Artificial intelligence startup Justpoint has secured $1 million in seed funding. Vivek Garipalli, founder and CEO of Clover Health, led the round with participation from Amino Capital, Whoa Ventures and Harry Langenberg of Optima Tax Relief.
NEW YORK -SEPTEMBER 03, 2020
Justpoint, a startup that uses artificial intelligence for faster analysis of individual medical malpractice claims, announced today $1 million in seed funding led by Vivek Garipalli, founder and CEO of Clover Health, with participation from Amino Capital, Whoa Ventures and Harry Langenberg of Optima Tax Relief.
Medical errors are currently the third leading cause of death in the US and often lead to the financial ruin of those who survive. The medical malpractice system exists to ease the lives of those afflicted and provide actionable feedback to doctors and hospitals—but this industry has one of the highest levels of dissatisfaction and distrust due to the perceived randomness of lawsuit payouts. Justpoint is redesigning the medical malpractice litigation process from both sides: by allowing plaintiffs that have legitimate claims to identify and retain the best attorney for their case, even if their claim would have been previously dismissed by attorneys who considered its value too low, and by quickly identifying claims that don’t have legal merits to decrease frivolous lawsuits against healthcare providers and insurers.
Justpoint’s artificial intelligence platform offers consumers a faster and better understanding of the legal merits of their claim as well as an instant understanding of its likely settlement amount. With this technology, plaintiffs will be able to understand how each law firm performs for their specific type of claim. Additionally, Justpoint connects the two parties—helping plaintiffs find the best lawyer for their case, and helping law firms quickly find cases with merit. The investment will be used for scaling the company, including the hiring of more engineers and designers, as well as expanding customer acquisition channels, customer support, and developing partnerships with medical malpractice insurance companies and self-insured hospitals.
“Justpoint has identified a big inefficient market in medical claims and malpractice that is ripe for disruption. Leveraging their deep experience in healthcare and technology, they have put together a brilliant team of engineers and scientists to turn their vision into reality. Their ability to leverage technologies such as AI, machine learning, and predictive analytics will add tremendous efficiencies and cut wasteful processes across the value chain, improving payouts and transparency for consumers and reducing search times and costs for law firms,” said Harry Langenberg of Optima Tax Relief.
To build these machine learning models, the company created a database of over 300,000 historic and active claims to quickly decipher the medical merits of a claim and improve the efficiency and transparency of the system. By introducing technology to this typically manual process, Justpoint is, for the first time, analyzing over 900 plaintiff law firms’ performance in a scalable manner and increasing attorney’s efficiencies by helping them focus on cases with merit. Ultimately, this platform’s goal is to fulfill the medical malpractice system’s intended goal of incentivizing the whole healthcare industry to strive for higher quality – providing a positive incentive for high-quality providers and negative incentives to providers who disproportionately harm patients.
“Our goal is to ensure that the medical malpractice system fulfills its promise with the help of artificial intelligence,” said Victor Bornstein, CEO & Co-founder at Justpoint. “We believe that better distinguishing lawsuits with merits and those without, as well as the future application of our technology in the clinical setting, will contribute to an improvement of health care provided to patients while providing a safety net for families that have suffered the consequences of medical mistakes. This additional capital will allow us to further impact the world of medical malpractice and meet the needs of our customers.”
Justpoint is an AI-first company redesigning the medical malpractice industry, offering consumers and law firms a faster and better way of understanding the legal merits of a claim as well as an instant prediction of the likely settlement amount. To advance the medical malpractice industry, Justpoint has put together a team with extensive achievements in healthcare technology, medical malpractice litigation, and artificial intelligence. For more information, visit Justpoint.com.