July 24, 2024

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AI-enabled revenue cycle management company Adonis raises $31M

2 min read

Adonis, a healthcare revenue cycle intelligence and automation company, announced it secured $31 million in Series B funding, bringing its total raise 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 IT DOES

Adonis provides revenue cycle technology to healthcare organizations utilizing machine learning and artificial intelligence for pattern recognition and anomaly detection to streamline and automate revenue workflows.

The company’s AI provides recommendations, smart work lists, claims-status tracking and detection of underpayments. 

Adonis, which received $17.3 million in a Series A funding round led by General Catalyst last year, will use the funds to expand its New York-based workforce, speed up product innovation and continue growing in the health system space. 

“We believe [Adonis’] progress is a true testament to the sophistication of their technology, coupled with their relentless pursuit of innovation in the healthcare revenue cycle space,” Holly Maloney, managing director at General Catalyst, said in a statement.

“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.”

MARKET SNAPSHOT

Other companies focused on revenue cycle management include Milwaukee-based Sift Healthcare, which secured $20 million in a Series B funding round in May, and CodaMetrix, which received $55 million in Series A funding led by SignalFire in March.

Another company is Change Healthcare, a software and data analytics vendor that offers revenue cycle management, clinical decision support and other operations tools.

Change Healthcare, a subsidiary of UnitedHealth Group, experienced a ransomware attack in February. In March, UnitedHealth Group paid $22 million to recover access to the data and systems encrypted by the Blackcat ransomware gang.

Earlier this month, Wired reported that cybersecurity firm Recorded Future tracked a substantial increase in ransomware attacks across the healthcare sector after UnitedHealth’s payout. 

Recorded Future tracked 44 attacks in the sector in April, the most it had seen in the four years it has collected data, and 14 more ransomware attacks than were recorded in March of this year. 

The HIMSS AI in Healthcare Forum is scheduled to take place September 5-6 in Boston. Learn more and register.

 

CIO Connect, a HIMSS Professional Development program that aims to prepare aspiring health IT leaders, is accepting applications through June 2024. Learn more.

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