![]() “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. Hospital systems have seen an influx of patients amid Covid-19, generating greater demand for tools to help manage operations.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.Healthcare organizations are increasingly looking to adopt new technologies that can help cut costs.The healthcare artificial intelligence market is projected to grow at a CAGR of 41.4% and reach a value of $51.3B by 2027, according to Meticulous Research.Source: Notable Why does the market matter? Notable reports a 97% patient satisfaction rating and sees more than 120 new visits per provider every year.The company caters to several healthcare organizations, including Intermountain Healthcare, Houston Methodist Hospital, North Kansas City Hospital, and CommonSpirit Health, across roughly 350 locations.The company reports that it saves providers 700+ hours of administrative work per year.California-based Notable’s platform brings together robotic process automation (RPA) with other technologies to automate administrative workflows for clinicians and healthcare staff.The round drew participation from Greylock Partners, F-Prime Capital, ICONIQ Growth, and Oak HC/FT Partners. Notable, a provider of robotic process automation (RPA) for healthcare administration, has raised $100M in a Series B.
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