Thoughtful AI, an AI-based revenue cycle automation company, today made several announcements highlighting its forward momentum, including the launch of the world’s first fully human-capable AI Agents specializing in healthcare revenue cycle management (RCM), solid growth metrics, and $20 million in new funding through a Series A round led by Nick Solaro of Drive Capital with participation from TriplePoint Capital.
The new AI Agents launched are among the latest innovations from Thoughtful AI. The first suite of these role-based and fully human-capable AI Agents—aptly named CAM, EVA, and PHIL—perform claims processing, patient eligibility verification, and payment posting.
Healthcare providers were traditionally forced to do this tedious work with costly, manual, and error-prone processes. This left healthcare providers struggling with claim denials, cost to collect, days sales outstanding (DSO) issues, and rising costs and complications related to staffing, training, and employee retention. However, now AI Agents from Thoughtful AI address these challenges, enabling healthcare providers to stop hiring for these roles, benefit from significantly higher productivity, and focus more energy and resources on delivering optimal patient outcomes rather than trying to figure out how to get paid.
The AI Agents from Thoughtful AI handle comprehensive and extensive workflows, substantially reducing the amount of human intervention needed to run healthcare provider RCM departments. In the process, they reduce denial rates, allow for unlimited throughput, and deliver economic efficiency—a far cry from what first-generation RPA bots can do.
Thoughtful AI empowers its AI Agents with multiple technologies including large language models (LLMs), natural language processing (NLP), optical character recognition (OCR) and robotic process automation (RPA) to solve problems. But AI Agents are better since they are always available, error-free, fast and infinitely scalable.
Thoughtful AI healthcare customers see an average of 5x-9x ROI, which has led to greater than 300% net revenue retention for that customer cohort. And existing Thoughtful AI customers are quickly expanding their adoption from one to 30 AI Agents. Thoughtful AI Agents have expanded the records processed for healthcare providers by over 2,400%.
Since it started generating revenue, Thoughtful AI has exceeded 220% year-over-year growth and has already achieved revenue milestones typically associated with Series B companies.
KEY QUOTES:
“This investment will enable us to reinvest in cutting-edge research and development, make breakthrough progress in our flagship RCM AI products, hire top-tier tech talent, and expand our go-to-market strategy and operations. Our goal is to continue innovating in the healthcare automation space, making AI integration seamless and impactful for our customers. We are grateful for the support of our investors and excited about the advancements this funding will bring to our platform and services.”
“Back office staffing and reimbursement are core reasons why the U.S. healthcare system is so expensive and inefficient. In many industries, collections cost less than a penny on the dollar, but collections can cost 10 times that in healthcare. Imagine a healthcare provider making $100 million a year yet having to spend $10 million to collect that revenue. Those dollars should go to the patient experience, not inefficient collections processes.”
“Our AI Agents save healthcare providers millions of dollars through such KPIs as opex improvement, cost to collect, payment efficiency, and DSO reduction. Watching people’s eyes light up during demos, hearing words of praise from customers’ CFOs, C-suite, and boards, and seeing customers get promoted because of our work together is truly exciting.”
- Alex Zekoff, Thoughtful AI co-founder and CEO
“With Thoughtful AI’s support, we doubled the capacity of our claim scrubbing team by an impressive 100%, seamlessly managing thousands of claims daily with minimal human intervention.”
- Allegiance Mobile Health CFO Kathrynne Johns
“Thoughtful AI’s creation of a digital employee revolutionized our claim processing, offering 10x efficiency and limitless scalability compared to traditional methods.”
- Cara Perry, Vice President of RCM at Signature Dental Partners
“Thoughtful AI is re-inventing healthcare automation with AI. We are thrilled to support the company’s mission and growth as it dramatically improves its customers’ ability to deliver excellent patient care while growing their practices’ efficiency and profitability. Thoughtful AI is defining the market in this new era of deep technology automation, and I am excited to see the incredibly positive impact that it is having on customers and their patients.”
- Nick Solaro, partner at Drive Capital, which also led the company’s seed round and February 2022 seed extension
