SIFT HEALTHCARE RAISES $20M SERIES B FUNDING ROUND TO ENHANCE AI-POWERED PAYMENT SOLUTIONS

Led by B Capital, investment will accelerate growth as Sift further innovates its AI Co-Pilot solutions and scales to support market demand.

MILWAUKEE, May 9, 2024 /PRNewswire/ -- Sift Healthcare ("Sift" or the "Company"), a leading innovator in AI-powered healthcare payment solutions, today announced the successful close of its $20M Series B funding round. Led by B Capital, with continued support from existing investors, including Allos Ventures, First Trust Capital Partners and Rock River Capital, Sift will use this funding to prioritize team expansion and technology investments in artificial intelligence as the Company grows its industry-first Payments Intelligence Platform.

Sift's AI-powered solutions enable healthcare organizations to leverage data to work smarter, enhance margins and accelerate cash flow. The Company's Payments Intelligence Platform unifies clinical and payments data, creating a longitudinal data set that ties clinical inputs to financial outcomes. This proprietary data set drives advanced machine- learning interventions that predict adverse payment outcomes, deliver workflow- integrated alerts and recommendations, and optimize patient financial engagement.

Furthermore, by removing the variability and opacity around payer reimbursement probability and amount, Sift's platform has the potential to accurately determine patient cost responsibility upfront – a massive step towards pricing transparency in healthcare.

"As health systems face shrinking margins and growing payment complexities, leveraging AI-based technologies to ease the administrative burden and optimize reimbursement is more important than ever," said Justin Nicols, Founder and CEO of Sift Healthcare. "With the support of B Capital, Sift is well-positioned to scale our Payments Intelligence Platform in new and existing markets and expand our impact within the revenue cycle, transforming how providers use their data to optimize payment outcomes."

"The use of artificial intelligence and machine learning to improve healthcare delivery and administration is a major area of focus for us as a firm," said Dr. Robert Mittendorff, General Partner and Head of Healthcare at B Capital.

"Our investment underscores our confidence in Sift's AI-based platform to reshape revenue cycle processes and drive significant advancements in healthcare financial operations, and we are excited to support Sift Healthcare in this next phase of growth," added Nick Whitehead, Principal at B Capital.

The Series B funding round follows the launch of Sift's Payments Intelligence Co-Pilot, RevProtect. Built with collaboration from leading clinical workflow and service companies, RevProtect provides real-time guidance within clinical workflows that enables utilization review (UR), clinical documentation improvement (CDI) and coding professionals to take proactive and meaningful steps to improve accuracy, prevent clinical denials and reduce avoidable write-offs. The addition of RevProtect creates a full-cycle suite of machine learning- riven healthcare payments solutions from Sift, which also includes:

• RevCollect, ML-driven back-end accounts receivable prioritization and predicted payer response intelligence;
  
  
• RevEngage, ML-driven payment plan provisioning and patient contact recommendations; and
  
  
• RevTrack, a process improvement engine that tracks KPIs and payment trends and delivers actionable insights for revenue cycle optimization.

For more information on Sift, visit www.sifthealthcare.com.

About Sift Healthcare
Founded in 2017, Sift Healthcare is a Milwaukee-based healthcare payments analytics and data science company. Sift's Payments Intelligence Platform, AI solutions and advanced analytics enable healthcare providers to fully leverage their payments data to reduce write-offs, accelerate insurance reimbursement, improve patient payment strategies and optimize revenue cycle efficiency.

Follow Sift Healthcare:
www.sifthealthcare.com 
www.linkedin.com/company/sift-healthcare

About B Capital
B Capital invests globally in extraordinary founders and businesses shaping the future through technology. With more than $6 billion in assets under management and dedicated stage-based funds, the firm focuses on seed to early- and late-stage venture growth investments, primarily in the technology, healthcare and climate sectors. Founded in 2015, B Capital has an integrated, global team across nine locations in the U.S. and Asia. The firm's value-add platform, together with the consulting expertise of its strategic partner, The Boston Consulting Group, provides entrepreneurs with the tools and resources to scale quickly and efficiently, expand into new markets and build market- leading businesses. For more information, click here.

SOURCE Sift Healthcare