Crosby Health

Crosby Health is a healthcare technology company that specializes in building financial software for healthcare providers, with a focus on managing insurance claims. Their flagship product, Apollo, is a proprietary large language model (LLM) designed specifically for medical reasoning. Launched in 2024, Apollo automates the entire clinical appeals process, from generating the initial appeal to tracking its results. With a score of 91.8% on medical licensing board exam questions, Apollo outperforms other clinical LLMs currently available.

Apollo's key capabilities include automating insurance appeals, AI-assisted medical coding, and chart reviews. By leveraging its advanced natural language processing capabilities, Apollo can analyze unstructured clinical documentation, reducing the administrative burden on healthcare providers. The company aims to integrate seamlessly into healthcare providers' workflows, offering a unified platform for multiple revenue cycle management tasks.

Crosby Health's software addresses a significant pain point in the healthcare industry, where nearly 20% of claims for medical practices are initially denied by insurers, and up to 60% of these denials are never resubmitted for payment. Hospitals face a similar challenge, with 10% of claims being initially rejected, resulting in a USD 20 billion annual expenditure for managing claims denials. By automating the appeals process, Crosby Health enables healthcare providers to appeal denials more efficiently, leading to increased revenue recovery.