![]() ![]() The name Abacus was suggested by his son, after Patel explained the new company was going to “help customers count.” His son, who was 10 years old at the time, said it should be named after the ancient counting tool.Ībacus is Patel’s second venture as a founder. In 2017, Patel left Horizon to found Abacus, with the insurer coming on as an investor. A simple analysis, such as figuring out how many members with diabetes live in a certain county, could take several months to process, he says. This means claims data is housed in one area, membership and enrollment in another and authorizations in yet another. “Even for internal analytics purposes, simple questions that you think you should be answerable by a point and click, given modern technology, were taking weeks to months,” he says.įor many insurers, data reporting is secondary to having functional operational systems, Patel says. Patel started to realize how “stuck” data was in health insurance, while working as chief strategy officer at Horizon Blue Cross Blue Shield of New Jersey. While Abacus is specifically focused on payors, one of the big health industry challenges over the past few years has been integrating the different electronic health records used by providers. ![]() On its face, it may seem silly that the healthcare industry has evolved a bunch of different technologies that can’t talk to each other over the past several decades, but it’s a frustrating reality many companies face.
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