Healthcare artificial intelligence (AI) company Comure announced Tuesday (May 19) that it has raised $70 million in new funding, achieving a post-money valuation of $7 billion. The Mountain View, Calif.-based company said in a press release that the funding round was led by General Catalyst, with additional participation from Sequoia Capital, Morgan Stanley and Kirkland & Ellis. This capital injection is aimed at accelerating the deployment of Commuar’s AI-powered administrative and clinical tools across global health systems.
Commure specializes in automating administrative tasks that cost healthcare providers approximately $1 trillion annually in the United States alone. According to the release, the company’s revenue cycle management platform is currently operational in more than 3,000 clinical sites within more than 500 healthcare organizations, including major networks such as HCA Healthcare and Tenet Healthcare.
The company says its systems process tens of billions of dollars in payments annually, and more than 85% of that work is completed without human intervention. Commure will use the new funding to expand its revenue cycle and practice management platform and expand its AI infrastructure into international healthcare markets.
“For 30 years, healthcare organizations have been told that software will take care of administrative tasks for them, but that’s not actually the case, because software can’t really do the work of making calls, notes, codes, billing, denials, and appeals,” Communua CEO Tanay Tandon said in a release. “AI can do that. We’re already doing this work from specialty clinics to the nation’s largest health systems. This round will help us meet the demand to run AI everywhere.”
Commure’s expansion comes as the technology arms race intensifies within the healthcare payments ecosystem. A PYMNTS report in March highlighted the increasing adoption of AI by both health care providers and insurance companies in medical billing and reimbursement disputes nationwide. Insurers claim that hospitals are using AI revenue software to proactively code procedures and maximize payments. For example, Medicaid-focused insurer Centene has raised concerns about a sudden spike in critical diagnoses, while a Blue Cross Blue Shield analysis links billions of dollars in hospital spending to aggressive AI-powered coding practices.
Hospitals argue that advanced AI tools are needed to counter the insurance industry’s own aggressive tactics. Executives at HCA Healthcare, which uses Communuar’s platform, said AI is essential to combating the growing number of payer denials and underpayments.
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