Alaffia Well being Publicizes $5M in Seed Funding, Harnessing AI to Disrupt a Legacy Healthcare Funds Business | Information

NEW YORK, Feb. 9, 2022 /PRNewswire-PRWeb/ — Alaffia Well being, a cutting-edge healthtech firm that’s utilizing proprietary AI know-how to get rid of overpayments on medical claims, introduced immediately that it has raised $5M in Seed funding, bringing its complete quantity of capital raised to $6.6M. The corporate intends to each scale its operations and develop its business footprint. The spherical was led by Anthemis with participation from traders together with 1984 Ventures, Aperture Enterprise Capital, Tau Ventures, Twine Ventures, Plug and Play Ventures, ERA’s Exceptional Ventures Fund, and a gaggle of different best-in-class traders and healthcare leaders.

Alaffia Well being was based in 2020 by TJ Ademiluyi and Adun Akanni, a brother and sister founding staff who’re utilizing data obtained from their household’s legacy medical billing enterprise to scale back prices and waste within the healthcare system. As we speak, healthcare expenditures comprise about 1/fifth of the U.S. GDP, and a good portion of that spending is derived from errors in medical health insurance claims. It’s estimated that about 80% of claims within the US comprise not less than one medical billing error, and $300B is misplaced to supplier fraud, waste, and abuse yearly.

Alaffia Well being is working to decrease healthcare prices by disrupting how and when medical claims are paid. The corporate presents medical health insurance payers (well being plans, third-party directors, self-insured employers, and stop-loss carriers) an AI-driven cost integrity service, working alongside them to overview claims extra totally and in much less time. “The difficulty with the business established order is that almost all medical claims aren’t totally reviewed however are paid routinely,” mentioned Adun Akanni, co-founder and COO of Alaffia Well being. “It is doubtless that whereas possibly solely half of the costs in that $10,000 invoice despatched to your medical health insurance payer have been official, a full cost was routinely granted. Provided that 80% of medical claims comprise an error, that wasted spend provides up shortly.”

Alaffia Well being is redefining how claims are processed. It has launched a extra proactive system–totally reviewing claims and supporting documentation on a prepayment foundation to make sure that extra claims are paid precisely. “Most insurance coverage payers ideally want to overview extra of their claims, however with declare volumes within the thousands and thousands, it is presently inconceivable to take action–business incumbents are nonetheless reviewing medical claims and data by hand,” says TJ Ademiluyi, co-founder and CEO of Alaffia Well being. The corporate is leveraging synthetic intelligence to sort out this downside and automate essentially the most arduous duties. Its proprietary system permits every cost and piece of supporting documentation in higher-cost claims to be reviewed 5x sooner than business requirements. This permits its prospects to extend each the amount and integrity of claims which might be reviewed.

Since its founding, the corporate has grown quickly, scaling the scale of its staff by 5x and growing its revenues by 24x in 2021 alone. Alaffia plans to make use of its new funding to develop its operations and additional penetrate its goal markets. Vinay Singh from Anthemis famous, “COVID-19 has introduced added focus from all business individuals–suppliers, payers, and regulators–on overpayments and waste all through the healthcare system. Alaffia Well being’s know-how presents a seamless, environment friendly answer that has a right away influence on lowering that waste.”

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About Alaffia Well being

Alaffia Well being is a healthtech firm that makes use of machine studying and AI to proactively get rid of supplier fraud, waste, and abuse in healthcare claims. The corporate presents an AI-driven cost integrity service to healthcare payers akin to well being plans, third-party directors, self-insured employers, stop-loss carriers, and authorities businesses to get rid of overpayments and scale back healthcare prices.

About Anthemis

Anthemis is a worldwide funding platform that cultivates change in our monetary system by investing in, rising, and sustaining companies dedicated to resiliency, transparency, entry and fairness. Based on three guiding ideas–genuine collaboration, virtuous cycle outcomes and variety and inclusivity–our deep understanding of markets and fashions, ardour for rising know-how and values encourage every little thing we do. By creating fertile floor for a various group of startups, traders, entrepreneurs, establishments, teachers, and visionaries to converge, we imagine we will remedy the monetary programs most urgent challenges sooner, higher and for the good thing about all.

Media Contact

TJ Ademiluyi, Alaffia Well being, 1 (914) 559-2463, [email protected]

 

SOURCE Alaffia Well being

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