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Revenue automation company Silna Health raised $27 million in seed and Series A funding, CEO Jeffrey Morelli tells Axios exclusively. 

Why it matters: Revenue cycle management is a top priority for health care providers and investors alike.

The big picture: Silna's fundraise is at least the seventh major health care revenue automation deal since last summer. 

Follow the money: The fundraise — comprising a $22 million Series A and a  $5 million seed — was co-led by Accel and Bain Capital Ventures. 

Other investors included the co-founders of Ramp, Opendoor, Truework, and Eight Sleep.

Seed funds powered investments in R&D and engineering, while Series A capital will fuel additional hires in engineering, go-to-market, and operations as Silna augments automation capabilities.

"We have pretty ambitious hiring plans this year that would allow our runway to be over four years," Morelli says.

How it works: New York-based Silna automates prior authorization, benefit checks and insurance eligibility verification to curb administrative workload.

The company has about 80 customers across three main verticals, per Morelli: venture-backed health care companies, MSOs, and providers.

Silna's first customers were in the physical therapy and autism therapy sectors, and the company is now expanding into home and hospice care, cardiac rehabilitation, and psychiatry.

By the numbers: Across less intensive insurance workflows, Silna's automation rate is 90%, per Morelli. 

For more intensive prior authorization work, the company has humans review information after its tools do a first pass-through.

"Our goal throughout 2025 is to get the automation above 75% on all business lines," he added.

What they're saying: "Where I think RCM 2.0 is going to happen in the next decade is there's going to be just as much focus on the upfront insurance workflows as these downstream ones where traditional RCM lies," Morelli tells Axios.

Reality check: While AI-driven automation can improve efficiency, insurance companies still hold the keys to approvals. 

Silna Health's success will depend on how well it navigates payor relationships and regulatory hurdles.

State of play: Health care providers have a plethora of venture-backed and legacy options when it comes to revenue cycle automation tools. Recent deals include:

In February, medical claims automation startup Camber collected a $30 million Series B led by Andreessen Horowitz.

Last year, health care revenue cycle automation companies Adonis, Sift Healthcare, and CodaMetrix all raised Series B rounds.

Prior authorization automation companies Humata, Cohere, and Anterior last year raised $25 million, $50 million, and $20 million, respectively.

Fun fact: Morelli and his co-founders came up with the name for Silna when one co-founder, Pavel Asparouhov, was traveling home to Bulgaria.

In Bulgarian, "силна" (transliterated as "silna") is the feminine form of the adjective "силен" ("silen"), meaning "strong." 

The bottom line: Growing staff shortages and rising administrative costs make automation all the more alluring for health care providers.

"Silna wins in this space by just doing one thing really, really well," says Morelli.

Exclusive: Silna Health gets $27M for insurance automation

Accel and Bain Capital Ventures co-led the round in the NYC startup.

Illustration of a cash register with an EKG on the screen

Revenue automation company Silna Health raised $27 million in seed and Series A funding, CEO Jeffrey Morelli tells Axios exclusively. Why it matters: Revenue cycle management is a top priority for <a class="gtmContentClick" data-vars-link-text="health care providers" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2023/09/21/health-care-it-spending" data-vars-content-id="ef982ce5-5e11-4076-8896-6deee9179a4e" data-vars-headline="Exclusive: Silna Health gets $27M for insurance automation" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2023/09/21/health-care-it-spending" target="_self">health care providers</a> and investors alike.

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Exclusive: Silna Health gets $27M for insurance automation

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