Transcarent Unveils AI-Enabled Platform WayFinding

Leveraging generative AI, WayFinding consolidates benefits navigation, clinical guidance, and care delivery services into one user-friendly tool. 

US-based Transcarent has introduced its new AI-driven platform, WayFinding, which is designed to simplify healthcare navigation for its members. 

Leveraging generative AI, WayFinding consolidates benefits navigation, clinical guidance, and care delivery services into one user-friendly tool.

Commenting on the initiative, Snezana Mahon, COO, Transcarent, said, "No waiting, no call, no trying to understand or sift through information on websites ... it simply finds exactly what you're looking for in milliseconds. And that's why this is so transformative and truly the future of navigation and care delivery."

Additionally, the platform provides personalized insights and connects users to human support when needed. Members can quickly find answers about their benefits and coverage costs and receive critical clinical information. 

Addressing Common Healthcare Coverage Confusion

A 2023 poll from the Kaiser Family Foundation (KFF) revealed that over half of insured adults in the US struggle to comprehend aspects of their health coverage. This lack of understanding contributes to higher healthcare costs. 

WayFinding aims to address this issue by providing consistent and reliable information, which is especially beneficial during open enrollment periods when employers spend considerable time explaining basic terms to employees.

By connecting users to human support or medical professionals, WayFinding allows members to tailor their communication preferences, seamlessly transitioning between AI-generated insights and human feedback.

WayFinding also integrates AI-generated insights with the option to connect to human support, ensuring personalized communication based on user preferences. 

Sharing insights, Mahon explained, "Because the tool can connect people to human support or their providers, it allows the member to customize that communication to their preferences and move between both AI-generated insights and human feedback."

Financial Backing & Future Investments

Transcarent recently secured $126 million in Series D funding, led by General Catalyst and 7wireVentures, with new investors including Geodesic Capital and Memorial Hermann Health System. 

Existing backers such as Threshold Ventures, Kinnevik, Ally Bridge Group, Human Capital, Merck Global Health Innovation Fund, Alta Partners, and Leaps by Bayer also participated. 

This investment brings Transcarent's total funding to $450 million, valuing the company at approximately $2.2 billion.

The fresh funding will enhance Transcarent's AI capabilities and support its commercial and strategic growth. CEO Glen Tullman likened the adoption of WayFinding to "moving from a flip phone to an iPhone" due to the platform's extensive functionalities.

"We're continuing investment in large language models in safety systems, which are so important, not to mention best-in-class security programs. And that is where you will continue to see that investment from us as an organization,”  Mahon said.

Transcarent has been building its AI capabilities over the past year, starting with its acquisition of 98point6's care platform. The company has invested significantly in its AI team and utilizes an extensive language model database containing nearly a million physician chats.