With a vision to enhance the medical and healthcare scene in the MENA region, and in line with the latest technological advancements, five regional entrepreneurs embarked upon a journey to grow TachyHealth; a digital health startup that is re-inventing the interaction between healthcare providers and payers with Artificial Intelligence (AI), machine learning, and data science to address decades-long challenges and inefficiencies related to the medical claims management process.
The Story Behind TachyHealth
In September 2018, three of the co-founders with a rich acumen in healthcare and technology started their early discussions on how technology can tackle pressing operational inefficiencies within the medical claims value chain. The discussion and exchange of ideas turned a regular discussion between Dr. Osama AbouElkhir, Dr. Amr Fawzy, and Mohammad Khadra, into a decision that led to the inception of TachyHealth Inc.
How Does TachyHealth Work?
“Tachy is a Greek prefix that denotes speed. This name fits nicely with our value proposition, where we help accelerate the digital transformation of providers and payers with our AI-driven solutions for more efficient and advanced automation,” explained Noor Mufleh, one of the most recent co-founders and Director of Strategy and Business Development at TachyHealth.
Through the use of cloud computing, the solutions are accessible from mobile, tablet, or computer with an internet connection anywhere. Mufleh explained that doctors, medical coders, and claims management teams are the main users of TachyHealth’s solutions, as the startup is reinventing the interaction between healthcare providers and payers by working on a connected value chain of healthcare data.
So far, the startup has worked on creating four AI-powered solutions, each serving a unique purpose while ultimately reducing the growing operational costs. These solutions are:
AiGuide: a decision-support solution for doctors
AiCode: a smart medical coding solution
AiClaim: a medical claims validation/ scrubbing solution
AiReview: a medical claims reviewing and auditing solution for payers
The Challenges Encountered
TachyHealth represents a unique healthcare platform that efficiently mitigates the gaps within the medical claims value chain. However, despite its unique value proposition and services, the startup was bound to face bumps along the road like any other growing business.
“Raising our seed round from regional VC firms was challenging at first, where a deep understanding of the healthcare industry was mostly lacking. However, COVID-19 helped accelerate the surge in the interest and demand for technology-based healthcare solutions.”
Turning Challenges into Opportunities
For many institutions around the world, COVID-19 has rendered most businesses obsolete, slowing down their operations and forcing them to rethink strategies. According to Noor Mufleh, the pandemic served less as a challenge and more of an opportunity, solving their aforementioned ordeal. “The need for digitization grew stronger in 2020 and so did the demand for smarter healthcare systems. Because we had already been operating remotely for a year, COVID-19 helped boost the demand for our solutions. It was also the key that enabled our investors to believe in the importance of technology-driven healthcare startups.”
The Role of “The Tank” by Umniah
As an incubator, “The Tank” serves to aid the startup by paving the way forward. Recalling the time spent at “The Tank”, Mufleh didn’t know where to begin. She said, keeping in mind the many services the incubator offers such as consultations, networking opportunities, and guidance, “What I’d like to thank “The Tank” mostly for is its IP consultations, sales and marketing strategy and tactics, as well as support in financial planning.”
TachyHealth is continuously working on reshaping the healthcare industry by making it more value driven and seamless for everyone.
On a final note, Noor Mufleh wanted to give advice to aspiring entrepreneurs that have read through this post and witnessed a glimpse into TachyHealth’s journey. “Startups grow as a result of the founders’ vision, collective team efforts, and multi-disciplinary approach to problem solving using untraditional ways. Let perseverance and determination be your drive and allow your unwavering faith in your startup be your anchor.”