We called it an AI employee. It was an AI assistant that needed human supervision. The marketing wrote checks the product could not cash.
Healthcare administration is messy. AI that is 95 percent accurate means 5 percent errors. In healthcare 5 percent errors means denied claims and delayed care.
We raised 852 million dollars. We hit a 4 billion dollar valuation. And the product did not work well enough. That is the whole story.
Hospitals spend 30 percent of revenue on admin. That is a real problem. We just were not the real solution.
AI in healthcare requires 99.9 percent accuracy. We were at 95. The gap between 95 and 99.9 turned out to be unbridgeable.
Tiger Global. General Catalyst. Vista Equity. The best investors backed us. Even smart money gets AI hype wrong.