Anatomy Financial has raised $19 million in a Series A funding round to expand its solutions that enable healthcare practices to convert their billing workflows from paper to digital.
The company’s solutions include healthcare lockbox services, Explanation of Benefits (EOB) conversion to 835 files, and smart reconciliation, Anatomy Financial said in a Dec. 17 press release.
“Paper is still a core method of receiving payments and critical billing information such as denial letters and explanation of benefits,” Anatomy Financial Co-CEO Sasha King said in the release. “We’ve reimagined the lockbox to bridge the physical and digital worlds, providing AI [artificial intelligence] -enabled features purpose-built for billers, medical practices and dental practices to save time and thus, ensure no payments fall through the cracks.”
With Anatomy Financial’s healthcare lockbox, practices reroute checks to the service by changing their billing address and get an “email-like experience” after the service converts physical mail into electronic remittances and correspondence, according to the report.
This service eliminates the need for practices to manually open mail, scan and organize documents, deposit checks and enter data into their practice management systems, per the report.
Anatomy Financial’s automation of back-office processes and integration of embedded financial products helps healthcare organizations boost their efficiency and gain real-time insights, Neil Underwood, general partner at Canapi Ventures, which led the funding round, said in the release.
“At Canapi Ventures, we are excited to partner with Anatomy Financial, an innovative company positioned at the intersection of healthcare and financial services,” Underwood said.
Digital transformation could provide much-needed relief for critical inefficiencies in healthcare payments, according to the PYMNTS Intelligence and American Express collaboration, “Pains and Gains: Conquering Healthcare’s Payment Woes.”
The report found that more than half of healthcare organizations’ payment leaders are concerned about delays in processing payments and claims.
Anatomy Financial became the first partner of Live Oak Bank’s embedded banking offering in June. King said at the time that this embedded banking solution will address unique financial challenges in the healthcare sector, such as insurance revenue that arrives weeks after a patient is seen and siloed systems that track what has been paid.
“By partnering with Live Oak Bank, we can offer unprecedented financial clarity to healthcare organizations of all sizes,” King said at the time in a press release.
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