“A big part of what we do at Healthworx is try to bridge those two worlds — the established, trusted, important work we do at CareFirst, with the much faster, dynamic, visionary, sometimes crazy but important work that startups do,” Mr. Parushev told Becker’s.
Along with TechStars and Johns Hopkins University, CareFirst is backing an accelerator program to launch new healthcare-focused AI companies.
There are two reasons Healthworx is backing startups, Mr. Parushev said.
“One is the optimistic one, which is, at the end of the day, there is something about early-stage startups which makes them by definition, scrappy, fast-moving, willing to pivot, willing to challenge preconceptions and truly hone in on what problems are in trouble,” Mr. Parushev said.
The second reason is to provide guardrails and perspective for companies entering healthcare, Mr. Parushev said.
The mantra “move fast and break things” doesn’t apply to healthcare, he said.
“We’re clear with the fact that we cannot break things. The health of life of our members require a different degree of responsibility and caution,” Mr. Parushev said. “We think it’s important, easier for companies to incorporate that into their core mission early on in their journey, rather than later.”
AI is a tool to achieve CareFirst’s core mission, not a mission in itself, Mr. Parushev said. AI can help automate tedious tasks in healthcare, prevent errors of omission and produce a “tireless empathy” that humans can’t sustain, he said.
AI healthcare startups are everywhere. Since 2019, deals in healthcare AI have grown at twice the rate of deals across the entire tech sector, according to a report from Silicon Valley Bank. At least three healthcare AI startups have raised more than $100 million in 2024.
There are a lot of AI companies vying for venture funds, Mr. Parushev said, but the best companies know what problems their technology can solve.
“The best companies we see are the ones who are able to draw a very straight line between the tool they are building and the value it provides, rather than just focusing on how great the tool is,” he said.
