HiLabs
Overview
HiLabs is a healthcare-focused data management company founded in 2014. It was established by Amit Garg and is based in Bethesda, Maryland. Primarily serving health insurance companies, HiLabs provides AI-powered solutions aimed at transforming messy healthcare data into clean, accurate, and useful datasets, thereby reducing operational costs and enhancing patient care. Since its founding, HiLabs has raised significant capital to propel its innovations forward, including $39 million in 2024 through a Series B funding round led by Denali Growth Partners and Eight Roads Ventures.
Recent Developments
- August 15, 2024: HiLabs was recognized in the 2024 Gartner® Hype Cycle™ for US Healthcare Payers. It was cited in three categories: Provider/Partner Network Management Platforms, Provider Data Management, and LLMs for Healthcare Payers, illustrating its leadership in utilizing AI to improve healthcare data accuracy.
- June 27, 2024: A study conducted by HiLabs on provider directories was prominently featured in the Medicare Payment Advisory Commission's June report to Congress. The report highlighted significant discrepancies in provider directories that could impact patient care access.
- July 18, 2024: HiLabs, in collaboration with the University of Colorado, published research identifying incorrect data in health plan physician directories as a pervasive issue. This study gained attention for its implications on healthcare data accuracy.
- March 14, 2024: HiLabs secured $39 million in Series B funding. This investment was aimed at enhancing HiLabs' technology offerings and team expansion to better its AI-powered healthcare solutions.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2014 |
| Headquarters | Bethesda, Maryland, USA |
| Founders | Amit Garg |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Denali Growth Partners, Eight Roads Ventures |
| Industry | Healthcare Data Management |
| Number of Employees | Approximately 150 |
| Key Products | MCheck™ Provider, MCheck™ Clinical, MCheck™ Payment Accuracy |
Early History
HiLabs was established in 2014 with a mission to address the challenges faced by healthcare organizations in managing messy data. It began by offering a cloud-based platform, MCheck™, designed specifically for healthcare data management. MCheck™ has provided healthcare entities with tools to ingest and cleanse data, resulting in improved patient care and reduced operational costs. Recognizing the crucial role that clean data plays in healthcare decision-making, HiLabs set out to drive innovation in healthcare data quality from its headquarters in Maryland while expanding its team globally, including locations in India.
Company Profile and Achievements
HiLabs operates in the healthcare industry by providing advanced AI-driven solutions that significantly improve data quality for healthcare providers. The company’s flagship product, MCheck™, is a flexible platform that helps healthcare organizations clean and organize their data, thus enabling better operational decisions and patient outcomes.
- Product Launches and Innovations:
- Development of specialized large language models (LLMs) for healthcare, recognized in the Gartner® Hype Cycle™.
- Expansion of MCheck™ capabilities to integrate various data types such as electronic medical records and value-based care data.
- Key Achievements:
- In 2024, acknowledged by Gartner as a leader in three significant categories for healthcare providers.
- Raised substantial funding to enhance technology and expand engineering teams.
- Collaborated with prominent academic institutions to improve provider directories data accuracy.
Current Operations and Market Position
HiLabs continues to impact the healthcare sector significantly by focusing on improving data accuracy, a critical component in healthcare management. The company’s solutions are used by some of the largest healthcare providers in the United States, analyzing data from over 80% of the nation’s providers. HiLabs positions itself competitively with a strong emphasis on AI innovation, leveraging its advanced platforms for improving directory accuracy and reducing ghost networks. The company’s strategic initiatives include expanding its AI capabilities and broadening their platform's reach to cover more data types critical to healthcare decision-making.
Conclusion
HiLabs has established itself as a leader in healthcare data management, consistently innovating to solve significant data quality challenges faced by healthcare organizations. With a robust funding base and an expanding suite of AI-powered tools, HiLabs is poised to further its impact on the healthcare sector by enabling more accurate data-driven decisions. As healthcare becomes increasingly data-centric, HiLabs' solutions are positioned to be essential in helping organizations transition to more precise, accountable, and patient-focused models.