Startup Ethermed Leverages AI to Accelerate Healthcare Pre-Authorizations
A new startup guided by two seasoned Albany entrepreneurs is leveraging artificial intelligence to drastically reduce the amount of time healthcare managed services organizations spend on pre-authorizations for referrals, procedures, testing and prescriptions.
At the next Startup Tech Valley (SUTV) event at Brown’s Revolution Hall in Troy on Sept. 18, the startup Ethermed will detail how its AI-powered tools are automating thousands of healthcare administrative processes such as prior authorizations every day. Last December, the startup secured its first customer: MedPOINT Management, Inc. a prominent managed service organization (MSO) with more than 10,000 providers and more than one million members in California.
In 2021, Ethermed was founded by Dan Friedman in Philadelphia, leveraging technology he had developed for other startups with which he had been involved. A year later, John Cococcia, a seasoned startup executive from Albany joined Ethermed as CFO. He was joined by another Capital Region entrepreneur: Chris Kelly, as Ethermed’s sales advisor. Cococcia and Kelly are co-founders of Rosendale, a venture development company in Schenectady.
Ethermed’s AI tools are currently processing 7,000 healthcare pre-authorizations for MedPOINT daily, and Cococcia is aiming to add three to five more customers to the startup’s roster this year. Ethermed’s AI engine is pro-active technology: anticipating when a provider will need a request a pre-authorization and reacting to when one is sent to a payer. Using proprietary machine learning models, the technology cross references information in the requests against millions of data points to either instantaneously approve it or request more information.
Two other startups that will make pitches at the next SUTV event on Sept. 18 are Ten Talents and Eternal ME.
Register for the Sept. 18 SUTV at Brown’s Revolution Hall. Networking starts at 5:30 p.m. and pitch sessions run from 6-7 p.m. Register here.
CEG INITIATIVES
Startup Tech Valley (SUTV) provides a venue for Capital Region entrepreneurs, investors, mentors, students, and startup employees to gather, share ideas and highlight their startups at pitch sessions. SUTV is supported through a collaboration between the Center for Economic Growth, Innovate 518 and Rensselaer Polytechnic Institute.
In addition to supporting SUTV and Innovate 518, CEG is also a corporate sponsor of the Tech Valley Center of Gravity. CEG can help engage entrepreneurs in a Manufacturing Incubator Program and Prototyping Center. CEG is also an affiliate of the Capital Region Chamber, which provides support services for entrepreneurs include, loan programs, entrepreneur boot camps, an MWBE program, and a BIPOC Business Growth initiative.
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