Today is an exciting milestone for Sift as we’re proud to announce the completion of Sift Healthcare’s $9 million Series A fundraising round. The financing was led by Allos Ventures and First Trust Capital Partners. Continued support came from Rock River Capital Partners and the Winnebago Seed Fund, both early investors in Sift, and others.
Both Allos Ventures and First Trust Capital Partners have substantial experience investing in B2B and health-tech companies, and like Rock River Capital Partners and the Winnebago Seed Fund, are Midwest-based. We are honored to add experienced investors committed to growing tech in the Midwest and fully understand the opportunity for innovation within the healthcare payments space.
When we started Sift, our mission was to prove that in healthcare, data and analytics could be leveraged in a meaningful way to help providers improve administration and operations. Today, healthcare providers face new, more complex challenges, including an ever-increasing cost-to-collect, growing write-off volumes, labor shortages, missed revenue goals and new regulations. Sift’s mission meets the urgent needs of healthcare payers and providers. Sift equips providers with data-driven tools that utilize their own payer and patient data to deliver meaningful insights and improve payment efficiency.
Sift expands how healthcare organizations leverage their data to work smarter, protect their margins and accelerate cash flow. Sift’s Payments Intelligence Platform unifies and normalizes healthcare providers' clinical coding and payments data to drive machine learning interventions that:
- Enable more efficient and accurate reimbursement from insurance payers
- Optimize patient payments by equipping providers to proactively engage with patients and offer flexible payment options
- Guide decisions around revenue cycle operations
Additionally, Sift’s ability to aggregate clinical and claims data at scale optimizes the current payer-provider reimbursement model, establishing a neutral environment to track clinical drivers and their associated reimbursement in real-time. This transparent data exchange will help providers move forward as healthcare shifts to a value-based and consumer-driven model.
Our Series A funding is a significant milestone for Sift. This funding will support the accelerating sales of our denials management and patient payment products and the launch of our mid-cycle denials prevention solution.
2022 has been fast-paced and rewarding for Sift and we are just getting started. We are grateful to our supportive investors, customers, partners and everyone who continues to support our work to transform healthcare payments.