In the complex world of medical billing, healthcare providers face numerous challenges in getting reimbursed by insurance companies. Each insurer has specific requirements, leading to incorrect claims and denied coverage.
Founded in 2019, Candid Health aims to simplify this process through automation. With a focus on telehealth providers and physician groups, Candid has experienced significant growth, increasing revenue by nearly 250% in 2024.
In a recent funding round, Candid secured $52.5 million in Series C financing, led by Oak HC/FT. This follows a $29 million Series B round six months prior, highlighting the company’s impressive growth trajectory.
Candid’s approach centers on leveraging data analytics and deploying a sophisticated rules engine. This enables healthcare providers to submit accurate claims, reducing manual work and denied reimbursements.
The company is exploring the incorporation of generative AI to identify consistently denied claims and automatically rectify them. Ultimately, Candid aims to eliminate the need for manual denial calls.
While Candid Health faces competition from legacy billing systems and startups, its focus on automation and data-driven solutions sets it apart. The company’s mission is to improve the efficiency of medical billing, ensuring timely reimbursement and better outcomes for healthcare providers and patients alike.
Original source: Read the full article on TechCrunch
