Sift Healthcare, an AI-powered healthcare payment solutions innovator, announced it raised a $20 million Series B funding round. Led by B Capital, with continued support from existing investors, including Allos Ventures, First Trust Capital Partners, and Rock River Capital, Sift will utilize this funding round to prioritize team expansion and technology investments in artificial intelligence as the Company grows its industry-first Payments Intelligence Platform.
Sift’s AI-based solutions enable healthcare organizations to utilize data to work smarter, enhance margins, and accelerate cash flow. And the company’s Payments Intelligence Platform unifies clinical and payments data, creating a longitudinal data set that ties clinical inputs to financial outcomes. This data set drives advanced machine-learning interventions that predict adverse payment outcomes, deliver workflow-integrated alerts and recommendations, and optimize patient financial engagement.
By removing the variability and opacity surrounding payer reimbursement probability and amount, Sift’s platform can accurately determine patient cost responsibility upfront.
The Series B funding round comes on the heels of Sift’s Payments Intelligence Co-Pilot, RevProtect. Built-in collaboration with leading clinical workflow and service companies, RevProtect offers -time guidance within clinical workflows that enables utilization review (UR), clinical documentation improvement (CDI), and coding professionals to take proactive and meaningful steps to improve accuracy, prevent clinical denials and reduce avoidable write-offs. The addition of RevProtect creates a full-cycle suite of machine learning-riven healthcare payments solutions from Sift, which also includes:
- RevCollect – ML-driven back-end accounts receivable prioritization and predicted payer response intelligence
- RevEngage – ML-driven payment plan provisioning and patient contact recommendations and
- RevTrack – a process improvement engine that tracks KPIs and payment trends and delivers actionable insights for revenue cycle optimization.
KEY QUOTES:
“As health systems face shrinking margins and growing payment complexities, leveraging AI-based technologies to ease the administrative burden and optimize reimbursement is more important than ever. With the support of B Capital, Sift is well positioned to scale our Payments Intelligence Platform in new and existing markets and expand our impact within the revenue cycle, transforming how providers use their data to optimize payment outcomes.”
- Justin Nicols, Founder and CEO of Sift Healthcare
“The use of artificial intelligence and machine learning to improve healthcare delivery and administration is a major area of focus for us as a firm.”
- Robert Mittendorff, General Partner and Head of Healthcare at B Capital
“Our investment underscores our confidence in Sift’s AI-based platform to reshape revenue cycle processes and drive significant advancements in healthcare financial operations, and we are excited to support Sift Healthcare in this next phase of growth.”
- Nick Whitehead, Principal at B Capital
