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☆ Healthcare Startup Valuations Are Coming Back to Earth — Except in AI
▼ + stars: | 2024-04-15 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +7 min

The frenzy has investors across industries rushing to get into AI deals, including in healthcare. AdvertisementStill, healthcare startups using AI have already raised hundreds of millions of dollars this year, especially to automate tedious administrative tasks for providers and health plans. Andrew Arruda, CEO of Flexpa FlexpaThe AI long-haulNot every startup needs to be an AI startup. AdvertisementPlus, healthcare companies that do want to use AI face higher stakes than other industries, contending with numerous privacy, regulatory, and safety issues, Kong noted. For example — if healthcare AI makes a mistake, could patient health be impacted?

Persons: —, Scott Barclay, Nina Achadijan, Shiv Rao Abridge, VCs, nabbed, CodaMetrix, Aike Ho, Christina Farr, Andrew Arruda, that'll, Flexpa, he's, Flexpa's, Kong, Todd Cozzens, it's Organizations: Service, Business, Insight Partners, ACME Capital, nab, Catalyst, HealthQuest, Transformation Locations: Tech, Kong

☆ Doctors are turning medical generative AI into a booming business
▼ + stars: | 2024-03-16 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +5 min

"There isn't a better place to be," Kenneth Harper, general manager of DAX Copilot at Microsoft, told CNBC in an interview. At HIMSS, Stanford Health Care announced it is deploying DAX Copilot across its entire enterprise. Gary Fritz, chief of applications at Stanford Health Care, said the organization had initially started by testing the tool within its exam rooms. Dr. Christopher Sharp, chief medical information officer at Stanford Health Care and one of the physicians who tested DAX Copilot, said it is "remarkably seamless" to use. Fritz said it is still early in the product life cycle, and Stanford Health Care is still working out exactly what deployment will look like.

Persons: Suki, Shiv Rao, Athenahealth, Kenneth Harper, DAX Copilot, DAX, Harper, Gary Fritz, Fritz, Dr, Christopher Sharp, Sharp Organizations: Companies, CNBC, HIMSS, Microsoft, Stanford Health Care, Stanford Locations: Orlando , Florida, HIMSS

☆ Healthcare deals are picking up as VCs finally reopen their wallets. Here's what they are betting on.
▼ + stars: | 2024-03-14 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +6 min

Investors aren't anticipating healthcare funding to surge to anything resembling 2021 levels this year, and fewer deals could mean shutdowns for many companies running low on cash. Multiple healthcare startups have announced raises this year at Series B and beyond. Investors said there's now a higher bar for which startups get venture funding compared to 2021, however. Exits and shutdowns aheadWhile a number of biotech startups have jumped into the public markets already this year, the IPO window for healthcare startups has remained firmly shut. Still, many investors are optimistic that a few healthcare startups will test the waters later this year.

Persons: Anargha Vardhana, There's, they're, Christina Farr, haven't, Richard Drury, Scott Barclay, Shiv Rao, Vardhana, there's, Farr, Sara Choi, Ritankar Das, Supriya Jain, Jain, Barclay Organizations: Business, Insight Partners, Investors, Entrepreneurs, Wing Venture Capital, Boston Consulting Locations: orthopedics

☆ VCs are clamoring to back 'screaming hot' startups using AI for medical records
▼ + stars: | 2024-02-21 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +7 min

Another AI medical records startup, DeepScribe, raised a $30 million Series A round in January 2022. AbridgeThe investor descent on medical-scribe startups reflects a blatant potential of automation tech to alleviate healthcare’s most critical issues. “This market is screaming hot,” said Bryan Roberts, a partner at Venrock and an investor in medical-scribe startup Suki. AdvertisementStill, as health systems increasingly adopt AI solutions to manage labor costs, these startups have room to grow into their valuations. Medical-scribe startups vying for the remaining slice of the pie are “in a pitch to the death,” Roberts said.

Persons: —, ’, Kleiner Perkins, Andreessen Horowitz, Suki, Punit Soni, Shiv Rao, ”, Bryan Roberts, ” Roberts, Annie Case, Case, Hermann, Keith Srakocic, Roberts, there’s, “ Organizations: Service, Business, Healthcare, Fund, Optum Ventures, Medical, Cathay Innovation, Microsoft, University of Pittsburgh Medical Center, University of Kansas Health, AP

AbridgeAbridge CEO Dr. Shiv Rao. AbridgeHQ: PittsburghTotal raised: $62.5 millionWhat it does: The medical scribe startup uses large language models to document patient-doctor interactions in electronic medical records. What makes it promising: Easing administrative burdens for providers is top of mind for investors as growing burnout drives more clinicians out of the healthcare field. Abridge is using AI to tackle one of the most time-consuming, burnout-inducing processes in healthcare — clinical documentation.

Persons: Abridge, Shiv Rao Organizations: Abridge, Pittsburgh

Funding raised: $27 millionNumber of employees: 20Why it's set to take off next year: Provider burnout is getting worse, and it's exacerbating healthcare's staffing crisis. Nof said he expected Abridge's technology to be in demand next year as hospitals worked to reduce the administrative burdens on doctors. "They've reached a tipping point where people are desperate to gain efficiencies in their workday with all the physician burnout," he said. Abridge's technology takes the audio from doctor-patient interactions and automatically turns it into documentation for billing purposes or a summary of the visit for the patient. That means doctors are relieved of the "hours of pajama time in the evening that they previously spent doing clinical documentation," Cheatham said.

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