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The 100-plus-employee company will use the new funding to continue to enhance the product and will also reach out and educate the industry on the benefits of streamlining its administrative workflows.Ĭaroline Xie, general partner at ICONIQ Growth, said Notable has a large market in front of it as the administrative burden continues to compound in health care, and the COVID-19 pandemic only has exacerbated the industry’s ongoing staffing crisis. “It’s inevitable these things will be digital and autonomous,” he said. The pandemic has caused the health care industry to meet a few trends–such as digitization and the staffing crisis–head on, which has led to an increased need to alleviate workflow issues. The company now works with a few dozen large health care providers and has increased revenue 4x just through the first 10 months of this year compared to 2020, riding a ripple effect from COVID-19, Kapadia said. Coming form a fintech background, he thought health care could be streamlined-just as fintech has simplified financial procedures. Kapadia got the idea for Notable when hearing physicians talk about being “high paid data collectors,” including those in his own family. “The administration costs associated with health care are just growing so fast,” said Kapadia, who estimates 25 to 30 people are involved from the time an appointment is made to the insurance billing for a typical health visit. Using AI, Notable’s platform helps automate workflows in healthcare-performing millions of tasks every week on behalf of clinicians and staff while also eliminating more than 700 hours of administrative work per clinician per year.

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Notable’s platform attempts to eliminate much of the repetitive, manual administrative work that accounts for over $1 trillion in costs per year, Kapadia said. The round was led by ICONIQ Growth and included participation from Greylock, Oak HC/FT and F-Prime.įounded in 2017, Notable has now raised nearly $127 million. The new round values the company at $600 million, said Pranay Kapadia, co-founder and CEO of the San Mateo, California-based company.

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Freelance Writers: How To Pitch Crunchbase NewsĪI-powered health startup Notable closed a $100 million Series B to help health care systems reduce the time and cost of lengthy administrative processes.

For clinicians, it automates administrative tasks like writing clinical documentation or adding billing codes, empowering them to spend more time on patient care. The platform leverages digital assistants to perform these workflows by clicking into fields, updating records, and uploading documents.

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Common examples include collecting patients’ pre-visit registration information, submitting a prior authorization request, or reaching out to patients who are overdue for care. Led by Pranay Kapadia, co-founder and CEO, Notable provides a platform that leverages AI to continually scan providers’ electronic health record systems (EHRs) and other applications, identifying automated workflows to perform. The company plans to use the funds to expand access to its platform to more healthcare providers, while enhancing platform capabilities to further increase partners’ return on investment. The round was led by ICONIQ Growth, with participation from Greylock, F-Prime Capital, and Oak HC/FT.

Notable, a San Mateo, Calif.-based intelligent automation company for healthcare, raised $100M in Series B funding.