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AKASA raises $60 million of funding to invest in caliber talent across the organization.
FREMONT, CA: AKASA, a company for revenue cycle management in healthcare, raises $60 million in its series B round of funding. The funding will allow the firm to invest in high-caliber talent across the organization, scale processes to meet growing customer demand, boost delivery of products to customers, and further invest in sales and marketing to widen market presence.
BOND headed the series B round, and Noah Knauf, partner at BOND, will join the firm's Board. Existing investors Andreessen Horowitz and Costanoa Ventures, among others, are also participating in the round. AKASA offers hospitals with Unified Automation services a flexible AI-based solution that automates operational tasks like revenue cycle management. AKASA's unique approach imbues the automation process with human judgment and subject expertise. Unified Automation functions within a hospital's existing electronic health record and revenue cycle infrastructure to mitigate errors and enhance efficiencies.
The opportunity to reduce costs associated with administrative 'back office' functions in healthcare is monumental. AKASA and its team have developed an incredibly innovative method to automation. The U.S. spent about 3.8 trillion dollars on healthcare, or approximately $11,582 per person, according to the Centers for Medicare and Medicaid Services. The complex manual system of claim preparation and billing is a critical driver of healthcare costs in the U.S.
AKASA's algorithms have been trained on 178 million claims and remittances. AKASA leverages HIPAA and HITRUST compliant web and cloud services. The firm follows the National Institute of Standards 800-53 at the moderate level and its BitSight rating of AKASA, a leader in security practices. Data is encrypted in transit and at rest. The firm can work with all EHR systems and supports various connection methods.