Milwaukee startup Sift Healthcare has raised $9 million to accelerate sales of its data-driven technology that's designed to help medical providers get paid more efficiently by patients and payers.
The Series A round was led by Allos Ventures, an early-stage investment firm with offices in Indianapolis and Cincinnati, and First Trust Capital Partners, an investor in Wheaton, Illinois, Sift Healthcare said Friday.
Founded in 2017 by Justin Nicols, who serves as the company's CEO, Sift Healthcare makes solutions designed to help providers and payers leverage their payments data to accelerate insurance reimbursement, improve patient payment strategies and optimize revenue cycle efficiency.
"Sift is not only improving how health care providers manage payments today but (it's) also paving the way for a more transparent data exchange between payers and providers,” First Trust Capital Partners managing director Jon Phillips said in a statement.
Using data science and machine learning, Sift unifies hospitals’ clinical coding and payments data, predicts insurance payer denials and patient payments, and delivers interventions to increase payments, Sift Healthcare's vice president of marketing and communications Bethany Grabher said in an email.
In 2021, Sift Healthcare secured six multibillion-dollar U.S. health systems as pilot customers, the company said last year when it was recognized as a finalist for Wisconsin Inno's 2021 Fire Awards.
Sift will also use its latest financing to launch a new solution focusing on preventing mid-cycle insurance denials, the announcement said.
Sift previously raised $2.8 million to grow its team, the Milwaukee Business Journal previously reported. Two of those early investors — Rock River Capital Partners and the Winnebago Seed Fund, both in Wisconsin and part of the state-led Badger Fund of Funds — also invested in the recent Series A round, the Friday announcement said.
