Sift Healthcare, the Milwaukee startup that uses artificial intelligence to analyze health care billing payments, has raised $2.8 million to expand its data science and data engineering teams.
Of the capital raise, which closed in July, $1.87 million came in new equity dollars from Wisconsin-based venture funds Rock River Capital Partners, which is based in Madison, and Winnebago Seed Fund. Winnebago Seed Fund, of Neenah, led Sift's $1 million round of funding in 2017.
Sift's technology allows health care providers to predetermine what members can pay for. With this data, health care providers and insurance companies can decrease the amount of denials for claims while increasing patient payment rates.
“We are honored to have committed investors who recognize the timely opportunity to innovate in the health care payments space,” said Justin Nicols, Sift’s founder and CEO. “I am particularly proud that our investors are Wisconsin-based and committed to growing tech companies within our state.”
In addition to the capital raise, Sift also announced it has entered a three-year enterprise-level contract with health care receivables company State Collection Service in Madison.
This past fall Sift was awarded the 2019 Wisconsin Innovation Award for Health IT Software. Sift was one of nine winners honored from 31 finalists and over 400 nominees.
