Why should doctors wait months to get paid?
Cylerity, a healthcare fintech, uses machine learning to predict insurance reimbursements so medical practices can get paid within 24 hours.
Led by CEO Ryan Wheeler, the platform analyses claims and receivables, advancing funds against predicted payments while assuming the risk.
It raised $4M in seed funding from HealthX Ventures, C2 Ventures, Upstream Ventures, Wisconsin Investment Partners, and Tundra Angels, and secured a $24M debt facility from First Business Bank.
Early adopters, including Inspire Health Alliance, use Cylerity to reduce payment cycles from months to days. Wheeler says providers shouldn't have to float insurers' working capital. With the US healthcare system mired in billing inefficiencies, Cylerity could free up billions in cash flow.
Could AI-powered factoring reshape healthcare finance?
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William Lanzen
Photo source: Business Wire
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