Funding will support the acceleration of Sift’s AI-based Payments Intelligence Platform for payer reimbursement and patient payments.
Sift Healthcare, a data science company enabling increased patient payment and payer reimbursement for healthcare providers, announced the closing of a $9 million Series A funding round. The round was led by new investors, Allos Ventures and First Trust Capital Partners. Continued support came from Rock River Capital Partners and the Winnebago Seed Fund, both early investors in Sift, and others.
This financing supports the company’s accelerating sales of its denials management and patient payment solutions and the launch of its mid-cycle denials prevention solution. “Our growth and funding validate the work Sift is doing to transform healthcare payments,” said Justin Nicols, founder and CEO of Sift Healthcare, “We are honored to add experienced investors who fully understand the opportunity for innovation within the healthcare payments space.”
Each year, healthcare payers and providers spend $496B on billing and insurance-related activity. With new challenges around revenue integrity, labor shortages, and transparency in billing, these administrative costs are increasing. At the same time, healthcare providers face steep write-off volumes and shrinking margins. These conditions are driving a growing urgency for health systems to adopt data-driven tools that utilize their own payer and patient data to deliver meaningful insights and improve payment efficiency.
Sift helps healthcare organizations leverage their data to work smarter, protect their margins and accelerate cash flow. The company’s Payments Intelligence Platform unifies and normalizes healthcare providers’ clinical coding and payments data to drive machine learning interventions that:
- Enable more efficient and accurate reimbursement from insurance payers
- Optimize patient payments by equipping providers to proactively engage with patients and offer flexible payment options
- Guide decisions around revenue cycle operations
Additionally, Sift’s ability to aggregate and match clinical and claims data at scale optimizes the current payer-provider reimbursement model, establishing a neutral environment to simultaneously track clinical drivers and their associated reimbursement in real-time. This transparent data exchange will help providers move forward as healthcare continues the transition to a value-based and consumer-driven model.
“Allos Ventures is excited to partner with Sift as they improve how healthcare providers utilize their data to increase and accelerate collections,” said John McIlwraith, Managing Director at Allos Ventures, “By building a strong data foundation and delivering a full-cycle platform, Sift’s empowers healthcare organizations to optimize payment outcomes.”
“Sift is not only improving how healthcare providers manage payments today but is also paving the way for a more transparent data exchange between payers and providers,” said Jon Phillips, Managing Director of First Trust Capital Partners, “Sift’s approach equips payers and providers to reduce administrative costs, tackling one of the biggest problems in healthcare.”
Visit AITechPark for cutting-edge Tech Trends around AI, ML, Cybersecurity, along with AITech News, and timely updates from industry professionals!
