NEW YORK, June 25, 2024 /PRNewswire/ — Adonis, a leading healthcare financial technology platform based in New York Cityannounced today that it has raised $31 million in Series B financing led by Point72 Private Investments. Point72 Private Investments was joined by new investor Kin Ventures, along with existing investors General Catalyst, Bling Capital, and Max Ventures.
Aman Magoon (left), Co-Founder and Chief Product Officer at Adonis, and Akash Magoon (right), Co-Founder and Chief Executive Officer, Adonis
The current round comes on the heels of a $17.3 million Series A round, led by General Catalyst only 12 months ago, and brings the total amount raised to $54 million since the company’s inception in 2022. This fundraise strengthens Adonis’ position as one of the fastest growing revenue intelligence and automation companies in United States.
As of this fundraise, Adonis works with more than 10,000 providers and has processed tens of millions of claims, totaling more than $13.3 billion in charges. Adonis works with more than 3,000 different payers, equal to almost all payers in United States, and integrates with over 35 different EHRs and Clearinghouses. Adonis works with health systems, single specialty physician groups, and rapidly growing digital health companies across anesthesia, dermatology, orthopedics, dentistry, emergency medicine, gastroenterology, OB/GYN, behavioral health, and more.
For healthcare organizations, the process of collecting revenue from insurance companies represents almost 1 of each 7 dollars spent – a testament to the highly manual and ever-changing nature of submitting insurance claims. Adonis was built as a response to the shortcomings of legacy revenue cycle technology that lacked the ability to deploy the pattern recognition and anomaly detection needed to streamline and automate otherwise manual workflows, a status quo that $150 billion challenge
Adonis is a revenue intelligence and automation platform designed for healthcare that empowers healthcare providers to collect the revenue they deserve. Since its inception, Adonis has focused on building a proprietary model that applies ML and AI methods to identify customers’ constantly changing root cause problems. Adonis Intelligence, Adonis’ flagship product, serves as the engine that drives dramatic reductions in staffing needs and improved collection results. Real-time dashboards and alerts, such as AI-powered recommendations, claim status tracking, smart worklists, and underpayment detection, increase RCM team efficiency, productivity, and effectiveness.
“The Adonis team has a deep understanding of the complex challenges facing healthcare today,” he said Sri Chandrasekar, Managing Partner at Point72 Private Investments. “By helping practices recover more revenue, they in turn give providers the ability to focus on improving patient experiences and overall health outcomes. We believe their approach has the potential to make a lasting impact on practices , providers and patients and are excited to be a partner along the way.”
“The opportunity to expand our investment with Adonis is exciting,” he said Holly Maloney, Managing Director at General Catalyst. “We believe their progress is a true testament to the sophistication of their technology, combined with their relentless pursuit of innovation in the healthcare revenue space. technology, help healthcare teams recover more revenue so they can focus on clinical outcomes , have strengthened our confidence in their technology, team and strategic vision, and we look forward to continuing their journey.
“Revenue cycle and claims management remains an underlying challenge for many of our nation’s providers and practices, often leading to financial stress and operational inefficiencies. Through modern technology and a customer-centric approach, we are committed to to empower teams to recover the revenue they deserve and create an improved patient experience. Most promising startup of 2023 by Business Insider. In an era of software companies defined by hard-to-achieve projections, I am humbled and grateful to our team and early customers for their commitment to helping drive us toward our mission,” I said. Akash MagoonCo-founder and CEO, Adonis.
“Adonis is committed to providing our nation’s healthcare executives with cutting-edge data monitoring and observability tools that enable broad automation capabilities across their ever-growing teams. technology-based approach to revenue cycle just doesn’t cut it. and to mitigate problems, and recover revenue faster and more efficiently,” he said Aman MagoonCo-founder and Chief Product Officer, Adonis.
With this new funding round, Adonis is focused on accelerating product innovation, continuing to expand into the health system space, and its growth New York City– based team.
About Adonis
Adonis is a revenue intelligence and automation platform, built for healthcare, that solves operational challenges that impact the integrity of revenue cycle management. On average, healthcare providers are unable to collect 15% or more of the revenue owed. This is a consequence of compound fractures in traditional RCM; a series of people, processes, systems and tools are collectively responsible for this dilemma. Powered by data science and automation, Adonis provides solutions to address the common problems and areas of sensitivity within RCM to create better, more reliable revenue. No matter where you are in your revenue cycle journey, we can help you take a step in the right direction to reach your revenue potential. Learn more at adonis.io.
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SOURCE Adonis