Sharecare acquires AI company WhiteHatAI
Atlanta-based healthcare management company Sharecare announced its acquisition of WhiteHatAI , an AI healthcare payment integrity applications.
Founded in 2010, Sharecare is a team of close to 3,000 employees. It offers a range of capabilities and services to support payers’ and providers’ workflows – including digital clinical data solutions and medical records management; quality, performance and risk-adjustment tools; and billing contract compliance. The company has raised $425 million and is backed by insurers such as Swiss Re, Blue Cross Blue Shield of Arizona and Aflac Corporate Ventures.
Founded in 2016, WhiteHatAI is a team of 10. Its technology is able to detect erroneous claims before they are paid and will help Sharecare’s health plan partners reduce costs associated with FWA (fraud, waste and abuse).
“Fraud, waste and abuse in our healthcare system is already a $900 billion problem, which – prior to the pandemic – was expected to increase 6.5% annually through 2024; but given the necessity to fast-track claims in the face of COVID-19, this challenge is likely to grow even bigger, faster. By acquiring WhiteHatAI and integrating their suite of AI-driven capabilities across our portfolio, we are bringing industry leading innovation to our payer and provider client partners that will help them not simply detect FWA but do so before it occurs, thus increasing efficiency and accuracy throughout healthcare organizations.” – Jeff Arnold, founder, chairman and CEO of Sharecare.
WhiteHatAI’s proprietary AI-driven platform also will empower providers to extract unstructured clinical data from medical charts – which can contain meaningful insights not available in the structured record – and enable the identification and calculation of CMS quality measures. Additionally, as the digital health company partners with physician practices to help patients manage their own health day-to-day between office visits with the Sharecare app, it will integrate WhiteHatAI’s capabilities to foster deeper engagement by enabling patients to both verify recent medical procedures and report satisfaction. Sharecare can then message users based on the treatment or care plan addressed during the medical visit, thereby improving outcomes and lowering the cost curve.
“Sharecare has a track record of innovation and collaboration unlike any other digital health company, and we are excited to merge our expertise in AI and healthcare payment integrity with their ability to convene, rally and engage people, providers and payers in improving health and well-being. Joining the Sharecare family enables us to capitalize on our ability to combat the prolific and fast-growing problem of fraud, waste, and abuse in healthcare, which will save millions of dollars for our collective clients and, ultimately, advance patient care and satisfaction.” – Pete Ransome, CEO of WhiteHatAI.
WhiteHatAI marks Sharecare’s 16th acquisition; financial terms of the deal were not disclosed.