Sift Healthcare has raised $20 million in a Series B funding round to grow its artificial intelligence (AI)-powered Payments Intelligence Platform for the healthcare industry.
The company will use the new funding from this round, which was led by B Capital, to expand its team and invest in its AI, Sift Healthcare said in a Thursday (May 9) press release.
“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,” Justin Nicols, founder and CEO of Sift Healthcare, said in the release.
The Payments Intelligence Platform brings together clinical and payments data to create a data set that ties clinical inputs to financial outcomes, according to the release.
With this data, the platform predicts adverse payment outcomes, delivers workflow-integrated alerts and recommendations and optimizes patient financial engagement, per the release.
By removing variability and opacity around payer reimbursement probability and amount, the platform can determine patient cost responsibility upfront, which is “a massive step towards pricing transparency in healthcare,” the release said.
“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,” Nick Whitehead, principal at B Capital, said in the release.
PYMNTS Intelligence has found that 42% of all consumers are at least somewhat interested in AI involvement in their healthcare.
Some Americans already see the benefits AI offers in the healthcare space, with 40% saying that AI would help reduce mistakes and 38% believing AI will drive better outcomes for patients, according to “Generative AI Can Elevate Health and Revolutionize Healthcare,” a PYMNTS Intelligence and AI-ID collaboration.
The advent of generative AI technologies promises to significantly transform the healthcare industry, Tom O’Neil, managing director at Berkeley Research Group and former chief compliance officer at Cigna, told PYMNTS in an interview posted in November.
“We’ve reached a new frontier in this area … the current capabilities for data mining and analysis and aggregation and dissemination are unprecedented,” O’Neil said.
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