Thirteen may be considered an unlucky number, but $13 million could be a very fortunate funding amount for one artificial intelligence start-up looking at medical data.
GenHealthAI will be aimed at helping to automate decisions and predict patient futures — including risk calculations and costs of care — for those on Medicare Advantage and Medicaid plans, outlets have reported.
The major difference between GenHealthAI and other AIs is that this model will train on medical events and data rather than strictly text, which makes the tool less prone to bias or “hallucinations” – generating false information – the company claims.
In addition to citing the robust funding figures, GenHealthAI also will be launching use cases for both providers and payers, the company announced. The goal is to inform better care management.
Pilot studies for GenHealthAI could start in the near future, the company said.
“By building on this data from raw medical records, our model is able to take in patient histories and predict future events,” GenHealth AI founder and CEO Ricky Sahu said in a blog post on the site. “Doctor notes and clinical research is just the tip of the iceberg, and we know what lies beneath is where the interesting stuff happens.”
Sahu also said that his expectation is that “in the near future, most health decisions will be supported by an AI.”
Supporting decisions, rather than making them outright, could be key, not just for functionality but for the public’s acceptance of these tools.
GenHealth AI’s funding numbers would seem to buck recent trends this year in digital health investments, as startups have raised less money in 2023 than in prior years, with investors preferring large “megadeals,” as McKnight’s has reported.
Studies show that many, including seniors in particular, remain skeptical about AI’s use, particularly when it threatens to replace human caregivers and clinicians.
However, the use of AI to aid in administrative tasks is seen by many in the LTC industry as a way to stave off caregiver burnout and address staffing shortages.
