Huntington, Veuu to Tackle Health Care Revenue Challenges
COLUMBUS, Ohio – Huntington Bancshares Inc. has invested in Veuu, a health care fintech, to develop artificial intelligence-based solutions to revenue challenges in the health care industry.
The investment brings together Huntington’s health care banking experience and Veuu’s AI expertise to produce innovation that aims to solve key revenue cycle problems that create financial and operating challenges for health care providers, payors and the patients they serve.
Issues include lengthy outstanding accounts receivable, increasing denials, rising labor expenses, costly back-office functions and compliance risks.
Dan Storer, Huntington’s senior managing director of health care banking, said physician and hospital clients have been expressing the difficulties they experience with the revenue cycle and limitations to working capital financing for years.
“No single stakeholder in health care can solve the downstream consequences like claim denials and expensive financing options – not the providers, payors, government, technology companies or financial institutions,” he said. “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.”
The equity investment was led by Huntington Corporate Ventures, an internal team focused on developing and executing partnerships, investments and new ventures that accelerate the momentum of Huntington’s business segments.
“In collaboration with Huntington, we seek to provide a compelling future state through AI technology for some of the costliest problems in health care,” said Terence Mills, CEO of Veuu. “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 health care banking make them the ideal strategic partner for Veuu.”
Published by The Business Journal, Youngstown, Ohio.