A US$19m investment is set to help healthcare practices digitally transform by removing the need for paper billing.
In the United States, 27 per cent of insurance payments to medical organisations are on paper checks, and 79 per cent of insurance payments to dental practices are on paper checks. This creates an overwhelming amount of manual work for providers, including tasks like opening mail, scanning and organizing documents, depositing checks, and entering data into practice management systems.
The new AI-powered lockbox has been designed to convert paper mail from healthcare practices of all sizes to an email-like experience for simplified billing workflows.
Developed by Anatomy Financial, the funding will accelerate the company’s efforts to bring a digital back office and AI-powered financial operations to healthcare providers across the United States.
To use the AI healthcare lockbox, practices have to change their billing address to reroute checks to Anatomy’s service, which transforms their physical mail into an email-like experience. The mail is run through Anatomy’s AI system where Explanation of Benefits are converted to electronic remittances and correspondence is automatically classified.
“For a healthcare practice to get financial clarity, first all mail and payments need to be digitised,” said Sasha King, co-CEO of Anatomy Financial.
“Paper mail is still a core method of receiving payments and critical billing information such as denial letters and explanation of benefits.
“We’ve reimagined the lockbox to bridge the physical and digital worlds, providing AI-enabled features purpose-built for billers, medical practices, and dental practices to save time and thus, ensure no payments fall through the cracks.”
“At Canapi Ventures, we are excited to partner with Anatomy Financial, an innovative company positioned at the intersection of healthcare and financial services. By automating back-office processes and integrating embedded financial products, Anatomy is driving efficiency and real-time insights for healthcare organisations,” said Neil Underwood, general partner at investor, Canapi Ventures.
