Last updated on August 4th, 2020 at 10:02 am
Milwaukee-based Sift Medical Data, Inc. raised $745,000 in a funding round, according to documents filed with the U.S. Securities and Exchange Commission.
Sift Medical, which is now called Sift Healthcare, has developed a platform that helps normalize insurance claims and insurance payment data to help medical providers draw analytics from the information.
For example, with the company’s technology, a medical provider could predict a patient’s propensity to pay, and the optimal bill amount to put in front of a patient based on their ability to pay.
Sift’s customers include health care providers and first-party billing companies to which they outsource collections.
The total offering amount of the round was $1.5 million of which $745,009 was raised by four investors. A total of $372,000 of fund raised will be used to pay the company’s executives, according to the SEC filing.
Sift recently launched Rev/Track, a new product that leverages the company’s artificial intelligence and predictive modeling to deliver intelligence around payments behavior, insurance denials, collection trends, patient segments and revenue cycle work efforts, according to a press release.
Rev/Track provides revenue cycle leaders access to interactive dashboards and detailed reports, which help providers extract insights from health care payments data so they can make better decisions around revenue cycle operations
In 2018, Sift Medical moved its headquarters from downtown Milwaukee to a 1,500-square-foot space at 220 E. Buffalo St. in the city’s Historic Third Ward.
Sift was founded in 2013 by chief executive officer Justin Nicols. The company was previously known as Small Biz Collections LLC and Remindabill Inc.