NEW
YORK, June 25, 2024
/PRNewswire/ -- Adonis, a leading healthcare financial technology
platform based in New York City,
today announced that it has raised $31
million in Series B financing led by Point72 Private
Investments. Point72 Private Investments was joined by new investor
Kin Ventures, along with existing investors General Catalyst, Bling
Capital, and Max Ventures.
The current round comes on the heels of a $17.3 million Series A round, led by General
Catalyst only 12 months ago, bringing the total amount raised to
$54 million since the company's
founding in 2022. This fundraise solidifies Adonis' position as one
of the fastest growing revenue intelligence and automation
companies in the United
States.
As of this fundraise, Adonis works with over 10,000 providers
and has processed tens of millions of claims, totaling over
$13.3 billion in charges. Adonis
works with over 3,000 different payers, equating to nearly all of
the payers in the United States,
and integrates with over 35 different EHRs and Clearinghouses.
Adonis works with health systems, single-specialty physician
groups, and rapidly growing digital health companies across
anesthesia, dermatology, orthopedics, dental, emergency medicine,
gastroenterology, OB/GYN, behavioral health, and more.
For healthcare organizations, the process of collecting revenue
from insurance companies represents nearly 1 out of every
7 dollars spent — a testament to the
highly manual and ever-changing nature of submitting insurance
claims. Adonis was built as a response to the shortcomings of
legacy revenue cycle technology that lacked the ability to deploy
the pattern recognition and anomaly detection required to
streamline and automate otherwise manual workflows, a status quo
that represents a $150 billion
challenge.
Adonis is a revenue intelligence and automation platform,
designed for healthcare, that gives healthcare providers the
ability to collect the revenue that they deserve. Since its
inception, Adonis has focused on building a proprietary model that
applies ML and AI methods to pinpoint the constantly changing
root-cause issues that customers face. Adonis Intelligence, Adonis'
flagship product, serves as the engine that powers dramatic
reductions in staffing needs and improved collections outcomes.
Real-time dashboards and alerts, as well as AI-driven
recommendations, claims status tracking, smart worklists, and
underpayments detection, increase RCM team efficiency,
productivity, and effectiveness.
"The Adonis team has a deep understanding of the complex
challenges prevalent in healthcare today," said Sri Chandrasekar, Managing Partner at Point72
Private Investments. "By helping practices recover more revenue,
they are in turn giving providers the ability to focus on improving
patient experiences and health outcomes overall. We believe their
approach has the potential to create a lasting impact on practices,
providers, and patients and are excited to be a partner along the
way."
"The opportunity to expand our investment with Adonis is
exciting," said Holly Maloney,
Managing Director at General Catalyst. "We believe their progress
is a true testament to the sophistication of their technology,
coupled with their relentless pursuit of innovation in the
healthcare revenue cycle space. Since investing in their Series A,
we've watched the Adonis team continuously demonstrate the
effectiveness of their technology, helping healthcare teams recover
more revenue so that they can focus on clinical outcomes. Their
advancements have reinforced our confidence in their technology,
team, and strategic vision, and we look forward to continuing to
support their journey."
"Revenue cycle and managing claims continues to be an underlying
challenge for many of our nation's providers and practices, often
leading to financial stress and operational inefficiencies. Through
cutting-edge technology and a customer-centric approach, we are
committed to empowering teams to recover the revenue they deserve
and create an improved patient experience. We strive to improve the
financial health of healthcare providers, ensuring they can focus
on delivering exceptional patient care. Last year, we had the honor
of being named a Most Promising Startup of 2023 by Business
Insider. In an era of software companies defined by hard-to-reach
projections, I am humbled and grateful for our team and early
customers for their commitment in helping us drive towards our
mission," said Akash Magoon,
Co-Founder and CEO, Adonis.
"Adonis is committed to providing our nation's healthcare
executives with cutting-edge data surveillance and observability
tools that enable broad automation capabilities across their
ever-growing teams. In the ongoing game of cat-and-mouse between
insurance companies and healthcare providers, static rule-based
approaches to revenue cycle technology simply does not cut it. Our
vision, from the inception of Adonis, was to give healthcare
organizations the ability to leverage large language models across
the millions of records of data they generate on a daily basis to
better inform and mitigate issues, and to recover revenue faster
and more efficiently," said Aman
Magoon, Co-Founder and Chief Product Officer, Adonis.
With this new funding round, Adonis is focused on accelerating
product innovation, continuing to expand into the health system
space, and growing their New York
City-based team.
About Adonis
Adonis is a Revenue Intelligence and
Automation Platform, built for Healthcare, solving for operational
challenges that impact the integrity of revenue cycle management.
On average, Healthcare providers are unable to collect 15% or more
of the revenue it's owed. This is a result of compounding fractures
in traditional RCM; a series of people, processes, systems,
and tools are collectively responsible for this dilemma. Powered by
data science and automation, Adonis provides solutions to address
the common issues and areas of susceptibility within RCM to create
better, more reliable revenue outcomes. No matter where you are in
your revenue cycle journey, we can help you take a step in the
right direction to achieve your revenue potential. Learn more at
adonis.io.
Contact:
Dan Murdoch
murdoch@adonis.io
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SOURCE Adonis