HealthTensor is a California-based startup that utilizes artificial intelligence to create software that augments medical decision-making. This healthcare organization’s main aim is to provide an entire suite of AI-powered solutions to a whole plethora of healthcare problems. The first step in the process would be getting started with clinically validated diagnostic algorithms. In the seed funding round, this company managed to raise $5 million. The utilization of these resources would simultaneously scale up the operations and expand the customer base.
Three friends Eli Ben-Joseph, Thomas Moulia, and Nate Wilson, together with a similar idea in mind, formed HealthTensor. All three of them had formerly taken the conventional medical school track. But they soon realized that technology in the healthcare industry played an extremely pivotal role and therefore decided to tap into this technological potential. The market for big data analytics is also on a constant rise, and the projected value of the same is expected to grow exponentially to $67.82 billion by the year 2025. With the rising use of AI-enabled solutions and analytics, healthcare service quality is increasing at an unprecedented rate. Simultaneously, the cost of healthcare is also coming down significantly as the readmission rates are getting lower.
Technology Behind the Software
HealthTensor uses AI technology that aims to analyze the physician’s notes and the lab reports to diagnose the patient correctly. Not only this, but the product also bills the data and puts it into the medical records. It also includes a retrospective analysis feature to review the patient’s entire history properly and understand if any form of documentation is missing. The algorithm being used does the work by continuously monitoring the patients and providing the medical practitioners with data-driven real notes.
The algorithm could very well be biased and provide inaccurate results. To overcome this, HealthTensor collaborates with an entire team of medical practitioners and physicians from the leading institutes worldwide. HealthTensor follows a six-step developmental process. The data is then collected from a vast and randomized pool of people and is fed into the algorithm. The data is always carefully chosen by the physicians themselves. HealthTensor has further claimed that their algorithms have reached an accuracy of 90% at the very least. The six-step process ensures that the physician is not copying the available information but is studying it thoroughly before adding it to any record or model.
HeathTensor works as an AI resident in the medical institutes, which focuses solely on the industry’s tedious and data-driven aspect. The main motive is to take a little load off the physicians’ shoulders, avoid their burnout to enhance productivity, and make them focus primarily on the conceptual and emotional parts. The company went on the ground in 2020. It is since then working with three medical establishments and has plans to expand the base to up to 70.
Source Link: http://www.healthtensor.com/
Amreen Bawa is a consulting intern at MarktechPost. Along with pursuing BA Hons in Social Sciences from Panjab University, Chandigarh, she is also a keen learner and writer, having special interest in the application and scope of artificial intelligence in various facets of life.