Huntington Bancshares Inc., a $189 billion asset regional bank holding company, has invested nearly $5 million into Tampa startup Veuu.
Veuu, created by local entrepreneur Terence Mills, uses artificial intelligence to streamline and improve insurance claims coding, and provide health care providers adjudication of payment immediately upon patient discharge. It uses advanced AI technology in language and speech that has been developed specifically for the health care domain.
“For years, we’ve heard from our physician and hospital clients about the difficulties they experience with the revenue cycle and limitations to working capital financing, so we decided to team up with Veuu to develop solutions that address the complex root cause: medical coding errors,” Dan Storer, Huntington’s senior managing director of healthcare banking, said in a prepared statement.
The investment marks a strategic step for the Ohio-based bank that specializes in wealth management and risk management. The bank has recently entered the health care investment realm.
“No single stakeholder in healthcare can solve the downstream consequences like claim denials and expensive financing options—not the providers, payors, government, technology companies or financial institutions. These digital innovations require collaboration and strong partnership, and our relationship with Veuu strategically positions us to be able to tackle many of these challenges,” Storer said.
“In collaboration with Huntington, we seek to provide a compelling future state through AI technology for some of the costliest problems in healthcare,” Mills said in the announcement. “With the size and depth of the problems growing, the right partnership is vital for acceptance and adoption in an otherwise complex industry. Huntington’s commitment and proven track record in healthcare banking make them the ideal strategic partner for Veuu.”
According to Crunchbase, Veuu previously raised $575,000 in a seed round.