US healthcare fintech Anatomy Financial secures $19m in Series A funding round
Anatomy Financial, which provides AI-powered financial automation solutions for the US healthcare industry, has raised $19 million in a Series A funding round led by Canapi Ventures.
Anatomy Financial raises $19m Series A
As part of the raise, Neil Underwood, co-founder and general partner of Canapi Ventures, will join Anatomy’s board alongside Nicole Quinn, general partner of Lightspeed Venture Partners, which led the fintech’s $7.6 million seed funding round in February last year.
Anatomy says the two new board additions will support its efforts to “bring a digital back office and AI-powered financial operations to healthcare providers across the United States”, with the company looking to use its new funding to scale its AI-powered “healthcare lockbox” offering.
First unveiled in May last year through a partnership with payment solutions provider CheckAlt, the lockbox solution uses AI to convert paper-based Explanation of Benefits (EOBs), which are typically exchanged between insurance companies and healthcare providers, into standardised 835 electronic remittance advice documents.
The offering turns physical mail into an “email-like experience”, Anatomy claims, and sits alongside the fintech’s automatic reconciliation service, Smart Recon, and EOB Conversion tool.
“For a healthcare practice to get financial clarity, first all mail and payments need to be digitised,” explains Anatomy co-CEO Sasha King.
“Paper mail is still a core method of receiving payments and critical billing information such as denial letters and explanation of benefits.”
“We’ve reimagined the lockbox to bridge the physical and digital worlds, providing AI-enabled features purpose-built for billers, medical practices, and dental practices to save time and thus, ensure no payments fall through the cracks.”
