Customer Base Now Represents Over $100 Billion in Net Patient Revenue; Nearly 10% of All Annual US Health System Spend
AKASA, the only Unified Automation company for healthcare revenue cycle management, announced several company milestones, including a growing customer base that now represents more than $100 billion in aggregate net patient revenues which equates to nearly 10 percent of all U.S. health system spending annually, according to data from the Centers for Medicaid and Medicare Services. AKASA automates medical billing and claim remittances processes for healthcare providers that provide care across all 50 states. Additionally, the company disclosed that Symphony Ventures, an investment partnership established by professional golfer Rory McIlroy and his team, signed on as an investor in its previously announced Series B round.
“I was introduced to AKASA by friends in the healthcare world. I am very impressed with how they are implementing AI technology to such an important part of the US healthcare ecosystem” said McIlroy.
Rigorous, evidence-based research validating the company’s proprietary models and algorithms has been published in peer-review journals and presented at conferences such as the International Conference of Machine Learning (ICML) and the Machine Learning for Healthcare Conference (MLHC), among others. AKASA’s models and algorithms have been trained on nearly 250 million claims and remittances.
AKASA was also recently included in the Breakout List which features early-stage, high-growth companies that are particularly appealing to engineers and technical talent.
AKASA enables health systems to decrease their cost to collect on medical claims so they can invest more into patient care and be better stewards of the healthcare dollar. The company uses the same machine learning approaches that made driverless cars possible to provide health systems with a single solution for automating revenue cycle operations. AKASA’s unique expert-in-the-loop approach combines modern machine-learning with human judgment and subject matter expertise to provide robust and resilient automation. Unified Automation™ adapts to the highly dynamic nature of revenue cycle operations and has been purpose-built for healthcare.