PrecisionGx Raises Series A Financing to Bring Automated Intelligence to Healthcare Payment Integrity
Philadelphia-based PrecisionGx announced the closing of its Series A financing round, led by FCA Venture Partners and participation from Commerce Ventures.
PrecisionGx is transforming the way health insurance payers and pharmaceutical companies identify and recover the nearly $300 Billion in inaccurate healthcare payments and associated costs that occur annually. Developed over half a decade, PrecisionGx’s AI-enabled claims audit technology creates automated claims intelligence that can find more recoveries and be deployed earlier in payment workflows, including in pre-pay and pre-adjudication positions, to prevent overpayments before they happen. Early customers include some of the largest health insurance and pharmaceutical companies in the U.S. representing billions of patient events and over $250B in claims in 2021.
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“PrecisionGX’s technology can significantly reduce costs associated with inaccurate healthcare payments,” said John Burch, Managing Partner at FCA Venture Partners. “We are very excited about this innovative technology and look forward to working with Kasey and his team to scale the business”
“With this round, we are excited to invest in bringing broader and earlier financial impact to payers and pharmaceutical partners, across medical, prescription, discount, and rebate payments. Ultimately, if we want to make healthcare more affordable for patients, we have to solve inaccurate payments. The only way to do that at the scale we need is with automated intelligence that can run within existing payment workflows,” said Kasey Sousa, Chief Executive Officer and Co-founder of PrecisionGx. “We’re excited to have new stakeholders, led by FCA, bring healthcare technology expertise, growth insights, and a track record of supporting companies to scale their impact in payer and pharmaceutical verticals.”
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The Series A raise allows the company to accelerate customer acquisition and scale existing implementations, while further adding and retaining key healthcare payment and data science talent.
“We offer a solution where AI and payment integrity meet for the first time at scale,” emphasized Dutch Noss, Chief Operating Officer of PrecisionGx, and healthcare payments industry veteran who previously helped scale and manage several first generation companies in the space. “We’re excited for how this could transform the industry.”
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