Chatbots to save healthcare industry $3.6B in 2022

Steven Loeb · October 13, 2017 · Short URL: https://vator.tv/n/4a53

Here are some of the healthcare companies already deploying chatbots

Bot technology is still relatively new and nascent, but it's already becoming part of the strategy of companies both big and small. This is technology that has the ability to space every space and vertical, from retail to education to city planning. There's already one space in particular where this technology is going to have a big impact: healthcare.

According to the Digital Health: Vendor Analysis, Emerging Technologies & Market Forecasts 2017-2022 report, released from Juniper Research on Wednesday, adoption of chatbots in healthcare will result in cost savings of $3.6 billion globally by 2022.

The cost savings this year are expected to be just $2.8 million, so that's a 1,185 percent change in just five years, or 320 percent a year. 

The report also says that China will dominate chatbot deployment over the next five years, and that over half of the savings will be seen in the Far East Asian market. That's partially because of "substantial challenges in developed healthcare systems, such as those in the US and UK. Systems at a mature stage of development are generally more conservative in introducing new technology than others, often resulting in inefficient care."

Despite these potential issues, there are a number of healthcare companies in those regions that already deploying chatbots. Here are some of those that have already raised money:

 

doc.ai

doc.ai

  • Description: "doc.ai is a conversational platform for on-demand, quantified biology."
  • Funding: Undisclosed seed round
  • Investors: Legend Star, S2 Capital, F50, Comet Labs

"I think there are two paradigm shifts colliding: natural language with DNNs and precision medicine. Personalized medicine is changing: healthtech is more about what you can measure IN the body than ON the body, so personalised medicine and precision medicine are meeting just as Eric Topol predicted in his book 'The Patient Will See You Now.' He called it the panoramic view of health, all the omics (genomics, microbiome, phenome, pharmacogenome, metabolome etc.)," said Walter De Brouwer, Ph.D., CEO of doc.ai.

"By 2020, according to IBM health, data will double every 73 days. By 2026, according to Illumina, we will have 1 billion genomes sequences. From 2016 onwards it will double every year, which makes it 1 billion genomes by 2026. Every time we experience a doubling at regular intervals we talk about a power law. Two power laws together is an explosion. With all that health data exploding around the consumer, we are running out of humanity to explain that to them. That is why machines are the only way forward."

Avaamo

  • Description: "Conversational bots that check-up, remind, and encourage patients to take their medications"
  • Funding: $9.3 million
  • Investors: Wipro Ventures, Streamlined Ventures, Eleven Two Capital, Rembrandt Venture Partners

"Health care providers in the US are actively using conversational AI technologies to reduce wait times on the front end for clients and drive a massive reduction in healthcare servicing and customer contact center costs. However 'chatbots' in the generic space do not fit the mold for a healthcare space where regulations, PII and data privacy reign supreme. In order to service the healthcare space, chatbot vendors need to buckle down and spend the time and effort to be HIPAA compliant, be able to answer tough questions on how to handle PII data and, most important, integrate to legacy healthcare systems to make sure chatbots can truly service the customer or clinicians side of the equation. Avaamo spends the time and investment in these area and we have found even the largest healthcare organizations open to innovative use of chatbot technologies if software vendors can negotiate the regulatory and Data privacy hump," said Ram Menon, Founder and CEO of Avaamo Software.

 

Buoy Health

  • Description: "Buoy is an online symptom and cure checker that uses an intelligent algorithm backed by medical data to diagnose patients"
  • Funding: $9 million
  • Investors: FundRX, F-Prime Capital Partners, Jack Connors

 

HealthJoy

  • Description: "HealthJoy’s easy-to-use, chat-based app combines our team of board-certified doctors, veteran insurance experts, dedicated healthcare concierges and our proactive chatbot, JOY."
  • Funding: $6 million 
  • Investors: Relativity, Social Capital, Chicago Ventures, OurHealth, Sidekick Fund, GoHealth

 

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Sense.ly

  • Description: "Sensely is an avatar-based, empathy-driven clinical platform that helps clinicians and patients better monitor and manage their health."
  • Funding: $11.8 million
  • Investors: BioMed Ventures, BioVeda Capital, Chengwei Capital, Mayo Clinic, Fenox Venture Capital, StartXm Launchpad Digital Health, TA Ventures, Fenox Venture Capital, MSA, Eastlink Capital, Zillionize Angel, Alchemist Accelerator

 

Your logo

Your.MD 

  • Description: "Your.MD is an AI-based health information service platform and a marketplace of health service providers and products."
  • Funding: $17.3 million
  • Investors: Smedvig Capital, Orkla Ventures, Smedvig Capital

"The combination of chatbots and AI can deliver enormous value in healthcare especially to end-users who are hungry for reliable health advice. Automating the ability to direct everyone in the world towards the most appropriate primary care option creates a new market (we call it Pre-Primary Care) that can transform the economics and social impact of healthcare worldwide," Your.MD CEO Matteo Berlucchi told VatorNews.

