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.
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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.
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“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.”
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