Sharecare acquires WhiteHatAI to add capabilities in healthcare payment integrity
US digital health company Sharecare has acquired WhiteHatAI, a provider of artificial intelligence (AI) based healthcare payment integrity solutions, for an undisclosed price.
WhiteHatAI’s technology is used to replace or works alongside existing claims review software for detecting fraud, waste and abuse (FWA) irrespective of complexity.
Sharecare said that the acquisition of WhiteHatAI will enable it to offer additional capabilities to health plan and provider clients for ensuring healthcare payment integrity.
According to the digital health company, WhiteHatAI’s ability of identifying erroneous claims before they are paid will help its health plan partners cut down costs pertaining to FWA. In addition to that, these capabilities are said to better place Sharecare’s provider clients to succeed in value-based environments by facilitating more timely payments and lesser claim denials, thereby leading to cash flow generation and improved revenue cycle management.
Jeff Arnold – founder, chairman, and CEO of Sharecare, commenting on Sharecare acquisition of WhiteHatAI, said: “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.”
WhiteHatAI’s AI-driven platform is said to help providers to get unstructured clinical data from medical charts, that can have meaningful insights not available in the structured record, besides enabling the identification and calculation of CMS quality measures.
Sharecare said that its app will be integrated with WhiteHatAI’s capabilities to promote deeper engagement by letting patients to verify recent medical procedures and also for reporting satisfaction. The Sharecare app can then message users depending on the treatment or care plan addressed during the medical visit for improving outcomes and reducing the cost curve.
Commenting on Sharecare acquisition of WhiteHatAI, Pete Ransome – CEO of WhiteHatAI, said: “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.”