In an oversubscribed round, Adonis will further its mission to deliver critical revenue outcomes that enable healthcare providers to deliver the highest form of clinical outcomes and care.
Adonis, a leading Revenue Intelligence and Automation Platform built for healthcare, today announced that it has raised $17.3M in Series A financing led by General Catalyst. General Catalyst is joined by existing investors Bling Capital, Max Ventures, and Homebrew. As part of the financing, Holly Maloney from General Catalyst will join the board of directors.
The current round comes on the heels of a $5.6M Seed round announced six months ago – all since the company’s founding in 2022. With a total of $22.9M raised to date and trending to significantly exceed revenue expectations in 2023, Adonis is one of the fastest growing healthcare software companies in the United States. This has been made possible by both the diversity and scale of customers which include private practices, hospitals, revenue cycle organizations, and digital health providers. As a result, Adonis is overseeing the processing of billions of dollars of claims and impacting revenue outcomes for thousands of the nation’s providers.
“Healthcare organizations are tasked with the profound responsibility of managing patient outcomes. Adonis relieves operations teams of the burden of revenue cycle by offering a platform that is modular enough to solve individual pain points while being broad enough to own end-to-end financial operations,” said Aman Magoon, CPO and Co-Founder, Adonis. “Nearly $1 in every $7 spent on healthcare is attributed to revenue collection and other insurance related activities. By driving this cost down, Adonis is poised to make the system more efficient.”
Amid growing financial challenges experienced by a diverse set of healthcare providers, demand to more predictably collect revenue that’s commonly lost in the cracks of revenue cycle management (RCM), has grown exponentially. According to the Adonis Data Science Team, healthcare organizations on average are missing 10-15% of the revenue they expect to collect each year. This is commonplace as a result of the operational fragmentation that exists between patients, payers, and healthcare providers.
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.
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“We believe Adonis has cracked the revenue code between healthcare providers and insurance companies with its robust AI-driven payment collection process. On top of the technology, team, and growth, the company is positioned for healthcare providers to seek to optimize the shape of their businesses,” said Holly Maloney, Managing Director at General Catalyst. “Stronger financial positions have the potential to lead to better clinical care and patient outcomes, which is a core part of our Health Assurance thesis. We are looking forward to partnering with Adonis as they aim to innovate the revenue cycle management space for the healthcare sector.
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“We couldn’t be more excited to partner with General Catalyst on this next phase of growth for our business” said Akash Magoon, CEO and Co-Founder, Adonis. “As the uncertainty increases in our nation’s economic climate, most healthcare operations leaders are looking to drive stronger RCM outcomes. The revenue cycle check-engine light remains on for most providers, and it’s difficult to quickly adapt to the ever changing insurer contracts and regulations. We intend on using this injection of capital to expand our provider partnerships throughout the country and further our technological advantages and vision.”
The latest funding will be used to accelerate product innovation, expand partnerships with major EHR and PMS systems, bolster collaboration with some of the country’s largest providers, and continue investment in expanding Adonis’s healthcare data processing and linking capabilities.