AI specialists raise $20M to fight ongoing ‘crisis in medicine’
Suki, a healthcare technology company based out of Redwood City, California, has announced the completion of a Series B funding round worth $20 million. The funds are expected to go toward expanding Suki’s user base and developing new features for its solutions.
Suki specializes in using AI and natural language processing to combat physician burnout. The company’s technology is used to craft accurate medical notes, perform straightforward administrative actions, and so on. According to Suki, its solutions can speed up the time it takes to write a note by 76% and reduce denial rates by up to 19%.
Flare Capital Partners led the funding round, with additional investments coming from First Round Capital and Venrock. Bill Geary, co-founder and general partner at Flare Capital Partners, joins the Suki Board of Directors as a result of this move.
“It’s clear that physician burnout caused by documentation and administrative burden is a crisis in medicine, which is why we’ve seen such enthusiastic adoption of our technology to date and will continue this momentum with the support of our investors,” Punit Soni, founder and CEO of Suki, said in a prepared statement. “Suki not only delivers a better physician experience, but also supports high-quality, coordinated care and improved coding and billing through its accurate, detailed medical notes.”
“Health systems are waking up to the overwhelming burden of physician burnout, from the financial costs of training doctors and medical records manual entry to the increased likelihood of medical errors,” Geary said in the same statement. “At the same time, they recognize that timely, detailed documentation is essential to accurate coding and reimbursement for their services. Suki’s natural language processing empowers physicians to more efficiently create detailed records, and its artificial intelligence contextualizes this clinical and billing data for whoever may need it, including clinician or billing staff.”
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.