Babylon Health

 

“Put accessible and affordable health service in the hands of every person on earth.”

Founded: January 2013 in London, UK

Category: Artificial Intelligence/Health Care

Primary office: London, UK

Core technical team: London, UK

Status: Private

Employees: 1001-5000

Amount raised: USD $635.3 million (3 rounds)

OVERVIEW

  • Combines AI technology with the medical expertise of humans
  • Delivers healthcare access, including personalized health assessments, treatment advice, and face-to-face medical appointments
  • Puts an accessible and affordable health service online (using the Babylon app health tool)
  • Uses a combination of one of the largest medical databases, AI, patient history, and an intelligent natural language processing (for understanding customer interactions).
  • Maintains partnerships with Tencent, TELUS and Samsung, offering end-to-end clinical services in the UK, Rwanda and Canada, and AI licensing deals with Prudential Asia and BUPA.

PERFORMANCE METRICS

  • Valuation: USD $1.45 billion (2019)
  • Revenue: USD$13.2 million (2019)
  • Other metrics: over 75,000 patients (UK)

 

ACHIEVEMENTS

  • Invests in Higi (USD $30 million) to extend access to affordable, quality healthcare across North America, including remote monitoring and virtual care (May 2020)
  • Collaborates with Mount Sinai hospital in New York to enhance access to digital health services, including video consultations with family medicine physicians and digital tools.
  • Other US states with BabylonHealth services include Missouri and California. (May 2020)
  • integrated its platform with first-line support facility for national emergency access to medical service in the UK (September 2019)
  • Delivering 4,000 clinical consultations each day, or one patient interaction every 10 seconds; covering 4.3 million people worldwide; with more than 1.2 million digital consultations completed to date. (August 2019)
  • Venture-capital backed

Sells

  • AI Symptom Checker: Online access; Health tool /app access
  • Online triage tool: Ask A&E – allowing patients to receive information about possible next steps such as self-care at home or attending A&E in person after listing their symptoms
  • Digital In-App Monitoring: Helping individuals to measure and track blood pressure, pulse, weight and BMI (in development)
  • Babylon Covid-19 Care Assistant: Virtual Assistant that offers Covid-19 information from NHS doctors and clinicians
  • Babylon’s GP At Hand app: Offers access to a General Practitioner at any time of the day, or night, for 365 days a year.

Channels

  • Partnership with Higi and other developers to extend medical services across continents (North America, Europe, Asia)
  • Healthcare services subscription through either their website or iOS and Android mobile applications
  • Pay-as-you-go payments
  • Centrally funded initiatives like NHS (UK), OHIP (Canada), or as part of health insurance packages.
  • Social media
  • Disruptive market entry as a virtual walk-in clinic, i.e. Alberta

Competencies

  • Big data, cloud, AI/ML
  • Technology: HTML5 and ExpressJS (Languages and Frameworks), AMP (software development), and others
  • Brand: one of the first companies to introduce AI in healthcare services
  • Business model: for-profit, through direct sales and licensing
  • Ecosystem: seamlessly integrating access to healthcare services, integrating AI diagnosis, links to healthcare providers, and pharmacy services for a patient.

Distinct AI Features

Type

  • Babylon’s technology is designed as a diagnostic engine based on a complicated set of rules decided by clinicians who provide a range of probabilities for different symptoms. The software’s path to making decisions becomes more complex as the rule set grows.

 

  AI use

  • Evolving AI where it could reliably supplement human medical doctors
  • Supporting national and private service providers in saving money and producing better health outcomes for patients
  • Enable resource integration between healthcare providers and insurance companies
  • Support patients’ health

Rate of return on customer’s investment to make AI work

Immediate:

  • Timely access to medical episodic care at an affordable price that is covered by insurance; healthcare access in remote regions

Long term:

  • Reliable health tool in the absence of immediate medical care or non-emergency inquiries

Databases

  • patient’s medical records
  • inputs by healthcare professions

Quantum Computing

  • Limited need of quantum computing in view of complexity of calculations

Resources

Assets

  • Skilled expertise team of software engineers
  • Babylon Health Chatbot – registered as a Class 1 Medical Device in the UK (comparable to spectacles and walking frames)
  • Access to Healthcare professionals in different countries
  • Focus on episodic care
  • Access to medical care in remote or underserved areas where patients don’t have the option of having a regular family physician.

Processes

  • Software engineering and matching algorithms with patient records (Investments: USD $100 million as 2018)
  • Acquire or develop strategic partnerships with companies to strengthen Babylon Health’s position in the ecosystem
  • Seamless application of the most appropriate medical care:
    • Inform, decide, monitor: High-quality information, support through the AI Symptom Checker, and Digital In-App monitoring
    • Connect: 24/7 live chat support with Covid-19 trained professionals
    • Consult: Virtual consultations for the small % of patients who need them
    • Refer: Swift transfer to ER or clinic if required
    • Admit to hospital

Priorities

  • Extend service reach across all continents, combining accessibility with affordability
  • Invest in AI and technology development to further facilitate the company’s mission
  • Strengthen security and eliminate privacy breaches
  • Collect and integrate insights by healthcare professionals and other stakeholders into the business services and processes

References

  1. Crunchbase 2020. BabylonHealth. https://www.crunchbase.com/organization/babylon-health
  2. Owler 2020. BabylonHealth. https://www.owler.com/company/babylonhealth
  3. Forbes 2018. This Health Startup Won Big Government Deals—But Inside, Doctors Flagged Problems. https://www.forbes.com/sites/parmyolson/2018/12/17/this-health-startup-won-big-government-dealsbut-inside-doctors-flagged-problems/#231dafa4eabb

Contributors

  • Todorov Radomir
  • Damilola Balogun