What You Should Know:
– Candid Health, a provider of autonomous revenue cycle automation solutions for healthcare providers raises $52.5M in a Series C funding round led by Oak HC/FT.
– The latest investment brings the company’s total funding to $99.5M and plans to expand its customer relationships with multi-site provider groups across the United States.
AI-Powered Platform Reduces Administrative Costs and Improves Efficiency
Revenue cycle management (RCM) is a complex and costly process for healthcare providers, consuming significant resources and often leading to inefficiencies and revenue loss. According to McKinsey, streamlining the claims submission process could save up to 18% of administrative costs, as submission error rates continue to rise.
Candid Health’s AI-powered platform addresses these challenges by automating key aspects of the revenue cycle, improving accuracy, and reducing the need for manual intervention. Unlike traditional RCM solutions that focus on making manual cleanup work more efficient, Candid aims to prevent errors in the first place.
Candid’s Approach: Improving Touchless Claim Rates
Candid’s platform focuses on increasing the “touchless claim rate,” which is the percentage of claims submitted, processed, and adjudicated correctly the first time without manual intervention. By automating key steps in the claims process, Candid significantly reduces errors and eliminates the need for time-consuming manual rework.
Key benefits of Candid’s platform:
- Increased Net Collections: Candid’s clients experience higher net collections and faster reimbursement times.
- Reduced Costs: Automation and improved efficiency lead to significant cost savings in RCM.
- Scalable Infrastructure: The platform’s scalable architecture supports the needs of growing healthcare organizations.
- Improved Accuracy: AI-powered automation reduces errors and improves the accuracy of claims submissions.
“At Candid, we are reimagining the level of automation that an RCM platform can drive, and with AI, we are positioned to further improve billing performance,” said Nick Perry, CEO & Co-Founder of Candid Health. “We are excited to continue to grow and scale alongside our customers, fully supporting them along their journey, while forging relationships with more providers.”