The CEO using AI to fight insurance claim denials says he wants to remove the 'fearfulness' around getting sick
Dec 12, 2024 - businessinsider.com
Warris Bokhari founded Claimable, an AI-driven startup, to address the issue of insurance claim denials in the US healthcare system. With a background in the insurance industry and as an ICU doctor in the UK, Bokhari recognized the challenges faced by patients in the US, where claim denials create fear and obstacles to receiving necessary medical care. Claimable's platform, boasting an 85% success rate in overturning denials, uses AI to analyze data and generate customized appeals for patients, particularly those with autoimmune conditions and migraines. The service costs $39.95 per appeal and also informs regulators about the denials, highlighting the frequency of these issues in American healthcare.
The company, which recently closed its seed round with backing from Walkabout VC and Humanrace Capital, is part of Nvidia's startup program and employs around 11 people. Bokhari emphasizes that violence is not a solution to frustrations with the insurance industry, advocating instead for appealing denials. Claimable aims to empower patients by legitimizing their stories and ensuring their right to be heard, addressing a systemic issue that has been exacerbated by the use of algorithms in claim decision-making.
Key takeaways:
Warris Bokhari founded Claimable to address insurance claim denials using AI technology, achieving an 85% success rate in overturning denials.
Claimable's platform analyzes data to generate customized appeals, supporting claims for over 50 FDA-approved treatments, primarily for autoimmune and migraine sufferers.
The company aims to legitimize patients' stories and ensure their right to be heard, sending appeals to both insurers and relevant regulators.
Claimable closed its seed round in March 2024, backed by investors like Walkabout VC and Humanrace Capital, and is part of Nvidia's startup program.