 Babylon health logoBabylon Health

  • Description: "Babylon delivers high quality healthcare via your mobile phone"
  • Funding: $85 million
  • Investors: Vostok New Ventures, Kinnevik AB, NNC Holdings, Hoxton Ventures

 

MedWhat 

  • Description: "Our virtual assistant answers medical and health questions for consumers and doctors instantly. The answers are provided by an intelligent super-computer that learns about medicine everyday and over time about your health record and medical questions history."
  • Funding: $590,000
  • Investors: Microsoft Accelerator, NewGen Capital, MSA, StartX, StartCaps Ventures

 

Intellivisit

  • Description: "Our smart system assesses your symptoms and then routes that information to a health care provider for review and treatment so you don’t actually have to see or talk to a doctor. Visits take less than 10 minutes and clinicians typically respond within an hour."
  • Funding: $2.5 million
  • Investors: Undisclosed

 

Bright.md

  • Description: "SmartExam, your virtual physician assistant, cuts the cost of visits by 80% — while providing high-quality care your patients will love."
  • Funding: $12.5 million
  • Investors: Seven Peaks Ventures, B Capital Group, Portland Seed Fund, Oregon Angel Fund, Otter Rock Capital, StartX

 

HealthTap

  • Description: "Dr. A.I.♥ incorporates both context and clinical expertise of doctors who have helped triage hundreds of millions of patients worldwide to right levels of doctor-recommended care. Just like a sympathetic human physician, Dr. A.I.♥ converses with the user to understand their current complaints or concerns and uses the user’s health profile to compute the probable causes of their symptoms."
  • Funding: $38.2 million
  • Investors: Asset Management Ventures, Khosla Ventures, Mayfield Fund, Innovation Endeavors, The Perkins Fund, Mohr Davidow Ventures, Great Oaks Venture Capital

"We're very excited about Chat Bots in general and smart simple interfaces that use a combination of real and artificial intelligence as well as emotional intelligence to give people better access to the health knowledge the need more immediately when they need it. Our chat bots are a real collaboration between humans and machines  - with more than 108,000 doctors we've created the the world largest knowledge base of doctors wisdom, which is now the foundation for our intelligent chat bots. We make this valuable doctors knowledge (created, curated and reviewed by doctors) available to people any time anywhere even if they cannot afford access to care," said Ron Gutman, Founder & CEO of HealthTap.

 

Medxnote

Medxnote

  • Description: "Medxnote’s unique blend of patient-centric messaging and ease of use helps you connect instantly with colleagues and provide faster and safer care to your patients."
  • Funding: Undisclosed amount of seed funding 
  • Investors: Keiretsu Forum Northwest, NDRC

"Medxnote uses chatbots to connect doctors, nurses and healthcare staff to existing data silos such as EMR’s, Lab, Radiology and Business Intelligence. We believe that chatbots will speed up workflow and create game changing opportunities to improve efficiencies in healthcare," said Niall Rafferty, CEO of Medxnote.

"We have built and sold a number of bots to hospitals. Our first bot, PharmaBot, reduces the time to record a prescribing error from 10 minutes to 30 seconds. We also developed a Bot to add medical images (wounds) to an EMR using the HL7 FHIR standard.  This process now takes 40 seconds on average compared to an hour or more to call medical photography."

(Image source: betanews.com)

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Sense.ly

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Sense.ly is an avatar based, emotively driven clinical platform that helps clinicians better manage their chronic care patients. At the core is a Virtual Medical Assistant equipped with a set of remote diagnostic tools. Sense.ly uses natural user interfaces to facilitate the assessment of a patient’s condition and provide insights for meaningful follow-up. - See more at: https://www.crunchbase.com/organization/sense-ly#sthash.HhSD1Jq4.dpuf

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HealthTap+ has reinvented the way people all over the world manage their health and well-being. Our free web and mobile apps enable 24/7 access to personalized, relevant, and trusted health information in the form of answers, tips, checklists, and news from over 67,000 U.S. doctors.

Members can get expert answers to their personal health questions, read personalized news and tips, and access expert reviews of health apps from HealthTap’s Medical Expert Network of more than 67,000 doctors for free.

In July 2014, HealthTap launched its premium HealthTap Prime subscription service. Prime members pay a monthly subscription fee for unlimited live consults with physicians via HD video, voice, and text chat. The service is available via any mobile device or personal computer.

HealthTap then launched HealthTap Concierge in October 2014, which connects members with their own doctors, via HD video, voice, and text chat for a low, per-consult fee. No monthly subscription is required to use HealthTap Concierge.

HealthTap released its first annual AppRx Report in January 2015. Thousands of doctors on HealthTap independently reviewed tens of thousands of health and wellness apps available in the iOS and Android app stores and provided recommendations for those they deemed the best.

In March 2015, HealthTap launched RateRx, the first free, large-scale resource of doctor ratings and reviews for over 4,000 drugs and medications. It was created by doctors to help consumers understand the effectiveness of drugs and treatments based on doctors' real-world experience.

 

The company is backed by leading investors such as Khosla Ventures, Eric Schmidt’s Innovation Endeavors, Mayfield Fund, and Mohr Davidow Ventures.

Buoy Health

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Buoy is a digital health tool that helps people – from the moment they get sick – start their care on the right foot. Studies show that when most Americans (72%) get sick, they google their symptoms. But, the information they gather is both unreliable and risky – “I typed in cough and got cancer”. Buoy flips this all too familiar script on its head by leveraging advanced artificial intelligence to resemble an exchange you would have with your favorite doctor – where you get an accurate analysis of your symptoms and understand options for where to go and what to do next. So that you can easily and quickly embark on the right path to getting better

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