Arintra banks $25M series B funding round for AI-driven revenue assurance platform

Artificial intelligence-driven medical coding platform Arintra announced Wednesday a $25 million series B funding round to expand its revenue cycle platform.

Define Ventures led the funding round, with participation from existing investors including Peak XV Partners, YNHH Center for Health Care Innovation, Endeavor Health Ventures, Y Combinator, Counterpart Ventures, Ten13 and Spider Capital. 

“Revenue cycle management is an essential part of the modern health system, one that is only becoming more important as many face immense financial, labor, and revenue challenges,” said Chirag Shah, Define Ventures partner, in a statement. “Though many have tried, no solution to date has been comprehensive and strategic enough to provide health systems with the bottom-line impact they need—until Arintra. 

Launched in 2020, the platform codes charts at scale to reveal patterns related to documentation, outcomes, work relative value units (wRVUs) and denials. It says its revenue assurance platform is the first of its kind, unifying revenue cycle management (RCM) operations.

Arintra co-founder and CEO Nitesh Shroff told Fierce Healthcare the company plans to use the capital to broaden its revenue assurance platform, expand across more enterprise health systems and expand its clinical and specialty coverage.

“We are not a point solution,” Shroff said while noting that his company is alone in providing automated coding across inpatient, outpatient, ambulatory and emergency care settings. "We’re building the broad revenue assurance platform with the mission to ensure hospitals get paid accurately, timely, and in full for all the services.”

Arintra has raised $51 million to date, according to Shroff.

The executive said Arintra is working with “several large health systems” across the country with combined patient revenue of more than $50 billion.

“On an annualized basis, we are processing more than $5 billion worth of claims across all our customers,” Shroff said. “That includes large health systems, academic medical institutions and very large physician groups.”

Moreover, the company says its approach provides customers with a 5.1% increase in compliant revenue capture, a 32% reduction in cost, and a 43% decrease in coding-related denials. 

Meritus Health Vice President and Chief Information Officer Michael Fried said in a statement, “automation and digital transformation are core priorities” as its organization grows.

“We chose Arintra for the partnership, the depth of integration into Epic and support for our unique workflows, and the time to value,” Fried said. “We were live within two months and saw the impact across our revenue cycle immediately. We've since expanded across multiple specialties and are looking to keep partnering and innovating on how we transform our revenue cycle, including complex areas like surgery and inpatient.”

In April, the platform launched new documentation improvement capabilities to help healthcare organizations view gaps impacting compensation and denials. With these capabilities, organizations can identify such gaps, understand how specific documentation decisions impact coding and deliver provider education at scale.

Read the full press release here