HANK, a Healthcare AI company specializing in unstructured data processing using computer vision and natural language technology, announces the closing of its latest $2.5M funding round. The round was led by three healthcare revenue cycle strategic investors and will fuel the company’s growth and expansion in healthcare.
Dr. Jack Neil, CEO and Co-Founder of HANK, is thrilled about this latest financing round. He stated, “We are excited to have closed this funding round and to have our investors’ unwavering support. Our automation and augmentation technology is rapidly gaining traction in healthcare as institutional buyers look for innovative ways to reduce costs and maximize revenues. Our technologies combine to produce faster, more accurate claims at a price competitive with even the lowest-cost offshore provider. And with this funding, we’ll be able to roll out our new AutoCoder conversational features that allow providers to complete coding at the time of service without impacting their productivity or requiring any coding knowledge. This has the opportunity to eliminate nearly all 3rd party medical coding, saving US healthcare up to $15B per year.”
Principal investor, Ellington Enterprises, shared, “We continue to be impressed by HANK’s growth and progress in the healthcare space. The staggering cost and inefficiencies of processing unstructured data is real and is yet to be solved by incumbents. HANK’s technology isn’t just promising a solution. It’s now proven to have one that drives actual results. Ellington Enterprises is fully committed to supporting HANK in revolutionizing the healthcare industry and reducing costs for everyone.”
Healthcare costs in the United States have steadily increased over the past few decades, with the average annual growth rate of healthcare spending outpacing inflation and overall economic growth. According to the Centers for Medicare and Medicaid Services (CMS), national health expenditure grew at an average annual rate of 8.3% from 1970 to 2021, reaching 4.3 trillion in 2021.
HANK’s CTO & Co-Founder, Sergey Razin, highlighted that healthcare costs continue to rise for many reasons. A big one is a difficulty in processing unstructured data. “The cost in healthcare largely lies in how we process data. No technology has been affordable, accurate, and fast, so we’ve had to rely on manual labor for decades. That’s until now. Our proprietary computer vision technology, DocuVision, delivers on the promise of automating the processing of unstructured data from almost any source imaginable.”
With this latest round of funding, HANK further solidifies its position of becoming the leader in applied healthcare AI. The company’s innovative technology and talented team make it a company to watch in the coming years.
For more information, visit hank.ai. For media inquiries, contact Jack Neil, CEO, and Co-Founder of HANK, at +1 (904) GET-HANK or by email at [email protected]
HANK ai Inc
711 East Main Street
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Open Headline journalist was involved in the writing and production of this article.