Top 5 Medical AI Companies

1. UnitedHealth Group Incorporated (NYSE:UNH)

Market Cap: $485.6B

UnitedHealth Group Incorporated (NYSE:UNH) acquired Optum back in 2011. Optum uses technology and AI for decision making and predictive analysis. In 2020 UnitedHealth Group Incorporated (NYSE:UNH) launched Level2 digital therapy platform for diabetes patients. UnitedHealth Group Incorporated (NYSE:UNH)’s virtual assistance platform uses conversational AI and AI tech to route calls and optimize customer support resources.

Answering a question about the use of AI during an earnings call, the company’s Chief Operating Officer Dirk McMahon said:

“… we’ve really been applying a lot of artificial intelligence, machine learning and natural language processing. Long-term, we think there’s great hope for those. And some of the short-term things that we’re working on in those areas, like using generative AI to help more efficiently write medical appeal letters, things like optimizing our provider search and all of our digital properties with natural language processing and AI, doing a lot of work, improving our payment integrity models, using AI to detect waste, fraud, and abuse. And then a lot in the G&A world to answer basic questions in our call centers, like leveraging our benefit bots to reduce the number of calls and the labor associated with that, for simple questions like is XY or Z disease covered or have I met my deductible.

From a long range perspective, however, I’m really optimistic about our significant data sets. Our ability to take advantage of whatever new technology comes down the pipe to improve health care, I’m really excited about it.”

Read the full earnings call transcript here.

Mairs & Power Growth Fund made the following comment about UnitedHealth Group Incorporated (NYSE:UNH) in its second quarter 2023 investor letter:

“Notable detractors to performance in the first half were US Bank (USB), Charles Schwab (SCHW), and UnitedHealth Group Incorporated (NYSE:UNH), which were down 22.09%, 31.65%, and 8.65%, respectively. Another detractor from relative performance was UnitedHealth Group, which was down 8.65%. However, we have a positive long-term view of the company, headquartered in Minnesota, and especially its potential when it comes to harnessing its vast amounts of patient data via AI. Additionally, its Optum unit, which provides technology and data-driven care delivery, has AI-enabled tools that can help healthcare providers drive more efficient and accurate care to patients.”

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