Healthcare Payments Company Sift Raises $2.8 Million

By Dan Anderson ● August 11, 2020
  • Milwaukee-based Sift Healthcare announced it has raised $2.8 million in a new round of funding

Milwaukee-based Sift Healthcare, a data science and analytics company that brings artificial intelligence to healthcare payments, announced that it has raised $2.8 million in a new round of funding. Of that $2.8 million, $1.875 million is new equity from investors that include Rock River Capital Partners and the Winnebago Seed Fund, which was an early investor in Sift, leading Sift’s seed round of fundraising in November 2017.

Launched in 2017, Sift brings data science to healthcare payments, using artificial intelligence and machine learning to accelerate insurance reimbursement, personalize patient collections strategies and improve revenue cycle efficiency.

This funding round was over-subscribed and it officially closed in late July. This round of funding will be used to expand on Sift’s data science and data engineering teams.

Along with this new funding round, Sift is also proud to announce a partnership with State Collection Service. Based out of Madison, Wisconsin, State Collection Service is considered one of the country’s leading healthcare receivables companies. And State Collection Service has signed a 3-year enterprise-level contract to deploy Sift’s AI-based solutions and analytics.

KEY QUOTES:

“We are honored to have committed investors who recognize the timely opportunity to innovate in the healthcare payments space. I am particularly proud that our investors are Wisconsin-based and committed to growing tech companies within our state.”

— Justin Nicols, Sift’s Founder and CEO

“State has run rigorous tests with Sift and the results we’ve seen have been significant. We’re excited to add the power of Sift’s data science and analytics to our tech stack. State has a long history of bringing best-in-class technology to the receivables industry and Sift’s solutions will help further this commitment to innovation.”

— Tim Haag, President of State Collection Service