Candid Health, an autonomous revenue cycle automation platform for healthcare providers, announced it has raised $52.5 million in Series C funding led by Oak HC/FT with participation from existing investors. This funding round brings the company’s total raised to $99.5 million.
Providers spend over $100 billion annually on revenue cycle management, but billing requirements outpace available tooling.
Candid’s platform addresses the root cause of RCM inefficiency with modern data engineering and automation. And unlike traditional RCM companies which aim to make manual clean up work more efficient, Candid improves touchless claim rate – which is the percentage of claims submitted, processed and adjudicated correctly the first time with no manual intervention. Candid’s platform substantially increases the number of claims submitted correctly the first time, eliminating avoidable and manual work for billing teams.
With touchless claim rates and payor net collection rates higher than 95%, the Candid platform drives industry-leading results. And Candid clients experience increased overall net collections and faster reimbursement times while reducing costs with a scalable technical infrastructure.
The company grew revenue nearly 250% year-over-year in 2024. With this Series C funding round, Candid will look to expand its customer relationships with multi-site provider groups nationally.
KEY QUOTES:
“At Candid, we are reimagining the level of automation that an RCM platform can drive, and with AI, we are positioned to further improve billing performance. We are excited to continue to grow and scale alongside our customers, fully supporting them along their journey, while forging relationships with more providers.”
– Nick Perry, CEO & Co-Founder of Candid Health
“The Candid leadership team has an exceptional blend of technical and product expertise, and they have rigorously built a platform with their customers’ needs top of mind. Our team has been investing in the RCM space for more than 25 years, and we think Candid is uniquely positioned to make a meaningful impact in this market. We are humbled at the opportunity to partner with the company as it expands its footprint with healthcare providers nationwide.”
– Billy Deitch, Partner at Oak HC/FT
