Adonis, a leading healthcare financial technology platform based in New York City, announced that it has raised $31 million in Series B financing led by Point72 Private Investments. Point72 Private Investments was joined by new investor Kin Ventures, along with existing investors General Catalyst, Bling Capital, and Max Ventures.
The current funding round follows a $17.3 million Series A round led by General Catalyst only 12 months ago. This brings the total amount raised to $54 million since the company’s founding in 2022. This funding solidifies Adonis’ position as one of the fastest-growing revenue intelligence and automation companies in the US.
Now, Adonis works with over 10,000 providers and has processed tens of millions of claims totaling over $13.3 billion in charges. And Adonis works with over 3,000 different payers, equating to nearly all of the payers in the United States, and integrates with over 35 different EHRs and Clearinghouses.
Adonis works with health systems, single-specialty physician groups, and growing digital health companies in anesthesia, dermatology, orthopedics, dental, emergency medicine, gastroenterology, OB/GYN, behavioral health, and other fields.
For healthcare organizations, this process of collecting revenue from insurance companies represents nearly 1 out of every $7 spent — which is a testament to the highly manual and ever-changing nature of submitting insurance claims. And Adonis was built as a response to the shortcomings of legacy revenue cycle technology that lacked the ability to deploy the pattern recognition and anomaly detection required to streamline and automate otherwise manual workflows, a status quo that represents a $150 billion challenge.
Adonis is a revenue intelligence and automation platform that allows healthcare providers to collect the revenue they deserve. Since its founding, Adonis has focused on building a proprietary model that applies ML and AI methods to pinpoint customers’ constantly changing root-cause issues. Adonis Intelligence serves as the engine that powers dramatic reductions in staffing needs and improved collections outcomes.
With this new funding round, Adonis is focused on accelerating product innovation, continuing to expand into the health system space, and growing their New York City-based team.
KEY QUOTES:
“The Adonis team has a deep understanding of the complex challenges prevalent in healthcare today. By helping practices recover more revenue, they are in turn giving providers the ability to focus on improving patient experiences and health outcomes overall. We believe their approach has the potential to create a lasting impact on practices, providers, and patients and are excited to be a partner along the way.”
– Sri Chandrasekar, Managing Partner at Point72 Private Investments
“The opportunity to expand our investment with Adonis is exciting. We believe their progress is a true testament to the sophistication of their technology, coupled with their relentless pursuit of innovation in the healthcare revenue cycle space. Since investing in their Series A, we’ve watched the Adonis team continuously demonstrate the effectiveness of their technology, helping healthcare teams recover more revenue so that they can focus on clinical outcomes. Their advancements have reinforced our confidence in their technology, team, and strategic vision, and we look forward to continuing to support their journey.”
– Holly Maloney, Managing Director at General Catalyst
“Revenue cycle and managing claims continues to be an underlying challenge for many of our nation’s providers and practices, often leading to financial stress and operational inefficiencies. Through cutting-edge technology and a customer-centric approach, we are committed to empowering teams to recover the revenue they deserve and create an improved patient experience. We strive to improve the financial health of healthcare providers, ensuring they can focus on delivering exceptional patient care. Last year, we had the honor of being named a Most Promising Startup of 2023 by Business Insider. In an era of software companies defined by hard-to-reach projections, I am humbled and grateful for our team and early customers for their commitment in helping us drive towards our mission.“
– Akash Magoon, Co-Founder and CEO, Adonis
“Adonis is committed to providing our nation’s healthcare executives with cutting-edge data surveillance and observability tools that enable broad automation capabilities across their ever-growing teams. In the ongoing game of cat-and-mouse between insurance companies and healthcare providers, static rule-based approaches to revenue cycle technology simply does not cut it. Our vision, from the inception of Adonis, was to give healthcare organizations the ability to leverage large language models across the millions of records of data they generate on a daily basis to better inform and mitigate issues, and to recover revenue faster and more efficiently.“
– Aman Magoon, Co-Founder and Chief Product Officer, Adonis
