Raintree, the leading electronic health record and practice management platform for rehabilitation and physical therapy organizations, announced it has acquired Spike Technologies, a developer of genuinely agentic AI voice technology for healthcare. The acquisition embeds AI voice directly into Raintree’s platform to take on manually intensive work in revenue cycle and patient engagement, including payer calls, claim follow-ups, eligibility and prior-authorization, and patient outreach, marking a step toward fully autonomous revenue cycle management. Financial terms of the transaction were not disclosed.
Revenue cycle work remains one of the most labor-intensive parts of healthcare. Physical therapy practices face an average claim denial rate of roughly 13%, and nearly three-quarters of those denials must be appealed. Front-desk teams spend ten minutes or more per patient on prior authorization alone, and most practices have had to add administrative staff simply to keep up. Industry analyses estimate that AI and automation in the revenue cycle represent up to $360 billion in potential annual savings. Unlike scripted phone trees, rules engines, or chatbots layered on top of legacy workflows, the technology is designed to be genuinely agentic, with AI voice agents that understand context, make decisions, and complete multi-step work. Because the capability is native to Raintree’s EMR rather than a bolted-on third-party layer, the agents can act with full clinical, scheduling, and financial context.
For Raintree’s customers, the change is designed to be additive rather than disruptive, since the AI voice capability is built into the EMR they already use, eliminating the need for a separate system to buy, integrate, or replace. The combined team plans to continue expanding capabilities across revenue cycle and patient engagement over time, building toward fully integrated agentic orchestration, with additional details on availability and roadmap set to be unveiled at TherapyCon in Austin, Texas, August 19-21.
Founded in San Francisco in 2022, Spike Technologies builds agentic voice AI for healthcare, automating high-volume revenue cycle management and multi-modal patient care coordination work. The company is backed by investors including Practica Capital, The Venture City, Plug & Play, Geek Ventures, CEAS Investments, and NVIDIA Inception, and operates from Vilnius and San Francisco.
KEY QUOTES:
“Getting paid is the hardest, most manual part of running a therapy practice, and voice is where that burden is heaviest. We chose to take on the hardest piece first. We are not just optimizing operational efficiency for our clients, we are launching a seismic shift that will slash RCM expenses to an estimated 1%.”
Nick Hedges, CEO of Raintree
“The industry has been flooded with ‘AI’ that is really just rule-based automation or a chatbot. We built something different: voice agents that genuinely reason and execute complex work, end to end. Doing that inside the EMR, with full context, is what makes this problem solvable at scale. Joining forces with Raintree allows us to bring autonomous RCM to the therapy market faster and have an impact on millions of patients with our technology.”
Povilas Gudzius, Co-Founder and CEO of Spike
