What You Need to Know:
– Today, Suki announced a Series B funding round of $20 million, led by new investor Flare Capital Partners and including top investors like First Round and Venrock.
– In just two years, Suki has established its product as a leading solution to address the urgent crisis of physician burnout and is already trusted by independent and group practices as well as leading systems like Sutter Health and Ascension.
– Suki will use the funding to expand its user base through health systems and medical groups across the country, advance the AI capabilities of its product, and add new features that streamline documentation, coding, billing, and other administrative tasks for physicians.
Today, Suki, an AI-powered, voice-enabled digital assistant that lifts the administrative burden from doctors announced today that it has closed a Series B funding round of $20 million. New investor Flare Capital Partners led the round, which also includes new investors Breyer Capital and Epsilon Health, as well as returning investors First Round Capital and Venrock. As part of the funding round, Bill Geary, co-founder, and general partner at Flare Capital Partners will join Suki’s Board of Directors.
Addressing Physician Burnout through Voice-Enabled Digital Assistants
Founded by former Google and Salesforce executives Punit Soni and Karthik Rajan in 2018, Suki’s AI-driven voice-enabled digital assistant for doctors alleviates administrative work like medical charting in electronic health records (EHRs), Suki enables doctors to focus on what they love: taking care of patients.
“It’s clear that physician burnout caused by documentation and administrative burden is a crisis in medicine, which is why we’ve seen such enthusiastic adoption of our technology to date and will continue this momentum with the support of our investors,” said Punit Soni, founder and CEO of Suki. “Suki not only delivers a better physician experience, but also supports high-quality, coordinated care and improved coding and billing through its accurate, detailed medical notes.”
Suki’s AI Generates 100% Accurate Notes
Digital voice assistants are the next frontier. As a true digital clinical assistant, Suki supports doctors practicing in any clinical setting as well as any specialty, including cardiology, orthopedics, plastic surgery, ophthalmology, pediatrics, and family medicine.
Across its user base, Suki’s digital assistant has lowered physicians’ average time per note by 76 percent. This is significant, as studies have shown that for every hour of direct clinical facetime with a patient, physicians spend nearly two additional hours on medical paperwork and notes.
Suki has also been shown to decrease claims denial rates by up to 19 percent by generating highly detailed clinical documentation, which is critical to health systems’ and medical groups’ revenue. High-quality, detailed clinical documentation also supports hierarchical condition category (HCC) coding integrity, which is essential for reimbursement in value-based payment models.
Recent Traction & Expansion Plans
In just two years, Suki has established itself as a leading solution to physician burnout. The company recently added digital health sales leader Jallel Harrati as its vice president of sales and Jatin Chhugani as its vice president of engineering. Harrati most recently served as vice president and national sales leader at IBM Watson Health and Chhugani previously led AI teams for Adobe and Flipkart.
Suki will use this funding to expand its user base through new and existing partnerships with leading health systems and medical groups across the country. In addition, Suki will advance the AI capabilities of its product and add new features that streamline documentation, coding, billing, and other administrative tasks for physicians. Suki will also continue to build out its team, as it is currently recruiting in positions across engineering, product, and commercial.
“Health systems are waking up to the overwhelming burden of physician burnout, from the financial costs of training doctors and medical records manual entry to the increased likelihood of medical errors. At the same time, they recognize that timely, detailed documentation is essential to accurate coding and reimbursement for their services,” said Geary. “Suki’s natural language processing empowers physicians to more efficiently create detailed records, and its artificial intelligence contextualizes this clinical and billing data for whoever may need it, including clinician or billing staff.”