Candid Health Announces $29 Million Series B Led by 8VC to Transform Revenue Cycle Automation
SAN FRANCISCO, CA / ACCESSWIRE / September 11, 2024 / Candid Health, the revenue cycle automation platform for healthcare providers, today announced a $29 million Series B led by 8VC with participation from existing investors First Round Capital, BoxGroup, and Y Combinator. This brings the company’s total amount raised to $47 million.
Candid Health is on a mission to simplify medical billing, allowing providers to focus on delivering quality care. The complex and outdated U.S. healthcare system costs $280 billion annually, with more than 1,000 payors and ever-evolving requirements leading to slow, error-prone manual processes – a prime candidate for automation.
Where traditional technology has struggled to keep up with the complexities of changing regulations and the claims cycle, Candid Health’s modern platform uses automation to transform billing.
“Candid Health transformed the way we do business. We went from a manual process with virtually every claim needing hands-on work to automation that submits claims efficiently and correctly. As a fast-growing healthcare provider, technology like this is crucial to our success,” said Stephanie Liu, Co-founder, Nourish. “Candid Health has helped us achieve best-in-class collection rates while enabling us to deliver better service to our patients.”
By streamlining the entire process — from claim submissions to accounts receivable-manual interventions are eliminated, and claims are auto-corrected. The impact to its more than 150 customers is clear: Candid’s highest-performing customers are consistently able to achieve 95-99% first pass resolution and net collection rates, ensuring accurate payment the first time.
“Most medical billing companies focus on resolving issues post-claims submission more efficiently, but we’re flipping the model. We focus on submitting claims correctly the first time so that there are no issues to fix,” said Nick Perry, CEO and co-founder of Candid Health. “We’ve been rethinking medical billing from the ground up to automate complexity. This ensures healthcare providers can get paid, on time, and for less cost.”
“Candid Health brings urgently needed simplicity to the complexity that characterizes medical billing,” said Sebastian Caliri, Partner, 8VC. “They’ve substantially automated claim preparation and submission — reducing human error and manual interventions — building on data architecture that enables continuous improvement and expansion into new workflows. It’s a privilege to renew our support for one of the best teams and most important missions in healthcare.”
####
About Candid Health
Candid Health is on a mission to simplify medical billing, allowing providers to focus on delivering quality care. Trusted by more than 100 leading organizations, our revenue cycle platform uses automation to transform billing. The company is backed by 8VC, Y Combinator, First Round Capital, and Boxgroup. Learn more at https://www.joincandidhealth.com/company.
Contact Information
Adrienne Chen
Noted Marketing for Candid Health
adrienne@noted-marketing.com
SOURCE: Candid Health
View the original press release on newswire.com.
