Sift Healthcare, a pioneering force in AI-driven healthcare payment solutions, has announced the successful closure of its $20 million Series B funding round. Led by B Capital, with continued backing from existing investors such as Allos Ventures, First Trust Capital Partners, and Rock River Capital, this funding will be instrumental in driving team expansion and technological advancements in artificial intelligence.
The completion of Sift’s $20 million Series B funding round underscores the escalating confidence in the transformative potential of AI-powered solutions to optimize the healthcare revenue cycle. Sift Healthcare specializes in delivering cutting-edge AI-driven solutions designed to streamline and enhance the healthcare revenue cycle.
Sift’s AI-powered solutions empower healthcare organizations to harness the power of data intelligently, resulting in smarter operations, improved margins, and accelerated cash flow. At the core of the company’s offerings lies its Payments Intelligence Platform, which seamlessly integrates clinical and payments data to create a comprehensive dataset linking clinical inputs to financial outcomes. Leveraging this proprietary dataset, Sift employs advanced machine learning interventions to predict adverse payment outcomes, provide workflow-integrated alerts and recommendations, and optimize patient financial engagement.
Moreover, Sift’s platform addresses the challenges of variability and opacity surrounding payer reimbursement probability and amount, thereby enabling accurate determination of patient cost responsibility upfront. This significant advancement marks a pivotal step towards enhancing pricing transparency in healthcare, benefitting both providers and patients alike.
Justin Nicols, Founder and CEO of Sift Healthcare, emphasized the critical role of AI-based technologies in alleviating the administrative burden and optimizing reimbursement amid the evolving complexities of healthcare payment systems. With the support of B Capital, Sift is poised to scale its Payments Intelligence Platform across new and existing markets, catalyzing transformative change within the revenue cycle management landscape.
Dr. Robert Mittendorff, General Partner and Head of Healthcare at B Capital, expressed confidence in Sift’s AI-based platform to drive substantial advancements in healthcare financial operations. Nick Whitehead, Principal at B Capital, echoed this sentiment, highlighting the firm’s commitment to supporting Sift Healthcare’s growth trajectory.
The Series B funding round follows the successful launch of Sift’s Payments Intelligence Co-Pilot, RevProtect. This innovative solution, developed in collaboration with leading clinical workflow and service companies, offers real-time guidance within clinical workflows, enabling proactive measures to enhance accuracy, prevent clinical denials, and reduce avoidable write-offs.
With RevProtect, Sift Healthcare presents a comprehensive suite of machine learning-driven healthcare payments solutions, further solidifying its position as a leader in healthcare analytics and data science.
