are major pain points in the US health care system that interfere with patient care. The fact is that due to bureaucratic red tape, some of them, for example, cannot get an MRI scan on time or use fluid therapy to treat cancer. “In this area, faxes and other old technologies are widely used,” says Krishna Yeshwant, managing partner of GV venture fund, who will soon join the board of directors of the startup Infinitus Systems. “Health officials are constantly trying to communicate with each other and coordinate internal actions. But all of these processes are ineffective, ”adds a venture capitalist. Nevertheless, it was thanks to the solution of these problems that the representatives of Infinitus Systems were able to find an approach to customers. The founders of the company
focused not on trying to massively reform the entire system, but on automating just one small section of routine administrative work, which costs the healthcare industry $ 800 billion a year. Infinitus Systems’ successes are rare, especially in healthcare investments, where it can take years to get a product to market and find the right niche, Yeshwant said. But while communicating with clients of Infinitus Systems, Yeshwant still understands that Jaina and Rajagopalan’s technologies “are helping them right now.”
by Forbes.

Share with friends: