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Anatomy Financial launches to automate health care finance

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Feb 13, 2024
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Illustration: Sarah Grillo/Axios

Anatomy Financial, an AI-powered automated financial operations platform, emerged from stealth with a $7.6 million seed led by Lightspeed Venture Partners, the company tells Axios exclusively.

Why it matters: Its platform digitizes payment reconciliation, a process that lives primarily in Excel sheets.

How it works: Using AI, Anatomy's platform links bank, claims and accounting data to automate payment reconciliation for health care providers.

  • Reconciliation is still a relatively manual process, with a quarter of revenue received by paper check and remits.
  • Anatomy's platform works with existing practice management systems to digitize remittances and checks.

Zoom in: "There's just a number of other financial workflows that we're really excited to automate," says co-founder Callum King. He and his spouse and co-founder Sasha King lead the company.

  • For example, Anatomy wants to automate the physical "lock box" feature of receiving remittances.
  • "Rather than folks opening up the mail in the office, we can provide them a purpose-built AI-driven health care lock box," wherein Anatomy digitizes the physical mail, he says.

What they're saying: "There's over 400,000 independent practices across the United States and a huge opportunity to support this group," Sasha says.

  • "We've heard so many stories of practices where they won't cash checks until they've actually done the typing in an explanation-of-benefits," Callum says.
  • Meanwhile, those uncashed physical checks can go missing or get left in drawers, further confusing reconciliation, he says.

What's next: Proceeds will go toward hiring, with a focus on people who bring AI expertise, says Lightspeed partner Nicole Quinn.

  • "Nearly every company I work with, when they raise capital, is thinking about [runway] in terms of two, three, even four years," Quinn said when asked how long funds are designed to last.
  • Meridian Street Capital, Live Oak Ventures, Cambrian Ventures, Peterson Ventures and angel investors also participated in the fundraising.

Flashback: Formerly chief commercial officer at diagnostics laboratory CareDx, Sasha says lack of clarity around financial metrics of payments inspired her to found Anatomy.

  • "In health care, where revenue is largely coming from insurance, you might see patients today but then get paid two months later, and a $40,000 check comes in the mail from United and it's covering 50 different patients," she says.
  • Callum founded and led fintech Brightside before starting Anatomy.

Editor's note: This story has been corrected to reflect Anatomy is not focused solely on billing or accounting but works more broadly to automate financial operations.

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