Huntington Bancshares Incorporated, Veuu to
create AI-based solutions to address pain points
COLUMBUS, Ohio, Sept. 7,
2023 /PRNewswire/ -- Huntington Bancshares
Incorporated has invested in Veuu, a healthcare fintech, to develop
artificial intelligence-based solutions to revenue cycle challenges
common within the healthcare industry.
The investment brings together Huntington's healthcare banking
experience and Veuu's AI expertise to produce innovation that
solves key revenue cycle pain points, such as lengthy outstanding
accounts receivable, increasing denials, rising labor expenses,
costly back-office functions and compliance risks—all of which
create financial and operating challenges for healthcare providers,
payors and the patients they serve.
"For years, we've heard from our physician and hospital clients
about the difficulties they experience with the revenue cycle and
limitations to working capital financing, so we decided to team up
with Veuu to develop solutions that address the complex root cause:
medical coding errors," said Dan
Storer, Huntington's senior managing director of healthcare
banking. "No single stakeholder in healthcare can solve the
downstream consequences like claim denials and expensive financing
options—not the providers, payors, government, technology companies
or financial institutions. 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."
"In collaboration with Huntington, we seek to provide a
compelling future state through AI technology for some of the
costliest problems in healthcare," added 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 healthcare
banking make them the ideal strategic partner for Veuu."
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.
About Huntington
Huntington Bancshares Incorporated
(Nasdaq: HBAN) is a $189 billion
asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The
Huntington National Bank and its affiliates provide consumers,
small and middle–market businesses, corporations, municipalities,
and other organizations with a comprehensive suite of banking,
payments, wealth management, and risk management products and
services. Huntington operates more than 1,000 branches in 11
states, with certain businesses operating in extended geographies.
Visit Huntington.com for more information.
About Veuu
Based in Tampa, Veuu is an inclusive and sustainable
fintech ecosystem for healthcare that allows for providers to
adjudicate patients at discharge. The Veuu ecosystem contains a
suite of AI tools that automate and de-risk so that providers can
be paid based at negotiated rate the day that the patient leaves
the hospital. Visit Veuu.com for more information.
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SOURCE Huntington Bancshares Inc.