new york, June 25, 2024 Canada, June 23, 2020 /PRNewswire/ — Adonis, the leading healthcare financial technology platform, has New York CityToday, $31 million The Series B funding was led by Point72 Private Investments, who joined existing investors General Catalyst, Bling Capital and Max Ventures, as well as new investor Kin Ventures.
Aman Magoon, co-founder and chief product officer at Adonis (left), and Akash Magoon, co-founder and CEO at Adonis (right)
This round is $17.3 million The Series A round was led by General Catalyst just 12 months ago and total funding was $54 million Since its launch in 2022, this latest funding solidifies Adonis’ position as the fastest growing revenue intelligence and automation company. united states of america.
As of this funding, Adonis works with over 10,000 providers and has collectively processed tens of millions of claims. $13.3 billion Adonis works with more than 3,000 payers, representing nearly every payer in the United States. united states of americaintegrated with over 35 different EHRs and clearinghouses. Adonis works with a variety of health systems, single specialty physician groups, and fast-growing digital health companies in anesthesia, dermatology, orthopedics, dentistry, emergency medicine, gastroenterology, obstetrics and gynecology, behavioral health, and more.
For healthcare organizations, the process of collecting revenue from insurance companies accounts for nearly a quarter of revenue. $7 The time spent proves that claims submission is highly manual and constantly changing. Adonis was built to address the shortcomings of traditional revenue cycle technology. Traditional revenue cycle technology lacked the ability to deploy the pattern recognition and anomaly detection needed to streamline and automate manual workflows. This is because $150 billion Challenge.
Adonis is a revenue intelligence and automation platform designed for healthcare, empowering healthcare providers to collect rightful revenue. Since its inception, Adonis has focused on building proprietary models that apply ML and AI techniques to accurately identify the ever-changing root cause issues facing its customers. Adonis’ flagship product, Adonis Intelligence, serves as the engine that drives significant reductions in staffing requirements and improved collections outcomes. Real-time dashboards and alerts, AI-driven recommendations, claims status tracking, smart worklists, and underpayment detection increase the efficiency, productivity, and effectiveness of RCM teams.
“The Adonis team has a deep understanding of the complex challenges prevalent in healthcare today,” said Sri ChandrasekharManaging Partner at Point72 Private Investments. “By helping healthcare organizations recover more revenue, they can focus on improving the patient experience and overall health outcomes. We believe their approach can have a lasting impact on organizations, providers and patients, and we’re excited to be a partner in the process.”
“The opportunity to expand our investment with Adonis is exciting.” Holly Maloney“We believe their progress is a true testament to the sophistication of their technology and their relentless pursuit of innovation in the healthcare revenue cycle space. Since investing in their Series A, we’ve watched the Adonis team continue to demonstrate the efficacy of their technology to help healthcare teams recover more revenue and focus on clinical outcomes. Their progress strengthens our confidence in their technology, team and strategic vision, and we look forward to continuing to support them on their journey,” said Adonis, Managing Director at General Catalyst.
“Revenue cycle and claims management remain fundamental challenges for many healthcare providers and practices across the U.S., often leading to financial stress and operational inefficiencies. Through cutting-edge technology and a customer-centric approach, we are committed to empowering our teams to recover rightful revenue and improve the patient experience. We work to improve healthcare providers’ financial positions so they can focus on delivering excellent patient care. Last year, we were named the prestigious ‘Healthcare Provider of the Year’ by Yahoo! News. Most Promising Startups of 2023 Article via Business Insider. “In an era when software companies are defined by unattainable expectations, I am humbled and grateful that our team and early customers have been so committed to helping us achieve our mission,” he said. Akash MagoonCo-founder and CEO of Adonis.
“Adonis is committed to equipping America’s healthcare executives with cutting-edge data monitoring and observation tools and enabling broad automation capabilities across their ever-expanding teams. In the ongoing game of cat and mouse between insurers and healthcare providers, a static, rules-based approach to revenue cycle technology is simply insufficient. Our vision from the inception of Adonis has been to leverage large-scale language models across the millions of data records healthcare organizations generate every day to better inform and mitigate issues so they can restore revenue more quickly and efficiently,” said Adonis. Aman Magoonco-founder and chief product officer at Adonis.
With this new funding round, Adonis is focused on accelerating product innovation, continuing its expansion into the health system space, and growing. New York CityBase team.
About Adonis
Adonis is a revenue intelligence and automation platform built for healthcare, solving the operational challenges that impact the integrity of revenue cycle management. On average, healthcare providers don’t collect more than 15% of the revenue they should receive. This is the result of the compounding imperfections of traditional RCM. A set of people, processes, systems, and tools contribute to this dilemma. Leveraging data science and automation, Adonis provides solutions that address common issues and vulnerabilities within RCM, resulting in better, more reliable revenue outcomes. No matter where you are in your revenue cycle, we can help you take a step in the right direction to realize your revenue potential. Learn more at adonis.io.
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