How Two Founders Are Using AI to Tackle Wasteful Healthcare Spending

Nov 30, 2023

The podcast discusses the issue of wasteful spending in healthcare and introduces two founders using AI to tackle the problem. They delve into the alarming amount of wasteful spending in healthcare, highlight examples of redundant care and unethical billing practices. The conversation focuses on how AI algorithms can identify and reduce wasteful spending, the role of audits and automating record review with AI.

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Introduction

00:00 • 2min

Tackling Wasteful Healthcare Spending: The Scope and Examples

02:01 • 2min

Using AI to Identify and Reduce Wasteful Healthcare Spending

03:55 • 7min

Addressing Wasteful Spending in Healthcare and the Role of Audits

11:13 • 2min

Automating Healthcare Record Review with AI

12:45 • 7min

On this StartUp Health NOW episode, we’re talking about wasteful spending in healthcare. This is one of those topics that’s hard to put in perspective. The institute of medicine says that 30% of healthcare spending could be categorized as wasteful, putting the total tab north of $750 million. It could be a trillion dollars. Health insurance premiums are up 7% year over year, according to Health Affairs. Analysts point to inflation as a strong cause, but this nearly trillion dollars in unnecessary spending isn’t helping the equation. Bottom line, healthcare costs are out of control and driving many people into medical bankruptcy. If 30% of healthcare spending is unnecessary, we’ve got to get this under control. Thankfully, we’ve got founders in the StartUp Health community who are passionate about this issue. Jude Odu, CEO & Founder of Health Cost IQ, and Pinaki Dasgupta, CEO & Founder of Hindsait, will help us understand what constitutes wasteful spending and how advances in AI allow us to root it out at the source. This is the kind of innovation that takes some courage, because pointing out to a hospital that they’re double billing or telling an insurer that they’re making massive errors doesn’t make you popular with either party. But it’s got to be done if we’re going to get overall health costs under control. Enjoy the episode. — Innovators: Health Transformer University fuels your health moonshot Funders: Become a Health Moonshot Champion Want more content like this? You can subscribe to the podcast as well as other health innovation updates at startuphealth.com/content. Sign up for StartUp Health Insider™ to get funding insights, news, and special updates delivered to your inbox. Looking to break down health barriers? If you’re an entrepreneur or investor, contact us to learn how you can join our Health Equity Moonshot. Passionate about Type 1 diabetes? If you’re an entrepreneur or investor, contact us to learn how you can join our T1D Moonshot.