What You Should Know:
– Suki raises $55M in Series C funding to expand its AI-enabled, voice-enabled clinical assistants to relieve physician burnout.
– Suki will use this funding to make strategic investments that will lead to an expansion of its user base through new and existing partnerships with leading health systems and medical groups while bolstering employee growth and development.
Suki, the leader in voice artificial intelligence (AI) technology for healthcare, announced today it has raised $55M in Series C funding led by March Capital, with additional support from Philips Ventures, and all previous investors including Venrock, Flare Capital, Breyer Capital, and inHealth Ventures. The round is also comprised of super-angels who are leading figures in technology, healthcare, and finance, including Gaingels Group, Pankaj Patel (ex-Chief Development Officer of Cisco), Andrew Deutsch (CEO of RIMA Radiology), and Russell Farscht (former Managing Director of The Carlyle Group).
AI-Powered Voice Solutions for Healthcare
A recent survey suggests that healthcare organizations are looking to natural language processing (NLP) to improve everything from point-of-care physician workflows to consumer interactions, with one-third of healthcare organizations planning to implement this form of AI. A true digital clinical assistant, Suki supports doctors practicing in any clinical setting, as well as any specialty, delivering the health care industry’s first end-to-end voice-enabled clinical digital assistant platform. Suki has quadrupled its revenue in the last year and has expanded its capabilities outside clinical documentation, refining ICD-10 features to be more streamlined and accurate.
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 the last year, Suki has experienced tremendous growth, quadrupling its revenue. Suki has continued to rapidly innovate, introducing new capabilities including the ability to dynamically pull in EHR data and a Suki Windows app that extends the reach and power of Suki Assistant to any Windows computer.
Over the pandemic, Suki has continued to expand its capabilities outside of clinical documentation, refining its ICD-10 coding features to be more accurate and streamlined. The solution reduces documentation time by 76% on average and is used by physicians across dozens of specialties in more than 90 health systems and clinics nationwide. Suki will use this funding to make strategic investments that will lead to an expansion of its user base through new and existing partnerships with leading health systems and medical groups while bolstering employee growth and development. In addition, Suki will advance the AI capabilities of Suki Assistant, its voice-enabled digital assistant, and Suki Speech Platform, its proprietary voice platform, as well as add new features that streamline documentation, coding and other administrative tasks for physicians.