Parakeet Health, a generative AI company focused on improving patient engagement for healthcare providers, announced the launching of its generative AI voice platform, which transforms how healthcare providers handle patient communication at scale. And the company also secured $3 million in seed funding led by Canvas Ventures with participation from CoFound Partners, StoryHouse Ventures and several prominent individual investors, including former One Medical CEO Tom Lee, MD, and former Twitter CTO Adam Messinger.
Parakeet Health tackles the common frustrations patients face when communicating with healthcare providers. This problem disrupts the patient experience and can lead to revenue loss and staff burnout for provider organizations. The platform automates contact center tasks and repetitive administrative duties using AI voice agents, available 24/7 and in multiple languages, to handle outbound and inbound patient communications via calls and texts. Use cases include appointment scheduling, managing referrals, patient outreach (prescription status, labs, wellness visits, etc.), billing and payments, and answering FAQs.
In just six months, the company’s approach has proven to drive down patient acquisition costs by 2x (from $8.38 to $4.09), improving success rates. This platform also eliminates all missed calls, a key challenge hindering provider growth. And the company’s early solid proof points have contributed to it signing several major customers, including virtual primary care provider Galileo, which operates 24/7 in all 50 states; virtual genetic counseling leader Genome Medical; and multi-site skin care provider Medical Dermatology and Cosmetic Surgery.
The company was created by experienced leaders in healthcare delivery and AI. And Parakeet’s founding team includes Co-founder and CEO Jung Park, who previously held executive positions at One Medical and Epocrates; Co-founder Eric Mao, who led product and engineering teams at Microsoft and Primer AI; and CTO Aaron Lee, who was an engineering team leader at Rippling and Twitter. Former Doximity CRO and One Medical SVP Paul Jorgensen currently serves as Strategic Advisor and is also invested in the company.
Most of the AI voice solutions currently used by healthcare providers to handle patient communication are based on rules and only handle specific tasks. But Parakeet’s AI is powered by advanced large language models (LLMs), enabling it to manage a broad range of patient interactions while seamlessly integrating with systems like EHRs, billing, VoIP, insurance claims, and CRM tools.
Parakeet aims to expand by targeting health systems and multi-site medical practices and large senior primary care providers offered by Medicare Advantage plans. And the company plans to use its seed funding to grow its team and further develop its technology.
KEY QUOTES:
“Our practice has always embraced new technologies that allow us to be among the most innovative in the country, and the generative AI voice solutions from Parakeet represent the latest opportunity for us. We plan to deploy the technology to automate an increasing number of administrative tasks, allowing our team to focus more on patient care. By streamlining calling workflows, we can provide a more efficient and seamless experience for our patients. This technology not only enhances the operational side of our practice but also ensures that patients receive the timely, personalized attention they deserve, ultimately improving the quality of care we deliver.”
-Dr. Parinita Amin, CEO of Medical Dermatology & Cosmetic Surgery
“We’ve all experienced long holds, after-hours frustrations, and waiting for call-backs when communicating with our doctors. Sadly, these experiences are more the norm and not the exception for patients, and while they may sound small, these everyday issues are far more damaging to healthcare practices than they seem, especially when every dollar counts. Our platform is built with deep knowledge of the healthcare system, giving providers an AI-powered voice agent that understands and supports their workflows and handles tasks that usually require entire teams.”
-Jung Park
“AI-generated voice is the next frontier in healthcare, but not all teams are up to the task of building it. Drawing from his work across One Medical, Epocrates and PE-backed multi-site specialty practices, Parakeet’s CEO Jung Park is uniquely well-versed in what actually matters to providers to help them run a more efficient practice, and ultimately grow their businesses. I’m very excited about what is in store for the Parakeet team—and the industry as a whole—as we see the power of voice take hold.”
-Canvas Ventures Partner Rebecca Lynn
