The news: AI-powered healthcare startup Notable raised $100 million in Series B funding led by Airbnb and Zoom investor Iconiq Growth, boosting the company’s valuation to $600 million.
What it does: Notable’s tech continuously scans electronic health records (EHRs) to identify which workflows to automate, including patient intake, scheduling, co-pay collection, prior authorization, and claim denial management.
The opportunity: There’s a shortage of healthcare workers that’s only expected to get worse and tech like Notable’s can fill in gaps by automating human-powered tasks like patient intake.
Notable’s tech can help hospitals’ front desk staff and medical assistants that are stretched thin:
What’s next? Tech like Notable’s will catch the attention of more health systems, namely by addressing cost-savings in two key areas:
1. Encouraging patients to pay their copays.
Patients’ unpaid medical bills are bad news for health systems, as they contribute to the overall cost of uncompensated care—which topped nearly $42 billion in 2019, according to the most recent American Hospital Association data.
2. Reducing costly cyberattacks.
Notable offers automation for a wide range of tasks, which means hospitals don’t have to tap different vendors (a major cyber security risk).
Consolidating vendors reduces the chance of a third-party platform weakening a hospitals’ security system.