Healthcare startup Phare Health has raised £2.5m in its pre-seed round to develop AI tools for hospital workers to track their cashflows and financial statements.
This backing was received from private equity company General Catalyst.
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Founded by ex-DeepMind, Google Health and Stanford alumni, Phare Health hopes to free up NHS (UK National Health Service) workers’ time by automating clerical tasks. The NHS is currently spends around £2bn on clerical work and around 60% of NHS workers work in admin roles.
Phare Health’s initial product leverages large language models to capture data that informs hospitals about the care their staff are delivering and provides solutions to recover costs of this care.
Phare Health’s co-founder and co-CEO Dr. Martin Seneviratne reflected on his own experience working in healthcare.
“As a young doctor working in hospitals in Sydney and London, the most frustrating thing was having to spend time on admin, at the expense of patient care,” he stated, adding: “While there is much discussion of the potential use of AI for clinicians, there is a much more urgent need for AI in the back office.”
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By GlobalDataAI in healthcare, he stated, was more important in doing the “invisible” work.
The UK has publicly supported the implementation of AI within its healthcare system in an effort to help a struggling NHS.
At Google Cloud’s Next conference this October, the MP John Glen stated that he was optimistic that AI could save public sector workers around 700,000 hours by automating clerical work.
By 2030, research analyst company GlobalData estimates the global market for specialised AI will be worth over $505bn, achieving a compound annual growth rate of 41%.
