access, Health care revenue cycle analysis and automation provider, Received $50 million Through a new equity investment from Sixth Street Growth.
The Santa Rosa, California-based company provides artificial intelligence and machine learning software to analyze and reorganize the revenue cycle management process of healthcare providers. VisiQuate CEO Brian Robertson said in an email that the technology includes an analysis engine to identify and correct anomalies and inefficiencies in the process, an intelligent workflow engine to optimize the process, and a rote Automation kit for back tasks.
The company also offers an automated data assistant called Ana, which provides insights gathered from analysis. For example, users can obtain key indicators, ratios, and trends by asking questions such as “What is the predicted operating income for next month?” Or “Show service point collection data for the past 13 months.”
The main goal of VisiQuate is to combat administrative waste.
“Administrative complexity accounts for US$265.6 billion [in] Every year is wasted on American healthcare,” Robertson said. “The back-end aspects of American healthcare—interaction between suppliers and insurance companies, pre-registration, authorization/eligibility, coding, billing, denial management, etc.—have been It has become very complicated and has placed a huge burden on our suppliers. “
With the new equity fund, VisiQuate plans to accelerate the development of new solutions, tools and services to improve the efficiency of the revenue cycle.
“We will be able to provide our customers with greater value faster,” Robertson said.
Automation of revenue cycle management seems to be gaining popularity.
According to statistics, more than 66% of health systems and hospitals are using some form of automation in their revenue cycle operations, and most of them do not plan to start doing so by the end of 2021. A survey conducted Among the 587 U.S. healthcare CFOs and revenue cycle leaders last year.
There are several companies in the field of revenue cycle analysis and automation, including Click on with Table softwareBut Robertson said that VisiQuate brings to its clients “a highly flexible architecture and deep consulting expertise to develop customized digital strategies.”
“VisiQuate’s solution suite has a component architecture, which means that these parts can work alone, as a point solution coordinated with an existing system, or as part of an overall solution that covers the supplier’s end-to-end revenue cycle. “He says.
The company was founded in 2009 and raised a total of US$70.2 million, including the latest equity investment, According to Crunchbase.
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