Health IT, Hospitals, Artificial Intelligence

VisiQuate nabs $50M for RCM analytics, automation tech

The company will use the funds to develop new solutions and tools that can identify and correct anomalies in providers' revenue cycle processes and automate repetitive tasks.

VisiQuate, a provider of healthcare revenue cycle analytics and automation, gained $50 million through a new equity investment from Sixth Street Growth.

The Santa Rosa, California-based company provides artificial intelligence and machine learning software that analyzes and retools healthcare providers’ revenue cycle management processes. The technology includes an analytics engine that identifies and corrects anomalies and inefficiencies in the processes, an intelligent workflow engine that optimizes the processes and an automation suite that takes on rote tasks, said Brian Robertson, CEO of VisiQuate, in an email.

The company also provides an automated data assistant called Ana, which offers insights gleaned from analyses. For example, users can get key metrics, ratios and trends by asking questions like “What is next month’s forecasted operating income?” or “Show me the last 13 months of point-of-service collections.”

VisiQuate’s main goal is to combat administrative waste.

“Administrative complexity accounts for $265.6 billion [in] waste for American healthcare every year,” Robertson said. “The back office aspects of American healthcare — interactions between providers and insurers, pre-registration, authorization/eligibility, coding, billing, denials management, etc. — have become enormously complicated and represent a huge burden on our providers.”

With the new equity funds, VisiQuate plans to accelerate the development of new solutions, tools and services to increase efficiency in the revenue cycle.

“We will be able to deliver greater value, faster for our clients,” Robertson said.

Automation in revenue cycle management appears to be gaining popularity.

More than 66% of health systems and hospitals are using some form of automation in their revenue cycle operations, and the majority of those that do not plan to begin doing so by the end of 2021, according to a survey conducted last year among 587 U.S. healthcare CFOs and revenue cycle leaders.

There are several companies in the revenue cycle analytics and automation arena, including Qlik and Tableau Software. But VisiQuate brings a “highly flexible architecture and deep consulting expertise to develop customized digitization strategies” for its customers, Robertson said.

“VisiQuate’s solution suite has a component architecture, meaning the pieces can either work individually, as a point solution in harmony with existing systems, or as part of a wholistic solution covering a provider’s revenue cycle from end to end,” he said.

Founded in 2009, the company has raised a total of $70.2 million in funding, including the latest equity investment.

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