Knoxville School Innovates Health Care Solutions

Health care professionals using technology to improve claims processing

News Summary

The University of Tennessee Research Foundation has invested $150,000 in VisualizAI, a startup focused on using AI to improve revenue recovery in health care by handling insurance claims. Their innovative tool, ClaimsAgent, helps health care providers visualize claim data to address denials and underpayments. This partnership not only aims to enhance efficiency but also offers valuable real-world experiences for students at the university. With significant funding available, VisualizAI is positioned to make a lasting impact in the health care sector.

Exciting News from Knoxville: A Game-Changer for Health Care!

Hey there, Knoxville! We have some exciting news that shines a light on how our local universities are making a real difference in the health care field. The University of Tennessee Research Foundation has stepped up to invest a whopping $150,000 in an innovative startup called VisualizAI. This is not just any startup; it’s an artificial intelligence venture aimed at revolutionizing the way health care providers deal with insurance claims.

What Does VisualizAI Do?

So, you might be wondering, what exactly is VisualizAI up to? Well, this dynamic team is on a mission to help health care providers recover revenue that often slips through the cracks due to denied or underpaid insurance claims. Claims can be cumbersome and stressful, right? That’s where the magic happens with their product, called ClaimsAgent. This nifty tool not only processes claims but also visualizes data to pinpoint the reasons for those pesky claim denials or underpayments.

Imagine the countless hours that hospital administrators spend figuring out why a claim was rejected. It’s tedious work that takes time away from what really matters—patient care. VisualizAI is here to lighten that burden and streamline the whole process!

Bringing Research to Life with the Accelerate Fund

The investment in VisualizAI comes through a special initiative known as the Accelerate Fund, which has a total of $5 million set aside to bridge the gap between university research and real-world commercial products. This kind of funding is essential for turning bright ideas into solutions that can impact our daily lives, especially in areas as crucial as health care.

Fostering Innovation and Opportunities

It’s not just about funding; this partnership is also poised to create valuable opportunities for students at the University of Tennessee. The startup plans to provide real-world experiences for students, allowing them to work on AI software while still in school. This means that students can gain practical knowledge and experience in a field that’s continually evolving. Who wouldn’t want to be part of something that merges education with innovation?

The Team Behind VisualizAI

VisualizAI doesn’t just have cutting-edge technology; it has a strong team as well. The founder is none other than Jian Huang, a computer science professor at UT. He’s joined by Tanner Hobson, a former doctoral student under Huang, who is now full-time co-founder and director of algorithms. Together with Mac Bartine, who serves as CEO, this team is set on making waves in the health care sector.

The Need for Change is Clear

According to data from the Centers for Medicare and Medicaid Services, insurance companies denied 19% of in-network claims and a staggering 37% of out-of-network claims in 2023. This shows that there’s a pressing need for solutions that can help providers navigate these challenges. VisualizAI aims to tackle these issues head-on, while also addressing labor shortages and the complexities that come with administrative tasks.

Future Goals and Growth

Right now, VisualizAI is piloting its program with three health care providers, gathering data and refining its tool. But they’re not stopping there! The startup is looking to raise between $500,000 and $1 million to ramp up growth and expand their capabilities. With such promising technology and a dedicated team, there’s no telling how far they can go!

A Bright Future Ahead

With the backing of the University of Tennessee and the innovative ideas buzzing from VisualizAI, the health care landscape could be on the brink of a much-needed transformation. Here’s to future advancements in health care that make life easier for providers and patients alike. Go, Knoxville!