What You Should Know:
– SmarterDx, the leader in clinical AI for revenue integrity and care quality, today announced it has secured $50 million in Series B funding led by Transformation Capital.
– The round also includes continued investments from Bessemer Venture Partners, Flare Capital Partners and Floodgate Fund, bringing total funding to $71 million to date. The investment will drive product innovation that will create additional value for health systems, as well as support scale as the company expands.
SmarterDx: Revolutionizing Healthcare Revenue Cycle Solutions with Clinical AI
SmarterDx, which secured seed funding in 2022, utilizes clinical AI that uniquely comprehends clinical reasoning and offers complete auditability, empowering health systems to address their revenue integrity gap. Minor errors or omissions in clinical documentation can result in overlooked, rejected, or underpaid claims. SmarterDx addresses this issue by conducting second-level reviews of each patient chart, enabling hospitals and health systems to protect millions in revenue leakage and ensure accurate representation of care quality.
With this investment, SmarterDx will incorporate new clinical and financial data integrations and continue refining its proprietary algorithms that pinpoint new revenue and quality enhancement opportunities for clients. On average, SmarterDx identifies $2 million in net new annual revenue per 10,000 patient discharges for its clients, which encompass some of the largest hospitals and health systems nationwide. With a client retention rate of 100%, a 5:1 return on investment, and a KLAS client satisfaction score of 98, SmarterDx has rapidly emerged as a leader in the healthcare revenue cycle solutions market.
“SmarterDx transforms clinical data into insights that are fully attributable and actionable. This has distinguished our product in a healthcare landscape where many AI solutions have been built on hype, have poorly defined value and focus on replacing people,” said Dr. Michael Gao, co-founder and CEO of SmarterDx. “Our focus has always been empowering clinical documentation integrity and coding teams to capture a more accurate, more complete patient picture and enabling providers to focus on patient care rather than paperwork.”
