Israeli startup Medorion, which makes an AI tool to help payers analyze patient's health decisions, scored $6 million in a funding. The round was led by 10D, with participation from iAngels and TAU Ventures.

Currently the company has $9 million in venture funding.

WHAT IT DOES

The company designed a tool that uses AI in order to go through both medical claims and social determinants of health data and evaluate factors driving a patients' healthcare decisions. The system considers potential "psychological, environmental and economic factors."

The program was designed to help insurance companies determine potential risk and in turn make any clinical adjustments to cater to individual patients, thereby cutting costs. The company gives insurers what it calls an "Electronic Behavioral Record" for members of their health plans.

WHAT IT'S FOR

The company said the new cash will be put towards speeding up the U.S. health plan adoption

“We will use these funds to grow our impact on the U.S. market, hire aggressively and boost the adoption of our behavioral intelligence SaaS platform among additional leading U.S. insurers. We also plan to accelerate the development of our new risk adjustment and member experience solutions, as well as expand our platform’s utilization beyond Medicare Advantage plans into other government markets,” Asaf Kleinbort, cofounder and CEO of Medorion, said in a statement. “

MARKET SNAPSHOT

Increasingly providers are looking to digital health to help their business. Fellow analytics health startup Well Dot created AI startup that uses data and behavioral economics to provide daily health recommendations. It landed $40 million in Series A funding in 2020.

Well Dot's founder Gary Loveman has long preached that healthcare needs to hack human behavior and motivation. At a speech in 2019 he even said that healthcare could take a few lessons from the casino industry in order to understand how people think.

ON THE RECORD

“We are proud to play a role in Medorion’s journey to enhance health plans via behavioral intelligence insights. The company has already proven over the past two years an ability to translate its innovative technology into a product that is changing the way health care is delivered,” Shelly Hod Moyal, founding partner of iAngels, said in a statement.

“Medorion is empowering consumers towards more health awareness, adherence and prevention, facilitating early interventions, and preventing serious illnesses such as heart disease and cancer.”