Atlanta’s digital healthcare company Sharecare is set to increase its payment processing capabilities with the acquisition of North Carolina-based WhiteHatAI, according to a statement on WhiteHatAI’s website.
WhiteHatAI’s fraud detection platform finds inaccurate claims before they are paid out, saving both time and money for healthcare providers. By integrating with Sharecare’s existing capabilities, patients can verify medical procedures and streamline communication with their healthcare providers.
WhiteHatAI CEO Pete Ransome believes the move will “merge [WhiteHatAI’s] expertise in AI and healthcare payment integrity with [Sharecare’s] ability to convene, rally and engage people, providers and payers in improving health and well-being.”
Sharecare has been working to update and innovate the healthcare space for both consumers and providers since its founding in 2010. The addition of WhiteHatAI allows Sharecare to work towards reducing costly problems currently in the healthcare system.
“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,” Sharecare CEO and founder Jeff Arnold added in the press statement.
“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,” Ransome added.
While financial terms of the deal were not disclosed, WhiteHatAI becomes the sixteenth healthcare-related company acquired by Sharecare. Tennessee-based Visualize Health was acquired in February to help streamline electronic medical records and analytics tools.
Sharecare’s capabilities have expanded throughout the ongoing coronavirus pandemic, leading the company to launch Well-Being@Work in early July. The readiness assessment platform is designed to help employers make better decisions around returning to work after ongoing COVID-related shutdowns.
The comprehensive platform also allows employers to track and screen employees, build a company readiness plan, and provide employees with tools to cope both mentally and physically with plans to return back to an office.