Sift Healthcare, a data science company enabling increased patient payment and payer reimbursement for healthcare providers, announced the closing of a $9 million Series A funding round. The round was led by new investors, Allos Ventures and First Trust Capital Partners. Continued support came from Rock River Capital Partners and the Winnebago Seed Fund, both early investors in Sift, and others.
This financing supports the company’s accelerating sales of its denials management and patient payment solutions and the launch of its mid-cycle denials prevention solution. “Our growth and funding validate the work Sift is doing to transform healthcare payments,” said Justin Nicols, founder and CEO of Sift Healthcare, “We are honored to add experienced investors who fully understand the opportunity for innovation within the healthcare payments space.”
Each year, healthcare payers and providers spend $496B on billing and insurance-related activity. With new challenges around revenue integrity, labor shortages, and transparency in billing, these administrative costs are increasing. At the same time, healthcare providers face steep write-off volumes and shrinking margins. These conditions are driving a growing urgency for health systems to adopt data-driven tools that utilize their own payer and patient data to deliver meaningful insights and improve payment efficiency.