Milwaukee-based Sift Medical Data, Inc. raised $745,000 in a funding round, according to documents filed with the U.S. Securities and Exchange Commission.
Sift Medical, which is now called Sift Healthcare, has developed a platform that helps normalize insurance claims and insurance payment data to help medical providers draw analytics from the information.
For example, with the company’s technology, a medical provider could predict a patient’s propensity to pay, and the optimal bill amount to put in front of a patient based on their ability to pay.
Sift’s customers include health care providers and first-party billing companies to which they outsource collections.
The total offering amount of the round was $1.5 million of which $745,009 was raised by four investors. A total of $372,000 of fund raised will be used to pay the company’s executives, according to the SEC filing.
Sift recently launched Rev/Track, a new product that leverages the company’s artificial intelligence and predictive modeling to deliver intelligence around payments behavior, insurance denials, collection trends, patient segments and revenue cycle work efforts, according to a press release. Read the full story here.