A health tech company that wants to use robotic process automation to make faxed medical records a thing of the past has launched with $3 million in seed funding.
Credo, launched this week, digitizes and automates medical and claims record retrieval through RPA. The Denver-area startup is led by founder and CEO Carm Huntress, who also founded RxRevu, a national network that provides real-time cost transparency on prescription benefits to health care providers.
FirstMile led the funding round for the new company, with additional participation by Hannah Grey Ventures, SpringTime Ventures and Headwater Ventures.
“The current medical record retrieval process is outdated and can result in incomplete patient health records. It’s time that the healthcare industry joins the digital revolution. Credo is leading the way at putting patients at the center of their care while empowering payers and providers with the vital data they need,” Huntress said in a statement. “I’m grateful for the support from an amazing group of healthcare leaders and venture funds that have invested in our seed funding.”
Although most of the business world has abandoned the fax machine in favor of sharing documents electronically, the health care sector lags behind. Credo says 15 billion faxed pages are still transmitted each year in the United States, and Bloomberg Law reported late last year that research by the Office of the National Coordinator for Health Information Technology (HealthIT.gov) found approximately 70% of health care organizations still use faxes.
Credo’s statistics also show that 20% of malpractice claims involve diagnoses that were missed or delayed because information was not properly transferred between providers, and that approximately one-fourth of U.S. patients report that the results and records from one provider did not reach another provider in time for their appointment.
Huntress’ first company, RxRevu, has raised more than $35 million in venture capital. Last year, Oregon-based health network Providence, which implemented the prescription benefit solution across 50 hospitals and 1,000 clinics in seven states, made a strategic investment of $8 million in RxRevu through its investment arm.
RxRevu also announced a $7 million Series B funding round, led by JAZZ Venture Partners, in January 2021.
Huntress will continue as a strategic advisor to RxRevu.
