CED Tech Venture profile: Artificial intelligence startup WhiteHatAI targets medical fraud, errors

Can artificial intelligence help the medical industry better deal with fraud and errors?

The executives at artificial intelligence startup WhiteHatAI believes so.

“It’s a new day, and there is a new way to stop healthcare payment problems before they happen,” says WhiteHatAI CEO Peter Ransome.

“WhiteHatAI has developed the Centaur System to address growing problems in healthcare payment integrity. The Centaur System, based on cognitive technology and artificial intelligence, is always on guard and never stops working to prevent fraud, waste, and abuse in healthcare payments. Now, with the WhiteHatAI Centaur System you can stop a low integrity payments in their tracks before they become a problem.”

Here’s a profile Q&A about the emerging Durham venture which will be among the presenters at the CED Tech Venture Conference.

Ransome is a veteran executive with extensive experience in artificial intelligence, information governance,data analytics, big data, SaaS, and digital marketing.

The profiles are presented as part of a partnership between WRAL TechWire and the CED.

U. Seton Amick, WhiteHatAI’s chief operating officer, provided the answers on behalf of WhiteHatAI.

What is the focus of your business?

WhiteHatAI quickly identifies fraudulent charges and errors in medical claims regardless of complexity.

The WhiteHatAI Centaur System lists suspect issues and provides a summary framework which can be used by an individual, with or without a healthcare background or clinical expertise, to dispute, eliminate and re-negotiate the presented charges.

What is the top pain point/business application you are seeking to address?

There is an estimated (conservative estimate) of $650 billion dollars worth of fraud, waste and abuse in the US Medical industry alone.

Over 90% of all of this fraud, waste and abuse goes undetected. We will change that giving the medical industry the ability to allocate funds to saving lives and providing a better quality healthcare product.

What makes it unique?

The WhiteHatAI Centaur can handle medical claims pre-payment, or before money is sent to pay a claim.

The medical insurance industry does not do this, but instead practices “pay and chase” or pays the claim, finds the fraud and then tries to get the money back.

The Centaur stops fraud waste and abuse BEFORE it is paid for…no one else does this.

Why should investors be interested in your firm?

We are currently talking with several large national insurance companies as well as medical systems vendors to enter into Proof of Concept agreements as well as distribution agreements for the Centaur system…and it is operational now…

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