Funding to expand company’s footprint among healthcare providers and the insurers they partner with while improving reimbursement, clinician efficiency, and care quality
KAID Health, makers of an artificial intelligence-enabled clinical analysis and provider engagement platform, announced its $4.25 million Series A funding. The financing was led by prominent healthcare IT investors, including Activate Venture Partners and Martinson Ventures. Boston Millenia Partners, Brandon Hull, Howard Landis, and KAID Health’s Board of Directors also participated. The new investment brings KAID Health’s total capital raised to $6.45 million. John Martinson and Dana Callow, of Martinson Ventures and Boston Millenia Partners, respectively, are now observers to KAID Health’s Board of Directors.
KAID Health allows providers to profit from delivering more informed coordinated care. Its natural language processing-centric Whole Chart Analysis solution integrates with the electronic medical record (EMR) to identify high-value tactical care and coding interventions. The solution pushes identified gaps into the provider’s workflow, making it easy for them to intervene appropriately. At the same time, the system can financially reward providers for their timely completion of assigned tasks.
“KAID Health is solving three fundamental problems facing providers and payers today. First, how to make clinicians more efficient. Second, how to translate that efficiency into more cost-effective care. And lastly, how to grow both provider and payer revenues to capture this newly created value,” explained Kevin Agatstein, founder and CEO of KAID Health. “By finding the right intervention and simplifying how the work gets done, KAID Health saves clinicians time, reduces waste, and ensures all care is paid for appropriately. Built in conjunction with leading provider organizations, we have already created over 10 times the return on investment for our customers.”
Today, KAID Health’s technology is used for a wide variety of use cases in an array of clinical settings. For example, KAID Health improves Medicare Advantage coding accuracy and completeness at a large multi-specialty group. The platform helps automate quality metric reporting for primary care providers. The same solution streamlines chart review for prior authorization, and identifies pre-operative risk factors at a large academic medical center.
“KAID Health combines the deep industry expertise and the technology prowess needed to transform how providers and payers can collaborate to improve care,” said Todd Pietri, KAID Health’s board member and lead investor.
With the funding, KAID Health will bolster its market footprint among providers, while furthering collaboration between providers and health plans, payers, and Accountable Care Organization partners. The company will also expand its Boston, MA office and will hire new team members across a variety of job roles.
“We know there is tremendous value locked in EMRs, including the ability to reduce costs and increase revenues,” said John Martinson of Martinson Ventures. “KAID Health has already proven it can translate this data into profitable interventions. We are proud to support its expansion.”