Left to right: Notable CPO Adam Ting, CEO Pranay Kapadia and CFO Justin White
San Mateo, California-based Notable Health, a startup addressing physician burnout through the use of artificial intelligence technology, has closed a $13.5 million Series A round led by Oak HC/FT and F-Prime Capital Partners. Maverick Ventures and Greylock Partners also took part in the round.
“We are thrilled to partner with some of the industry’s leading digital health investors as we continue to expand our product development and accelerate hiring across the company,” Pranay Kapadia, Notable co-founder and CEO, said in a statement.
Here’s how the company’s voice-powered technology works: Simply put, it’s an app built for the Apple Watch. A doctor can speak during a patient encounter, and the app records it. The microphone captures information even if the physician’s wrist is down at his or her side. It can track dictations and orders, as well as recommend the appropriate billing codes.
The HIPAA-compliant tool integrates with the EHR, and data from the patient encounter is entered into the electronic medical record system.
Since Notable is configured for a wearable device, it can also collect information on the physician, such as his or her heart rate.
The California startup officially launched in May at HLTH in Las Vegas. During an interview at the conference, Kapadia explained why he helped create the company. His wife, a physician, came home and said she hated her job because of all the administrative tasks involved. After noticing other doctors in his family had similar opinions, Kapadia and his team then began testing prototypes that could serve as an assistant to physicians. They eventually settled on the wearable as the best interface.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Previously, the startup raised a $3 million round of seed funding led by Greylock Partners with participation from 8VC and Maverick Ventures.
Notable Health isn’t the only organization leveraging AI for documentation purposes.
Founded by Punit Soni and Karthik Rajan, a company called Suki uses the technology for a voice assistant for doctors. Through the tool, a physician can speak about a patient’s needs during or after an appointment. Suki then documents what the clinician says, and the product can be integrated into an EMR.
Another startup, Robin Healthcare, emerged from stealth mode earlier this year with a HIPAA-compliant tool that sits in a provider’s exam room. After conversing with a patient during an appointment, any notes from the encounter are sitting in the EHR waiting for the doctor to review and sign.
Photo: Notable Health
