Sift Healthcare, a trailblazer in harnessing artificial intelligence (AI) for healthcare payments, has announced the completion of a $20 million Series B funding round, spearheaded by B Capital. The investment is poised to propel the growth of Sift’s cutting-edge Payments Intelligence Platform, which leverages AI to optimize financial operations in the healthcare sector.
Justin Nicols, founder and CEO of Sift Healthcare, expressed gratitude for the support from B Capital, emphasizing the company’s commitment to scaling its platform across new and existing markets. Nicols stated, “With the support of B Capital, Sift is well positioned to scale our Payments Intelligence Platform in new and existing markets and expand our impact within the revenue cycle, transforming how providers use their data to optimize payment outcomes.”
At the core of Sift’s Payments Intelligence Platform lies its unique ability to amalgamate clinical and payments data, thereby creating a comprehensive dataset that correlates clinical inputs with financial outcomes. By harnessing this data, the platform predicts adverse payment outcomes, delivers real-time alerts and recommendations, and enhances patient financial engagement.
One of the platform’s key features is its capability to remove variability and opacity surrounding payer reimbursement probability and amount. By accurately determining patient cost responsibility upfront, Sift’s platform takes a significant step towards promoting pricing transparency in healthcare.
Nick Whitehead, Principal at B Capital, expressed confidence in Sift Healthcare’s AI-based platform and its potential to revolutionize revenue cycle processes within the healthcare industry. Whitehead stated, “Our investment underscores our confidence in Sift’s AI-based platform to reshape revenue cycle processes and drive significant advancements in healthcare financial operations, and we are excited to support Sift Healthcare in this next phase of growth.”
The funding comes at a time when consumer interest in AI involvement in healthcare is on the rise. According to PYMNTS Intelligence, 42% of consumers are interested in AI’s role in healthcare, recognizing its potential to reduce errors and improve patient outcomes.
As the healthcare industry continues to embrace AI technologies, Sift Healthcare stands at the forefront of innovation, poised to revolutionize financial operations and drive advancements in healthcare delivery.