New solutions and support are latest indicators
of the innovative RCM automation company’s extraordinary momentum,
expansive growth
Thoughtful AI, an AI-powered revenue cycle automation company,
today unleashed a flurry of news highlighting its forward momentum,
including the launch of the world’s first fully human-capable AI
Agents specializing in healthcare revenue cycle management (RCM),
exceptional growth metrics, and $20 million in new funding through
a Series A round led by Nick Solaro of Drive Capital with
participation from TriplePoint Capital.
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"This investment will enable us to reinvest in cutting-edge
research and development, make breakthrough progress in our
flagship RCM AI products, hire top-tier tech talent, and expand our
go-to-market strategy and operations,” said Alex Zekoff, Thoughtful
AI co-founder and CEO. “Our goal is to continue innovating in the
healthcare automation space, making AI integration seamless and
impactful for our customers. We are grateful for the support of our
investors and excited about the advancements this funding will
bring to our platform and services."
The new AI Agents launched today are among the latest
innovations from Thoughtful AI. The first suite of these
role-based, fully human-capable AI Agents – aptly named CAM, EVA,
and PHIL – perform claims processing, patient eligibility
verification, and payment posting.
Traditionally, healthcare providers were forced to do this
tedious but critical work using costly, manually-intensive and
error-prone processes. That left healthcare providers struggling
with claim denials, cost to collect, and days sales outstanding
(DSO) issues, as well as mounting costs and complications related
to staffing, training, and employee retention. But now AI Agents
from Thoughtful AI solve these challenges, enabling healthcare
providers to stop hiring for these roles, benefit from
significantly higher productivity, and focus more energy and
resources on delivering optimal patient outcomes rather than trying
to figure out how to get paid.
"Back office staffing and reimbursement are core reasons why the
U.S. healthcare system is so expensive and inefficient,” explained
Zekoff. “In many industries, collections cost less than a penny on
the dollar, but collections can cost 10 times that in healthcare.
Imagine a healthcare provider making $100 million a year yet having
to spend $10 million to collect that revenue. Those dollars should
go to the patient experience, not inefficient collections
processes.”
The AI Agents from Thoughtful AI perform comprehensive and
extensive workflows, materially reducing the amount of human
intervention needed to run healthcare provider RCM departments. In
the process they reduce denial rates, allow for unlimited
throughput and deliver economic efficiency. That’s a far cry from
what first-generation RPA bots can do.
Why? Because Thoughtful AI empowers its AI Agents with multiple
technologies – including large language models (LLMs), natural
language processing (NLP), optical character recognition (OCR) and
robotic process automation (RPA) – to solve problems like a human
would. But AI Agents are even better because they are always
available, error-free, fast and infinitely scalable.
AI Agents from Thoughtful AI are winning over CFOs at healthcare
providers with their:
- Expertise: AI Agents are experts
specializing in RCM processes, including (EVA) patient eligibility
verification, (CAM) claims processing, and (PHIL) payment
posting.
- Efficiency: Trained in the same
amount of time it takes to train one employee, AI Agents can do the
work of an entire team and integrate seamlessly into existing
systems.
- Scalability: Designed to handle
large volumes of tasks and data, AI Agents can process hundreds of
times more verifications, claims, and payment postings than humans
and with perfect precision. And it’s easy to scale them across core
back-office processes.
- Proven Reliability: With extensive
experience and deployments across many sizable healthcare
providers, backed by Thoughtful AI’s powerful monitoring platform,
the company’s AI Agents have demonstrated reliability and
efficiency, making them excellent counterparts or replacements for
human teams. Thoughtful AI provides enterprise-grade uptime and
support SLAs, ensuring the continuity that healthcare providers
require.
- Continuous Learning and
Enhancements: AI Agents can be trained and enhanced
continually, ensuring they remain at peak performance and easily
adapt to evolving needs. That enables healthcare providers to
benefit from enhancements as models continue to improve. Thoughtful
AI also continues to invest in AI Agent reporting and analytics,
giving providers more visibility into revenue performance than ever
before.
