What You Should Know:
– RadiantGraph, a platform using machine learning and artificial intelligence to drive consumer engagement for health plans, today announced its launch today after raising $5 million in Seed funding in a round led by True Ventures and XYZ Ventures, with participation from Remus Capital.
– The company plans to use the funding to accelerate growth, which includes partnering with new healthcare organizations and advancing their enterprise health and health plan product offerings.
Engage Healthcare Consumers by Putting AI to Work
Healthcare costs continue to rise, with a projected increase of 7% in 2024, but consumer engagement with healthcare is still low. Engagement is critical because it leads to better health outcomes and a better overall experience for consumers. One example where engagement is necessary is the management of chronic conditions, one of the largest drivers of healthcare cost and something that requires patient activation and collaboration to be successful. Missed opportunities like these leave health plans and healthcare companies scrambling to engage members and promote healthy behaviors.
To solve this, RadiantGraph uses machine learning (ML) and artificial intelligence (AI) to translate data, including medical claims, medication history, and biometric data, to create tailored consumer healthcare experiences that reach consumers where they are. This results in more effective communication, higher patient satisfaction, and improved healthcare outcomes.
Health plans, Providers, and Enterprise Health companies often lack the resources and expertise needed to deploy proprietary ML and AI models to reach their consumers effectively. Data science teams can spend 50-80% of their time ingesting, detangling, enriching, and managing incomplete healthcare data. RadiantGraph’s platform approach begins generating usable insights in weeks versus the years it would take a company to build a platform from the ground up. This can save companies millions in capital investment and critically accelerate timelines to deploy models and deliver outcomes. This type of personalized communication can reduce acquisition costs by up to 50% and increase revenue 5-15%.
“RadiantGraph addresses a problem I’ve worked to solve time and time again – companies building AI systems from the ground up in an effort to transform data into better consumer experiences. It’s simply inefficient,” said Anmol Madan, founder and CEO of RadiantGraph. “RadiantGraph can drive direct impact on outcomes and help healthcare companies apply AI to drive personalized experiences and keep up with the rapid evolution of AI technology underway. This removes the friction that healthcare companies experience when trying to engage with consumers; and outpaces in-house and third-party options.”