Led by B Capital, investment will accelerate
growth as Sift further innovates its AI Co-Pilot solutions and
scales to support market demand.
MILWAUKEE, May 9, 2024
/PRNewswire/ -- Sift Healthcare ("Sift" or the "Company"), a
leading innovator in AI-powered healthcare payment solutions, today
announced the successful close of its $20M Series B funding round. Led by B
Capital, with continued support from existing investors,
including Allos Ventures, First Trust Capital Partners and
Rock River Capital, Sift will use this funding to prioritize
team expansion and technology investments in artificial
intelligence as the Company grows its industry-first Payments
Intelligence Platform.
Sift's $20M
Series B underscores the growing confidence in AI-powered solutions
to improve the healthcare revenue cycle.
Sift's AI-powered solutions enable healthcare organizations to
leverage data to work smarter, enhance margins and accelerate cash
flow. The Company's Payments Intelligence Platform unifies clinical
and payments data, creating a longitudinal data set that ties
clinical inputs to financial outcomes. This proprietary data set
drives advanced machine- learning interventions that predict
adverse payment outcomes, deliver workflow- integrated alerts and
recommendations, and optimize patient financial engagement.
Furthermore, by removing the variability and opacity around
payer reimbursement probability and amount, Sift's platform has the
potential to accurately determine patient cost responsibility
upfront – a massive step towards pricing transparency in
healthcare.
"As health systems face shrinking margins and growing
payment complexities, leveraging AI-based technologies to ease the
administrative burden and optimize reimbursement is more important
than ever," said Justin Nicols,
Founder and CEO of Sift Healthcare. "With
the support of B Capital,
Sift is well-positioned to scale our Payments Intelligence Platform
in new and existing markets and expand our impact within the
revenue cycle, transforming how providers use their data to
optimize payment outcomes."
"The use of artificial intelligence and machine learning to
improve healthcare delivery and administration is a major area of
focus for us as a firm," said Dr. Robert Mittendorff, General
Partner and Head of Healthcare at B Capital.
"Our investment underscores our confidence in Sift's AI-based
platform to reshape revenue cycle processes and drive significant
advancements in healthcare financial operations, and we are excited
to support Sift Healthcare in this next phase of growth," added
Nick Whitehead, Principal at B
Capital.
The Series B funding round follows the launch of Sift's Payments
Intelligence Co-Pilot, RevProtect. Built with collaboration
from leading clinical workflow and service
companies, RevProtect provides real-time
guidance within clinical workflows that enables
utilization review (UR), clinical
documentation improvement (CDI) and coding professionals
to take proactive and meaningful steps to improve accuracy, prevent
clinical denials and reduce avoidable write-offs. The addition of
RevProtect creates a full-cycle suite of machine learning- riven
healthcare payments solutions from Sift, which also includes:
- RevCollect, ML-driven back-end accounts receivable
prioritization and predicted payer response intelligence;
- RevEngage, ML-driven payment plan provisioning and patient
contact recommendations; and
- RevTrack, a process improvement engine that tracks KPIs and
payment trends and delivers actionable insights for revenue cycle
optimization.
For more information on Sift, visit www.sifthealthcare.com.
About Sift
Healthcare
Founded in 2017, Sift Healthcare is a Milwaukee-based healthcare payments analytics
and data science company. Sift's Payments Intelligence Platform, AI
solutions and advanced analytics enable healthcare providers to
fully leverage their payments data to reduce write-offs, accelerate
insurance reimbursement, improve patient payment strategies and
optimize revenue cycle efficiency.
Follow Sift Healthcare:
www.sifthealthcare.com
www.linkedin.com/company/sift-healthcare
About B Capital
B Capital invests globally in
extraordinary founders and businesses shaping the future through
technology. With more than $6 billion
in assets under management and dedicated stage-based funds, the
firm focuses on seed to early- and late-stage venture growth
investments, primarily in the technology, healthcare and climate
sectors. Founded in 2015, B Capital has an integrated, global team
across nine locations in the U.S. and Asia. The firm's value-add platform, together
with the consulting expertise of its strategic partner, The Boston
Consulting Group, provides entrepreneurs with the tools and
resources to scale quickly and efficiently, expand into new markets
and build market- leading businesses. For more information, click
here.
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SOURCE Sift Healthcare