Anatomy Financial – a developer of the AI-based lockbox to convert paper mail from healthcare practices of all sizes to an email-like experience for simplified billing workflows – announced $19 million in Series A funding led by Canapi Ventures. And Neil Underwood from Canapi and Nicole Quinn from Lightspeed Venture Partners will join the Anatomy board, supporting Anatomy’s efforts to bring a digital back office and AI-based financial operations to healthcare providers across the US.
In the US, a large number of of insurance payments to medical organizations are on paper checks and 79% of insurance payments to dental practices are on paper checks. This creates an overwhelming amount of manual work for providers, including tasks such as opening mail, scanning and organizing documents, depositing checks, and entering data into practice management systems.
Practices utilizing Anatomy’s AI healthcare lockbox simply have to change their billing address to reroute checks to Anatomy’s service, which transforms their physical mail into an email-like experience. And the mail is run through Anatomy’s AI system where Explanation of Benefits are converted to electronic remittances and correspondence is automatically classified.
KEY QUOTES:
“For a healthcare practice to get financial clarity, first all mail and payments need to be digitized. Paper mail is still a core method of receiving payments and critical billing information such as denial letters and explanation of benefits. We’ve reimagined the lockbox to bridge the physical and digital worlds, providing AI-enabled features purpose-built for billers, medical practices, and dental practices to save time and thus, ensure no payments fall through the cracks.”
- Sasha King, co-CEO of Anatomy Financial
“At Canapi Ventures, we are excited to partner with Anatomy Financial, an innovative company positioned at the intersection of healthcare and financial services. By automating back-office processes and integrating embedded financial products, Anatomy is driving efficiency and real-time insights for healthcare organizations.”
- Neil Underwood, General Partner at Canapi Ventures
