Notable, one of the recognized intelligent automation companies which always aims at improving health care, announced that it received an amount of $100 million in its series B funding round, and due to this now Notable’s valuation is above $600 million.
The investment round was led by one of the great investors, ICONIQ Growth, one of the leading wealth management and investment companies. There were several investors also who took active participation in the funding round namely Greylock, Oak HC/FT, and F-Prime.
The company states that the funding was raised for the purpose of introducing AI in the health sector so that the sector can blossom in the upcoming future. Furthermore, the company is also looking forward to expanding the health care facilities and raising its quality standards along with quantity. The main motive behind this is to improve the health care sector and yield a higher return on investment at the same time.
The investment raised is basically focused on using AI efficiently and effectively in the healthcare sector to improve patient care and streamline processes. Many care sites, such as Intermountain Healthcare and CommonSpirit Health, are already in partnership with Notable.
Notable help them in automating their processes such as scheduling patients, check-in to post, visit follow-up, and many more. Notably, it also decreases the workload by creating clinical documents and preparing billing codes.
Pranay Kapadia, the CEO, and Co-Founder of Notable states that if we see the reality, then there are many health care sectors that are still using repetitive, manual workforces to continue their day-to-day operations. This makes the cost higher, but the work remains the same. If calculated in monetary terms, then this cost would be approximately $1 trillion per year to pay the administrative cost.
When a patient visits a physician and spends some time consulting with him, that time is directly proportional to the increase in time spent on administrative work. Most of the administrative tasks, such as creating clinical documents, adding billing codes, insurance claims, and many more, can be done easily through AI. This will save the cost of operations and administrative costs and, at the same time, save the time and effort of humans.
He further added that demand for The pandemic of COVID-19 makes the use of AI more relevant and feasible in the health sector. People are also demanding the use of more efficient and reliable technology in the healthcare sector.
Andrew J. Scott, the founding partner of 7percent Venture, also says that in this modern world, technology is the foundation stone of everything, and one who is deprived of that is not a part of the modern world.
Conclusion:
AI in the health sector is increasing and people are also opting for AI-based treatment instead of the traditional one. It is the future of the country as well as any enterprise. Healthcare is not an exception, and if this sector wants to grow, then technology must be included along with manpower. Moreover, the use of AI in this field is seen as a boon and it always comes up with positive results.
Notable has a great technology that works on AI and is used for mental health triage and support. There is technology everywhere around us, and now it depends on how we use it for our benefit.