CFO Kathrynne Johns explains how her employer, Allegiance Mobile
Health, was able to materially reduce its costs and increase its
revenue integrity by using AI Agents from Thoughtful AI: “With
Thoughtful AI’s support, we doubled the capacity of our claim
scrubbing team by an impressive 100%, seamlessly managing thousands
of claims daily with minimal human intervention.”
AI Agents are also making Cara Perry, Vice President of RCM at
Signature Dental Partners, smile. She reveals: “Thoughtful AI’s
creation of a digital employee revolutionized our claim processing,
offering 10x efficiency and limitless scalability compared to
traditional methods.”
Thoughtful AI healthcare customers see an average of 5-9x ROI,
which has led to greater than 300% net revenue retention for that
customer cohort. Existing Thoughtful AI customers are quickly
expanding their adoption from one to 30 AI Agents. Thoughtful AI
Agents have massively expanded the records processed for healthcare
providers by more than 2,400%.
“Our AI Agents save healthcare providers millions of dollars
through such KPIs as opex improvement, cost to collect, payment
efficiency, and DSO reduction,” said Zekoff. “Watching people’s
eyes light up during demos, hearing words of praise from customers’
CFOs, C-suite, and boards, and seeing customers get promoted
because of our work together is truly exciting.”
Thoughtful AI's incredible value to customers has fueled its
extraordinary momentum. Since it began generating revenue,
Thoughtful AI has exceeded 220% year-over-year growth and has
already achieved revenue milestones typically associated with
Series B companies.
"Thoughtful AI is re-inventing healthcare automation with AI,”
said Solaro, partner at Drive Capital, which also led the company’s
seed round and February 2022 seed extension. “We are thrilled to
support the company’s mission and growth as it dramatically
improves its customers' ability to deliver excellent patient care
while growing their practices' efficiency and profitability.
Thoughtful AI is defining the market in this new era of deep
technology automation, and I am excited to see the incredibly
positive impact that it is having on customers and their
patients."
Seth Feder, founder of OnTarget Advisors and veteran Gartner
healthcare analyst, also noted: "Thoughtful AI emerges as a
game-changing solution for healthcare providers grappling with the
complexity of the U.S. healthcare system and the need to reduce
waste in administrative tasks. By deploying AI Agents capable of
handling 80-100% of manual tasks across various healthcare admin
roles, Thoughtful AI addresses the critical staffing challenges
facing the healthcare industry, which are only exacerbated by the
20% rise in labor costs since the COVID-19 pandemic. Further,
Thoughtful AI accelerates the revenue cycle by reducing claims
processing time from 35 to 25 days and boosts speed of collection
by 40% which eases the financial strain felt by most healthcare
providers today. When I was a healthcare analyst at Gartner, we
nominated ‘cool vendors’ each year who turn disruptive digital
technologies into innovative products. Thoughtful AI is a cool
vendor in my book because they deliver cutting edge AI technology
capable of expanding as a platform to additional roles in the
future, all while delivering fast time to value for their
customers. Anyone who can do that is very cool."
About Thoughtful AI
Thoughtful AI is the only Service-as-Software provider with
cost-effective, efficient, and scalable business automation
solutions purpose-built for mid-market healthcare companies. Its
intelligent automation technology and cloud-based digital
management platform provide everything middle-market businesses
need to customize, implement and continuously monitor and optimize
AI Agents. Thoughtful AI’s platform allows businesses to launch AI
Agents in a matter of weeks at a fraction of the cost. Follow
Thoughtful AI on LinkedIn, Twitter, or YouTube or visit
www.thoughtful.ai to learn more.
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version on businesswire.com: https://www.businesswire.com/news/home/20240716834123/en/
Courtney Merolle Bospar for Thoughtful AI
PRforThoughtful@bospar.com