Adonis, an automation and intelligence startup for the healthcare revenue cycle, revealed that it has raised $54 million in total, including $31 million in Series B funding. With participation from new investor Kin Ventures as well as returning investors General Catalyst, Max Ventures, and Bling Capital, Point72 Private Investments led the round.
WHAT THEY DO
Healthcare firms can use Adonis’ revenue cycle technology, which uses artificial intelligence and machine learning to identify patterns and detect anomalies to automate and streamline revenue procedures. The AI employed by the organization offers suggestions, intelligent task lists, tracking of claim status, and underpayment identification.
Adonis is planning to spend the $17.3 million it obtained in a Series A fundraising round headed by General Catalyst last year to grow its personnel in New York, accelerate product innovation, and maintain its position as a leader in the health system industry.
The managing director at General Catalyst, Holly Maloney, stated in a statement, We believe [Adonis’] progress is a true testament to the sophistication of their technology, in addition to their unwavering search for innovation in the field of the healthcare revenue cycle.
Since our first investment in their Series A, the Adonis team has continuously demonstrated the effectiveness of their technology, helping medical teams raise more money to support improved clinical outcomes. Given that their technological accomplishments have increased our confidence in their staff, equipment, and strategic vision, we are thrilled to help them on their journey.
MARKET SNAPSHOT
Some companies that focus on revenue cycle management are CodaMetrix, which raised $55 million in Series A funding led by SignalFire in March, and Sift Healthcare, a Milwaukee-based company, which raised $20 million in a Series B fundraising round in May.Another company is called Change Healthcare, and it offers software and data analytics for revenue cycle management, clinical decision support, and other operational tasks.
In February, a ransomware attack occurred at Change Healthcare, a UnitedHealth Group affiliate. UnitedHealth Group had to pay $22 million in March to get back access to the systems and data that the Blackcat ransomware group had encrypted. Wired revealed earlier this month that following UnitedHealth’s payout, cybersecurity company Recorded Future observed a marked rise in ransomware assaults throughout the healthcare industry.
Recorded Future observed 44 attacks in the industry in April—14 more ransomware attacks than those documented in March of this year—the highest number it has seen in the four years it has been gathering data. Applications for CIO Connect, a HIMSS Professional Development program designed to train future leaders in health IT, are being accepted through June 2024. Find out more.