SmarterDX, a New York-based provider of an automated pre-bill system designed to help hospitals and health systems prevent revenue leakages, has secured $50M in series B funding to advance its platform’s innovations and extend services to more customers across the United States.
According to the startup’s announcement on May 14, 2024, the funding round was led by Transformation Capital and included contributions from existing investors Flare Capital Partners, Bessemer Venture Partners, and Floodgate Fund, boosting the startup’s total to $71 million.
SmaterDX will use the latest funding to accelerate product innovation, create additional value for the health system, and enable the company to scale as it seeks to expand its services to new customers across the United States.
The company’s AI-powered platform leverages advanced AI-backed algorithms to enable health systems to close their integrity gap by eliminating errors in clinical documentation, which can often lead to rejected, missed, or underpaid claims.
The platform’s software enables complete audibility by understanding clinical reasoning. It also allows a secondary review of every patient’s chart, enabling health systems to accurately represent care quality and prevent revenue leakages.
SmarterDX’s funding represents positive market feedback from investors and the industry as the demand for integrating smart algorithms into health systems continues to rise. With the newly available funds, SmarterDX is looking to add new financial and clinical data integrations to further refine its proprietary algorithms.
