![]() ![]() It reckons such tasks cost the healthcare industry more than $1 trillion in administrative costs every year. By using AI instead of human workers to perform thousands of these tasks, Notable reckons it’s able to eliminate more than 700 hours of administrative work per clinician per year. Notable says its “unified digital patient experience” can help healthcare organizations to automate almost every patient interaction, including scheduling appointment, registration, post-visit follow up and payment collection. The system automatically notifies patients whenever the healthcare provider needs information, thereby reducing the need for manual phone calls, paper forms and data entry. #Notable rpabased 100m series iconiq growth manual# ![]() The platform also helps to alleviate burdensome tasks for clinicians, such as creating clinical documentation or adding billing codes, Notable said. Of course, the proof is in the pudding, and Notable claims an impressive list of healthcare providers using its platform, including CommonSpirit Health and Intermountain Healthcare. “Physicians today spend more time in front of their computer than in front of patients,” said Dr. Nicholas Desai, chief medical information officer at Houston Methodist. “By automating all of the administrative tasks that clinicians are required to perform, Notable empowers us to practice at top of license and better serve patients in our communities.” #Notable rpabased 100m series iconiq growth license# Notable co-founder and Chief Executive Pranay Kapadia argued that his platform can also help lessen the impact of the healthcare industry’s staffing crisis, which he said has created an “overwhelming administrative burden” that threatens the ability of some hospitals to deliver high-quality care. #Notable rpabased 100m series iconiq growth license#.#Notable rpabased 100m series iconiq growth registration#.#Notable rpabased 100m series iconiq growth manual#.“We are in this to build a company that can outlive us,” he said. Notable’s AI and ability to extend its platform also help differentiate it in a market where Kapadia believes the company could build itself into a large stand-alone company. While startups such as North Carolina-based Validic help provide access to digital health data, and others help with caregiving assistance, the administrative space is fragmented, Kapadia said. “We are excited for Notable to further scale its team to serve more health care providers while they enhance the platform’s capabilities to meet the present and future needs of the sector and improve people’s lives,” she said. The 100-plus-employee company will use the new funding to continue to enhance the product and will also reach out and educate the industry on the benefits of streamlining its administrative workflows.Ĭaroline Xie, general partner at ICONIQ Growth, said Notable has a large market in front of it as the administrative burden continues to compound in health care, and the COVID-19 pandemic only has exacerbated the industry’s ongoing staffing crisis. ![]() “It’s inevitable these things will be digital and autonomous,” he said. The pandemic has caused the health care industry to meet a few trends–such as digitization and the staffing crisis–head on, which has led to an increased need to alleviate workflow issues. The company now works with a few dozen large health care providers and has increased revenue 4x just through the first 10 months of this year compared to 2020, riding a ripple effect from COVID-19, Kapadia said. Coming form a fintech background, he thought health care could be streamlined-just as fintech has simplified financial procedures. Kapadia got the idea for Notable when hearing physicians talk about being “high paid data collectors,” including those in his own family. “The administration costs associated with health care are just growing so fast,” said Kapadia, who estimates 25 to 30 people are involved from the time an appointment is made to the insurance billing for a typical health visit. Using AI, Notable’s platform helps automate workflows in healthcare-performing millions of tasks every week on behalf of clinicians and staff while also eliminating more than 700 hours of administrative work per clinician per year. ![]() Notable’s platform attempts to eliminate much of the repetitive, manual administrative work that accounts for over $1 trillion in costs per year, Kapadia said. The round was led by ICONIQ Growth and included participation from Greylock, Oak HC/FT and F-Prime.įounded in 2017, Notable has now raised nearly $127 million. The new round values the company at $600 million, said Pranay Kapadia, co-founder and CEO of the San Mateo, California-based company. AI-powered health startup Notable closed a $100 million Series B to help health care systems reduce the time and cost of lengthy administrative processes. ![]()
0 Comments
Leave a Reply. |