Milwaukee-based startup Sift Healthcare has completed a Series A funding round worth $6.75 million following an additional strategic investment made by Dallas-based IKS Health.
Sift Healthcare initially raised $4.75 million prior to a $2 million investment from IKS Health, according to filings with the Securities and Exchange Commission.
Sift Healthcare has developed technology that uses artificial intelligence to analyze health care payments. With these insights, health care providers can predict a patient’s propensity to pay and the optimal bill amount to provide patients based on their ability to pay.
IKS Health offers its customers a health care provider platform that enables them to deliver better, safer and more efficient care through a strategic blend of technology and expertise.
The Series A funding will be used to further refine Sift Healthcare’s technology and grow the company’s sales pipeline.
“Sift’s mission is to enable health care organizations to leverage the full scope of their data to drive efficiency and improve financial and operational outcomes,” said Justin Nicols, founder and chief executive officer of Sift Healthcare. “IKS Health shares in this vision, and their focused expertise and reputation in the ambulatory care market make them an ideal partner to further our mission. IKS is a strategic investor who recognizes the immediate impact of Sift’s technology on the revenue cycle, as well as longer-term opportunities for joint innovation and solutions.”
IKS and Sift will work together to bring their solutions to their existing customer install base as well as to provider enterprises across the country that are struggling with increasing operating costs, high input cost inflation, changing payer and regulatory rules, and evolving consumer preferences.
“We are excited to partner with Sift Healthcare as their product’s integration with IKS’ Administrative Journey Platform will create new efficiencies across the revenue cycle while facilitating improved decision-making,” said Sachin Gupta, founder and CEO of IKS Health. “Together, we will help provider enterprises to reduce preventable waste, improve cash velocity, and enhance the viability of practice of medicine.”