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Revenue cycle management tool provider Sift Healthcare raised a $20 million Series B led by B Capital, CEO Justin Nicols tells Axios exclusively.

Why it matters: Financial strains like ongoing health worker shortages are squeezing hospital billing and revenue cycle departments. 

Zoom in: Previous investors Allos Ventures, First Trust Capital Partners, and Rock River Capital joined the round.

Funds will power additional hires and further investments in AI.

Nicols foresees Sift looking to raise a Series C sometime in the next 18-24 months.

How it works: The Milwaukee, Wisconsin-based company offers AI-based clinical workflow guidance tools designed to track payment trends, boost accuracy, and avoid clinical denials and write-offs.

Flashback: Sift in 2022 raised a $9 million Series A led by Allos Ventures and First Trust Capital Partners with participation from Rock River Capital Partners and the Winnebago Seed Fund.

What they're saying: Health care organizations can use Sift's tools to pursue past claims that have been denied and to avoid denials in real-time.

"Sift sits in the workflow and can help to mitigate denials prospectively, rather than just after the fact," says B Capital principal Nicholas Whitehead.

"That's our trojan horse: Being able to predict these things in real time," says Sift's Nicols.

The big picture: Providers cited revenue cycle management as a top priority for 2024 in a fall 2023 Bain & Company and KLAS report.

They anticipated investments across a broad set of subsectors including revenue integrity, charge capture, and complex claims.

State of play: Hospitals have a plethora of venture-backed and legacy options when it comes to revenue cycle automation tools as more look toward billing tech to alleviate financial burdens and boost efficiency.

AI-powered revenue cycle service provider CodaMetrix in March raised a $40 million Series B.

Health care revenue cycle automation startup Adonis last summer collected a $17.3m Series A.

Automation-driven medical coding company Fathom in 2022 pulled in a $46 million in Series B.

Exclusive: Sift Healthcare collects $20M for medical billing tools

Financial strains like ongoing health worker shortages are squeezing hospital billing and revenue cycle departments.

Illustration of a red pen held by a robot hand marking up a medical bill.

Health tech deals

Revenue cycle management tool provider Sift Healthcare raised a $20 million Series B led by B Capital, CEO Justin Nicols tells Axios exclusively.Why it matters: Financial strains like ongoing health worker shortages are squeezing hospital billing and revenue cycle departments.

Exclusive: Sift Healthcare collects $20M for medical billing tools

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