FareMD, an NYC-based health tech startup, has launched a platform to streamline medical billing in the US. The platform's automation and artificial intelligence are poised to combat billing inefficiencies that cost the nation $300 billion annually, the firm said.

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FareMD's platform represents a paradigm shift in healthcare billing, along with automating conversion of visit notes. By reducing denied claims, the system ensures that hospitals operate more efficiently, it said.

20 percent of claims reportedly are rejected due to missing documentation, coding mistakes, and inaccurate patient information. High and incorrect medical bills have led to consumer debt reaching $195 billion as of 2020. Coding-related denials alone can cost hospitals up to $15 billion.

Akshit Kandi, Co-Founder at FareMD said, “We are trying to resolve the deep-rooted problem in the American healthcare system. The long tail effects are expected to reduce bill prices for millions of people. I am looking forward to carry the legacy in healthcare, having worked with my father and brother, Anil Kandi and Avish Kandi, in their family medical business OM Pharma INC in Hyderabad, India."

First Published:Aug 11, 2023 11:01 AM IST