Adonis, a healthcare revenue cycle information and automation company, announced that it has secured $31 million in Series B funding, bringing its total funding to $54 million.
Point72 Private Investments led the round with participation from new investor Kin Ventures and existing investors General Catalyst, Max Ventures and Bling Capital.
what do they do
Adonis provides healthcare organizations with revenue cycle technology that leverages machine learning and artificial intelligence for pattern recognition and anomaly detection to streamline and automate revenue workflows.
The company’s AI provides recommendations, smart task lists, claims status tracking, and non-payment detection.
Adonis received $17.3 million in its Series A funding round. General Catalyst will use the funds from last year to expand its New York-based workforce, accelerate product innovation and continue to grow in the health systems space.
“We believe [Adonis’] The advancements are a true testament to the sophistication of our technology along with our constant pursuit of innovation in the healthcare revenue cycle space.” Holly Maloney, executive director of General Catalyst, said in a statement.
“Since our Series A investment, we have watched the Adonis team continue to demonstrate the effectiveness of their technology, helping healthcare teams recover more revenue so they can focus on clinical outcomes. Their advancements are driven by their technology, their team, and their strategic vision. and we look forward to continuing to support them on their journey.”
Market Snapshot
Other companies focused on revenue cycle management include the Milwaukee-based company. Sift Healthcare, which secured $20 million in a Series B funding round in May, and CodaMetrix, which secured $55 million in a Series A funding round led by SignalFire in March.
Another company is Change Healthcare, a software and data analytics provider that provides revenue cycle management, clinical decision support, and other operational tools.
Change Healthcare, a subsidiary of UnitedHealth Group, I experienced a ransomware attack In February. In March UnitedHealth Group paid $22 million. Recover access to data and systems encrypted by the Blackcat ransomware gang.
Earlier this month, mad Cybersecurity firm Recorded Future reported that it has tracked a significant increase in ransomware attacks across the healthcare sector since the UnitedHealth payment.
Recorded Future tracked 44 attacks in this space in April, the most it has collected data for in the last four years and 14 more ransomware attacks than were recorded in March this year.
CIO Connect, a HIMSS professional development program aimed at preparing aspiring healthcare IT leaders, is accepting applications through June 2024. Learn more.
