Minds Medical is a big data startup which helps hospitals with their unstructured data

You are listening to the audio track of one of our remote video interviews. Find all the links and transcript here: https://www.startuprad.io/blog/minds-medical-is-a-big-data-startup-which-helps-hospitals-with-their-unstructured-data/

This interview is in media cooperation with Frankfurt Forward (https://www.frankfurtforward.com/startups-of-the-month). We talk to MINDS-Medical (http://minds-medical.de/), the Startup of the Month July 2019. In this interview, we talk to Lukas Naab, the startup’s co-founder and CEO (https://www.linkedin.com/in/lukas-naab-42b6a423/). In the interview, we learn how Lukas went from studying medicine to political sciences and comparative religious studies, only be back with a startup in healthcare in 2016.

Find more information and the complete transcript here: https://www.startuprad.io/blog/minds-medical-is-a-big-data-startup-which-helps-hospitals-with-their-unstructured-data/

Minds Medical’s algorithm helps with unstructured medical data, in the coding of patient treatment and the invoicing of them. Their main tool is an OCR software, with an NLP-AI behind it. The team of MINDS-Medical estimates a 50%-60% productivity improvement in coding processes with their tool.

Minds Medical’s algorithm can also help with medical risk analysis for insurance companies. The tool can be applied in health insurance and life insurance. The MINDS-Medical team estimates a 30% efficiency improvement with their tool. The tool currently helps to improve the decisions with their tools by 10-15%.

The startup is an Unibator Alumni (http://goetheunibator.de/?lang=en), which is the startup accelerator program of Goethe University in Frankfurt.

The startup already received seed financing in 2018 and is already talking to potential investors for a Series A financing round end of 2020. If you want to talk to them, reach out to us.

During the interview Lukas and Joe are talking about:

• Zentrale Vergabestelle für Studienplätze (available in German only on Wikipedia): https://de.wikipedia.org/wiki/Stiftung_f%C3%BCr_Hochschulzulassung

• Appendicitis: https://en.wikipedia.org/wiki/Appendicitis

• DRG reimbursement (link not from the German System, but in English): https://www.verywellhealth.com/how-does-a-drg-determine-how-much-a-hospital-gets-paid-1738874

• OCR https://en.wikipedia.org/wiki/Optical_character_recognition

• NLP https://en.wikipedia.org/wiki/Natural_language_processing

• Berufsunfähigkeitsversicherung (yes, that is a proper German word) translates to Occupational Disability Insurance, here is an example in English, but again not covering the German system: https://www.investopedia.com/terms/o/ownoccupation_policy.asp

• Interview ottonova (audio only): https://www.startuprad.io/interviews/exclusive-first-english-interview-newly-founded-digital-health-insurer-ottonova/

• Interviews with the startups of Merck Accelerator Program (sponsored content): https://www.youtube.com/watch?v=ZHJfUAZyntU&list=PLUbiCAQc22WtH8HnTZ6FJxVw5rV1i8Ntj

When I saw that some of the processes in the health care system suck, I just asked myself „how can we fix that”.

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