Artificial Intelligence
DocSynk Announces Key Milestones In Its Path to Series A
DocSynk, a leading healthcare AI startup, is pleased to announce two key milestones in customer acquisition and executive leadership to cap its first quarter as it stays on track for a series A investment later this year.
On the customer and revenue front, the company signed a flagship customer for its Revenue Cycle Management product – Cash Flow Manager™. Healthcare revenue cycle management begins when a patient makes their appointment to seek medical services, includes claim processing and ends when any remaining amount may be collected from the patient.
According to a recent Annals of Internal Medicine study, the United States spends 34.2% of national health expenditures on administration compared to 17% by Canada.
DocSynk’s relationship with the new flagship customer will address a large component of the revenue cycle process: claims processing. “There is a tremendous amount of inefficiencies in processing claims that require many, many thousands of employees to manually read claims and enable financial posting,” DocSynk CEO Vaidyanatha Siva said. “DocSynk’s AI technology will help automate the processing of tens of millions of these claims, annually, based on this relationship. This is an industry-first solution that we will build on, as we can identify ways to use technology to make each phase of the revenue cycle process more efficient and make the process more patient-centric than paper-centric,” he added.
On the executive leadership front, the company announces the addition of Prabhakar Reddy as an operating partner and board member. Siva states, “Prabhakar brings the business acumen and leadership expertise to help take DocSynk to the next level. Reddy had previously served as the CEO at Motivity Labs, a software services company. At Motivity Labs, he was instrumental in driving growth that was acknowledged by multi-year placements in Inc Magazine’s fastest growth company list. After guiding Motivity Labs to its recent exit with a Publicly traded Company, Prabhakar is focusing on bringing his expertise to help DocSynk with Strategy, Business Development and Growth. With his addition to the management team, DocSynk hopes to continue its upward trajectory and connect with more opportunities.”
“DocSynk has a great technology platform that is one of the best kept secrets in the healthcare industry. It is my job to help position it for success by helping solve critical healthcare challenges for our partners,” Prabhakar said. “Our Channel Partner Strategy is now producing significant results. I have helped many organizations achieve their potential as founder, operator and investor. I hope to bring my skills and expertise to help DocSynk achieve its potential, for the benefit of the millions of healthcare consumers in the US. This is a really exciting time for us!”
Shailu Tipparaju, founder at Colosseum Group and lead investor in DocSynk’s bridge funding round of January 2020, averred that his investment thesis is being validated. “When we bet on a company, we bet on the team, its vision and its technology,” he said. “We’re very encouraged by our results in Q1, 2020 and believe that we are now set for breakthrough results the remaining 3 quarters.”