Sharecare acquires WhiteHatAI to provide health plan and provider clients with additional capabilities to ensure healthcare payment integrity
27 Jul, 2020, 09:56 ET
ATLANTA and CARY, N.C., July 27, 2020 /PRNewswire/ -- Sharecare, the digital health company that helps people manage all their health in one place, today announced its acquisition of WhiteHatAI, an innovator in artificial intelligence (AI) healthcare payment integrity applications. Named one of the 20 Most Promising Cognitive Solution Providers in 2019 by CIO Review, WhiteHatAI's technology works in place of or alongside existing claims review software to identify fraud, waste and abuse (FWA) regardless of complexity.
Over the last several years, Sharecare has introduced a range of capabilities and services to support payers' and providers' workflows – including digital clinical data solutions and medical records management; quality, performance and risk-adjustment tools; and billing contract compliance. Given traditional retrospective systems fail to recover 99% of erroneously paid medical claims, WhiteHatAI's ability to detect erroneous claims before they are paid will help Sharecare's health plan partners reduce costs associated with FWA. Additionally, these capabilities better position Sharecare's provider clients to succeed in value-based environments by enabling more timely payments and fewer claim denials – resulting in cash flow generation and better revenue cycle management.
"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," said Jeff Arnold, founder, chairman and CEO of Sharecare. "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 proprietary AI-driven platform also will empower providers to extract unstructured clinical data from medical charts – which can contain meaningful insights not available in the structured record – and enable the identification and calculation of CMS quality measures. Additionally, as the digital health company partners with physician practices to help patients manage their own health day-to-day between office visits with the Sharecare app, it will integrate WhiteHatAI's capabilities to foster deeper engagement by enabling patients to both verify recent medical procedures and report satisfaction. Sharecare can then message users based on the treatment or care plan addressed during the medical visit, thereby improving outcomes and lowering the cost curve.
"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," said Pete Ransome, CEO of WhiteHatAI. "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."
WhiteHatAI marks Sharecare's 16th acquisition; financial terms of the deal were not disclosed. For more information about WhiteHatAI's artificial intelligence for healthcare payment integrity, visit https://whitehatai.com/.
Sharecare is the digital health company that helps people manage all their health in one place. The Sharecare platform provides each person – no matter where they are in their health journey – with a comprehensive and personalized health profile where they can dynamically and easily connect to the information, evidence-based programs and health professionals they need to live their healthiest, happiest and most productive lives. In addition to providing individual consumers with direct access to award-winning and innovative frictionless technologies, scientifically validated clinical protocols and best-in-class coaching tools, Sharecare also helps providers, employers and health plans effectively scale outcomes-based health and wellness solutions across their entire populations. To learn more, visit www.sharecare.com.
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