Notable, a software company that uses intelligent automation to simplify administrative healthcare tasks, has raised $100 million in its series B funding round, increasing its valuation to $600 million.
Notable’s platform of AI-powered “digital assistants” automates administrative workflows to perform millions of tasks every week for clinicians, eliminating over 700 hours of work every year per clinician, according to the company.
Healthcare administrative tasks, which often involve repetitive, manual work like documentation and billing, can cost up to $1 trillion every year.
“Healthcare faces a staffing crisis, and overwhelming administrative burden challenges providers’ ability to deliver high-quality, affordable care and world-class patient experiences,” said Pranay Kapadia, co-founder and CEO of Notable, in a statement. “This investment accelerates the execution of our vision to digitally transform and enrich patient-provider interactions with intelligent automation.”
Over 350 sites have adopted Notable's technology. The platform will be deployed "across thousands of sites over the coming months due to its rapid expansion," the company told Fierce Healthcare in an email.
The round was led by ICONIQ Growth and included participation by Greylock, F-Prime Capital and Oak HC/FT. To date, Notable has raised $119 million.
Founded in 2017, Notable removes the need for manual workflows by scanning electronic health records and other applications and using digital assistants to collect patient pre-visit registration information, reach out to patients who are overdue for care and perform other workflows.
The platform updates in real-time with incoming patient information, too—patients get notified when their provider needs information for them and can provide that information digitally, which is automatically synced with the provider’s system.
Earlier this year, Notable updated its platform for COVID-19 vaccine administration, letting organizations know which patients met the eligibility criteria to receive vaccines in the early phases of vaccine rollout.
The use of robotic process automation and artificial intelligence to tackle administrative tasks in healthcare is a rapidly growing market, attracting more investment dollars. Healthcare automation startup Olive raked in $400 million in fresh capital back in July to build out its enterprise AI for hospitals. That round boosted the company's valuation to $4 billion, it claimed.
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The company launched in 2017 with the idea to tackle the high-volume, repetitive and manual tasks healthcare workers do every day but faster and more accurately. Since March 2020, Olive has raised $832 million in financing and a total of $902 million since the company’s founding in 2012.
A report published by McKinsey in October suggested that simplifying administrative tasks could save the healthcare system $265 billion a year.
At the top of its list of solutions was automating repetitive work.
“Physicians today spend more time in front of their computer than in front of patients,” said S. Nicholas Desai, D.P.M., chief medical information officer at Houston Methodist. “By automating administrative tasks that clinicians are required to perform, Notable empowers us to practice at top of license and better serve patients in our communities.”
Editor's note: This story has been updated with details about the company's valuation, total funding, and adoption by healthcare organizations.