Milwaukee-based Sift Healthcare, a data science company that helps health care providers receive increased patient payment and payer reimbursement, has closed a $9 million Series A funding round. The round was led by Allos Ventures and First Trust Capital Partners. The Winnebago Seed Fund is one of several early investors in the company.
Sift, founded in 2017, helps health care organizations leverage their data to protect their margins and accelerate cash flow. This financing supports the company's accelerating sales of its denials management and patient payment solutions and the launch of its mid-cycle denials prevention solution.
Sift also completed a $2.5 million funding round last May. That funding was used to help the company build its data analytics and data engineering teams.
"Our growth and funding validate the work Sift is doing to transform health care payments," said Justin Nicols, founder and CEO of Sift Healthcare. "We are honored to add experienced investors who fully understand the opportunity for innovation within the health care payments space."
Sift's ability to aggregate and match clinical and claims data at scale optimizes the current payer-provider reimbursement model, establishing a neutral environment to simultaneously track clinical drivers and their associated reimbursement in real-time. This data exchange will help providers as health care continues the transition to a value-based and consumer-driven model.
“Sift is not only improving how health care providers manage payments today but is also paving the way for a more transparent data exchange between payers and providers,” said Jon Phillips, managing director of First Trust Capital Partners. “Sift’s approach equips payers and providers to reduce administrative costs, tackling one of the biggest problems in health care.”