Additional Coverage:
- The CEO using AI to fight insurance claim denials says he wants to remove the ‘fearfulness’ around getting sick (newsbreak.com)
AI Startup Battles Insurance Claim Denials
Former insurance industry employee Warris Bokhari has founded Claimable, an AI startup that assists patients in overturning denied medical claims. The company’s success rate is an impressive 85%.
Denials a Major Issue
Bokhari believes that insurance claim denials are a significant problem in the US healthcare system, causing fear among patients seeking care. Unlike other countries, medical expenses can bankrupt families in the US.
AI-Driven Platform
Claimable’s AI-powered platform analyzes vast amounts of data to generate customized appeals. Patients simply describe their medical condition and the potential impact of a denial. The platform then generates an appeal using clinical research, previous appeals, and individual medical history.
Affordable for Patients
Appeals with Claimable cost $39.95, plus shipping. The company handles the appeal process, including faxing and mailing to the insurance company and regulators.
Transparency and Legitimization
Claimable aims to increase transparency and hold regulators accountable. Bokhari believes that patients have the right to be heard, and the company helps legitimize their stories.
Investors and Growth
Claimable has received seed funding from investors and is part of Nvidia’s startup program. The company currently has a team of approximately 11 employees.