Adonis, a healthcare revenue cycle intelligence and automation company, announced it 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 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 worklists, claims status tracking, and underpayment detection.
Adonis raised $17.3 million in a Series A funding round. General Catalyst said last year it plans to use the funding to expand its New York-based workforce, accelerate product innovation and continue growth in the health systems space.
“we believe [Adonis’] This advancement is a testament to the sophistication of the company's technology, coupled with its 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 continue to demonstrate the effectiveness of their technology and help healthcare teams recover more revenue and focus on clinical outcomes. Their progress strengthens 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 These are Sift Healthcare, which secured $20 million in a Series B funding round in May, and CodaMetrix, which raised $55 million in a Series A funding round led by SignalFire in March.
The other is Change Healthcare, a software and data analytics vendor that offers revenue cycle management, clinical decision support and other operational tools.
Change Healthcare, a subsidiary of UnitedHealth Group, It was hit by a ransomware attack in February, and in March, UnitedHealth Group paid $22 million to restore access to data and systems encrypted by the Black Cat ransomware group.
Earlier this month, Wired reported that cybersecurity firm Recorded Future tracked a significant increase in ransomware attacks across the healthcare sector following the UnitedHealth settlement.
Recorded Future tracked 44 attacks in this space in April, the most in the four years the company has been collecting data and 14 more ransomware attacks than were recorded in March of this year.
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