AI Start-up Pioneering Generative AI for Healthcare Receives $13M in Early Funding, Adds Industry Luminaries as Advisors, and Kicks off Use Cases for Health Insurance Plans and Provider Systems
BOSTON, MA / ACCESSWIRE / July 19, 2023 / GenHealth.ai (https://GenHealth.ai), a game changing generative AI startup, is pushing the boundaries of AI in healthcare. The new company spun out of healthcare interoperability leader 1upHealth three months ago and secured $13M in funding, co-led by Craft Ventures and Obvious Ventures. GenHealth.ai also added industry leaders to its advisory board, and launched numerous use cases for health insurance plans, pharmacy, and healthcare providers.
Most of the attention for Generative AI has been centered on Large Language Models (LLMs) which are transformer neural networks trained on text data. However, the healthcare sector harbors vast, well-structured datasets that remain significantly underutilized in machine learning and analytics work. These datasets, which are critical to patient care, workflow processes, quality reporting, financial claims, and operational tasks, are encoded with granular medical event data and are represented using common data standards such as HL7, FHIR, EDI, and 837s, among others. GenHealth.ai's patent pending approach is to train transformer-based machine-learning models directly on those encoded medical events instead of text. This approach produces the world's first Large Medical Model (LMM) which is far less prone to hallucinations or bias from human input and can be used for a broad set of tasks across the healthcare industry that LLMs cannot address.
GenHealth.ai recently added two advisors, Former National Coordinator for Health IT (ONC), Don Rucker, MD who currently serves as Chief Strategy Officer for 1upHealth and was an early supporter of GenHealth's development within 1upHealth prior to spinning-off, and Aneesh Chopra, the first Chief Technology Officer of the United States, and current President of CareJourney, a health IT company that provides analytics to drive network and clinical performance improvements.
The company is focusing on using the predictive power of AI to assist health insurance plans and health provider organizations with risk adjustment, care management and financial benchmarking for commercial, Medicare Advantage, Medicaid plans and Accountable Care Organizations (ACO's). The company also expects its predictive models to be extremely useful for a broad set of use cases including prior authorization and utilization management workflows. Going forward, GenHealth expects to quickly add pilots at pharma and life-sciences organizations focused on accelerating workflows for synthetic data and clinical trial simulation.
"Interest in practical applications of AI for healthcare has been intense and growing," said Ricky Sahu, GenHealth AI Founder and CEO. "Generative AI is like nothing else out there, and our mission is to bring that force to healthcare, impacting the daily lives of billions. Soon, most major health decisions will take guidance of an AI and GenHealth will be that AI."
Led by Ricky Sahu, who is also the founder of 1upHealth, and two early 1upHealth engineers, Eric Marriott and Ethan Siegel, GenHealth is poised to become a leader in the field of AI-driven healthcare solutions.
For more information about GenHealth and its innovative AI solutions for healthcare, please visit https://genhealth.ai or send an email to [email protected].
About GenHealth AI
GenHealth AI is a startup building the future of AI-powered healthcare solutions using generative AI trained on encoded medical events. GenHealth's team of entrepreneurs, engineers, and scientists is now developing novel generative AI algorithms utilizing healthcare's newly standardized data. For more information about GenHealth and its innovative AI solutions for healthcare, please visit https://genhealth.ai or send an email to [email protected].
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SOURCE: GenHealth AI