UPDATED 08:00 EST / NOVEMBER 03 2021

AI

Healthcare automation startup Notable raises $100M to ease hospitals’ administrative burden

Healthcare automation firm Notable is hoping to expand after raising a hefty $100 million Series B funding round today.

The round into Notable, officially named Zealth Inc., was led by ICONIQ Growth with participation from Greylock Ventures, Oak HC/ FT and F-Prime, bringing Notable’s total amount raised so far to $119.2 million.

Notable provides intelligent automation to the healthcare industry. The company has created a platform that leverages artificial intelligence to scan electronic health record systems and other applications. It then tries to identify automated workflows it can perform. So, for example it might help to collect patient pre-visit registration information, submit a prior authorization request, or reach out to patients who have missed an appointment or are otherwise overdue for care.

Notable’s platform can almost be thought of as robotic process automation for the healthcare industry, relying on “digital assistants” to complete administrative tasks by clicking fields, updating records and uploading files, just as a human would do.

The startup says its services can be useful to an industry that’s plagued by repetitive, manual workflows. It reckons such tasks cost the healthcare industry more than $1 trillion in administrative costs every year. By using AI instead of human workers to perform thousands of these tasks, Notable reckons it’s able to eliminate more than 700 hours of administrative work per clinician per year.

Notable says its “unified digital patient experience” can help healthcare organizations to automate almost every patient interaction, including scheduling appointment, registration, post-visit follow up and payment collection. The system automatically notifies patients whenever the healthcare provider needs information, thereby reducing the need for manual phone calls, paper forms and data entry. The platform also helps to alleviate burdensome tasks for clinicians, such as creating clinical documentation or adding billing codes, Notable said.

Of course, the proof is in the pudding, and Notable claims an impressive list of healthcare providers using its platform, including CommonSpirit Health and Intermountain Healthcare.

“Physicians today spend more time in front of their computer than in front of patients,” said Dr. S. Nicholas Desai, chief medical information officer at Houston Methodist. “By automating all of the administrative tasks that clinicians are required to perform, Notable empowers us to practice at top of license and better serve patients in our communities.”

Notable co-founder and Chief Executive Pranay Kapadia argued that his platform can also help lessen the impact of the healthcare industry’s staffing crisis, which he said has created an “overwhelming administrative burden” that threatens the ability of some hospitals to deliver high-quality care.

The company said it will use the money from today’s round to expand its platform to more healthcare providers and enhance its capabilities to increase customers’ return on investment.

Photo: ckstockphoto/Pixabay

A message from John Furrier, co-founder of SiliconANGLE:

Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts.

Join Our Community 

Click here to join the free and open Startup Showcase event.

“TheCUBE is part of re:Invent, you know, you guys really are a part of the event and we really appreciate your coming here and I know people appreciate the content you create as well” – Andy Jassy

We really want to hear from you, and we’re looking forward to seeing you at the event and in theCUBE Club.

Click here to join the free and open Startup Showcase event.