Predoc raised $30 million in seed and Series A funding for its artificial intelligence-powered health information management system, according to a banner on the company’s website.
The company said in a Tuesday (Sept. 2) post on LinkedIn that the fundraise “will enable our team to continue to solve the inefficient and painfully manual Health Information Management workflows plaguing clinicians and researchers everywhere.”
“Our mission is to connect and organize the nation’s healthcare data,” Predoc said in the post. “With this funding, we will make a material step towards accomplishing that mission, allowing clinicians to focus on their core purpose — to improve human health.”
Predoc aims to connect and organize the nation’s healthcare data, eliminating the need to fax medical records back and forth and providing instead a fully managed service that leverages AI to handle that workflow, according to the company’s website.
The company’s platform automates medical record retrieval, classification and analysis. With these capabilities, it accesses patient records from any U.S. healthcare provider, extracts and indexes patient health data from all the user’s sources, and organizes and surfaces the most relevant clinical information, the site said.
For the healthcare providers who have adopted this solution, the platform has sped up record retrieval by 80%, reduced the time spent on chart review by 70% and done so at a cost that is 50% less than that of legacy systems, per the site.
Predoc’s Series A funding round was led by Base10 Partners, according to the Tuesday post on LinkedIn.
In its own Tuesday post on LinkedIn, Base10 Partners said: “Today we’re welcoming Nish Hari, Kaushal Kulkarni, M.D., and the entire Predoc team to the Base10 family as they transform the way we handle healthcare data.”
The PYMNTS Intelligence report “Healthcare Firms Going Long on GenAI Investment” found that healthcare firms are aggressively increasing their investment in generative AI and that nine out of 10 executives anticipate a positive return on these investments.
Among C-suite executives at healthcare firms with at least $1 billion in annual revenue, 90% said that their previous Gen AI investments had already achieved a positive return on investment.
Source: https://www.pymnts.com/