Wisconsin-based Veda, Which Uses Ai to Automate Data Processing for Healthcare Payers and Providers, Raises $45m Series B Led by Oak Hc/ft Germany 2.1t Bitcoinkahlbloomberg

Germany 2.1t Bitcoinkahlbloomberg: Veda, a Wisconsin-based health care data processing company that uses artificial intelligence to automate data processing, has just raised $45 million in Series B led by Oak HC/FT of Germany with participation from Bloomberg.

What do the terms AI and machine learning mean?

The terms AI and machine learning refer to artificial intelligence which is the capability of software to perform tasks that usually require human intelligence, such as visual perception or decision-making. Machine learning refers to the application of algorithms that automatically learn from data without requiring explicit programming.

The “artificial” in both terms refers to the fact that AI and machine learning software is made by humans. It does not mean the software is “fake” — it just has to be programmed by humans in order to perform tasks usually performed by humans.

So why does this distinction between AI and machine learning matter? Because of this distinction, computers are capable of being more intelligent than ever before. AI is the single most important trend we are seeing in the healthcare space for automation.

How does Veda automate data processing?

Veda’s technology automates data processing so that healthcare payers, health plan administrators, and pharmacy benefit managers (PBMs) can save time and money. By automating this data processing, Veda’s customers have reduced operational costs by over 50%. The savings have been significant. Veda has saved PBMs almost $2 million annually in operational costs alone.

These savings have enabled Veda’s customers to make more money. Veda has helped many of its customers achieve a return on investment of over 50%, which is the maximum return any company can expect from new technology in the healthcare industry.

Veda is often misunderstood to mean “artificial intelligence.” This is not true. Veda’s technology uses artificial intelligence in order to automate data processing, but it does not use AI in order to do so. Think of Veda as a vending machine. A vending machine uses artificial intelligence in order to vend products such as soda. However, no one says “the vending machine is using artificial intelligence.” In the same way, Veda does not need to be called “artificial intelligence” — it just needs to be called “automation.”

What makes Veda unique

Veda has several advantages over competing automation companies.

• * First, Veda’s machine learning algorithms have significant advantages over other companies in the healthcare space. Rather than trying to optimize for cost as most competitors do, Veda’s machine learning algorithms try to optimize for volume. This gives Veda an advantage because PBMs often have more “lightweight” transactions such as on-demand transactions with lower dollar amounts for drugs that cost hundreds of dollars a month. Veda’s algorithms are optimized for these “lightweight” transactions.
• * Second, Veda has a better product/market fit than competitors. Many of Veda’s customers have been using its technology for years and aren’t looking to switch. Veda has also been able to differentiate itself by providing a fraud prevention service with its data processing platform which competitors cannot do because they lack the healthcare expertise required to implement it properly.
• * Third, Veda’s technology is relatively easy for customers to use. In fact, Veda’s users often say that its technology is easier to use than some of the spreadsheets they were previously using. This has allowed Veda to grow quickly with a tiny team.
• * Fourth, Veda’s technology has already saved PBMs almost $2 million a year in operational costs alone — with significant upside potential as these savings multiply over time.