Adonis’s Revenue Surges 9x, Capping Milestone Year for Innovative Revenue Cycle Technology Company
A meaningful rise in revenue comes as a result of continued innovation, velocity of customer acquisition, and proving ROI capability for a diverse set of Healthcare providers and partners.
Adonis, a leading Revenue Intelligence and Automation platform, announced a year of meaningful revenue growth and significant company milestones. These include a substantial investment round, prominent features, partnership announcements, and the launching of two new products – all helping to further Adonis’s mission to deliver critical revenue outcomes that enable healthcare providers to deliver the highest form of clinical outcomes and care.
“Adonis’s Revenue Surges 9x, Capping Milestone Year for Innovative Revenue Cycle Technology Company Built for Healthcare”
Powered by data science and automation, Adonis helps providers seek to address the common issues and areas of susceptibility within RCM to work toward creating better, more reliable revenue outcomes. This is made possible by automating the holistic payment collection process, analyzing revenue trends, validating patient insurance data at scale, and bridging the system-of-record gaps between healthcare providers, insurance companies, and patients. In 2023, Adonis recorded an impressive ninefold growth in annual revenue, compared to 2022.
“Adonis’s rapid revenue growth underscores the importance of putting healthcare providers back in a position of operational strength,” said Aman Magoon, Adonis’s CPO and Co-founder. “Our vision is to empower billing and revenue teams across healthcare with our cutting-edge products so they can recover the revenue they deserve – and this is only the beginning. We believe a dynamic specialty specific AI-driven payment collection process is integral to building an agile and innovative company like Adonis.”
Adonis released two game-changing products in 2023 – Prior Authorization and Revenue Intelligence. Automated Prior Authorizations identifies scheduled patient visits that require authorizations by utilizing existing stored payer rules. Billing teams are notified when authorizations are complete, denied, or require additional information not readily available within their system of record. Mitigating denials and saving teams meaningful time chasing authorization outcomes is at the heart of this solution.
The Revenue Intelligence platform delivers predictive analytics and alerting to drive better financial and operational outcomes by leveraging AI to detect anomalies and identify corrective courses of action. Billing teams not only struggle to identify trends across the many services, providers, facilities and geographies due to the disparate nature of their systems and data, but they lack the insight as to where the most pressing issues exist. Revenue Intelligence automatically generates tactical recommendations and courses of actions that can relate to updating claims scrubbing logic, payer contract negotiations, and more.
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The past year also marked a year of other important financial milestones and increased recognition. Co-founded in 2022 by Akash Magoon, CEO, and Aman Magoon, CPO, Adonis raised $17.3M in Series A financing in May, led by General Catalyst and joined by Bling Capital, Max Ventures, and Homebrew. Moreover, partnership announcements with ApolloMD, US Dermatology, and Baptist Health South Florida amplified the scale and diversity of the Adonis platform.
Adonis was also featured as one of the most promising healthcare startups of 2023 by Business Insider, and the company was featured on the Synaptic’s Digital Health Top 50 list.
“Since launching Adonis, we’ve experienced tremendous growth in nearly every facet of the business – and we’re poised to capitalize on even bigger opportunities in 2024,” said Akash Magoon, CEO and Co-founder. “Adonis’s success to date is not an accident: challenges in revenue cycle management are both universal and well documented. By going richer and deeper than any other technology or service provider in RCM, we’re in a position to push the boundaries of what’s possible on behalf of Healthcare providers within their respective specialties, operating models, and commercial complexion.”
