As it progresses toward a Series A funding investment later this year, Irving healthcare AI startup DocSynk has noted two key milestones in its first quarter.
DocSynk has signed a flagship customer for its Revenue Cycle Management product Cash Flow Manager. And, the company announced that Prabhakar Reddy has joined the startup as an operating partner and board member.
Last month, DocSynk received bridge funding from Colosseum Group, a Chicago-based private equity firm. Before that, it raised $1 million in a seed round of funding from Dallas-based Naya Ventures, which has reiterated its continued commitment to DocSynk by also participating in the bridge round.
The startup offers an artificial intelligence healthcare engine that incorporates machine learning and deep learning to assist healthcare organizations in transforming how they deliver care, which clearly targets and improves financial and clinical outcomes.
DocSynk’s AI system—recently featured in our report on seven trends that will affect the future of investing opportunities—compiles lists of patients who are at risk for chronic illnesses, such as early-onset diabetes or coronary artery disease, along with their probability of being diagnosed within certain time frames.
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The startup’s technology creates plans for patients to prevent or delay the symptoms, while managing business functions of healthcare organizations and enabling customers to handle jobs like rescheduling appointments.
But with the new signing of its flagship customer, DocSynk predicts a large component of the revenue cycle process will now be addressed: claims processing.
The healthcare revenue cycle management begins when a patient makes an appointment for medical services, which includes claim processing, and ends when a remaining amount may be collected from the patient.
There is a tremendous amount of inefficiencies in processing claims, according to DocSynk CEO Vaidyanatha Siva. Oftentimes, thousands of employees are required to manually read claims and enable financial posting.
“DocSynk’s AI technology will help automate the processing of tens of millions of these claims, annually, based on this relationship,” Siva said. “This is an industry-first solution that we will build on, as we can identify ways to use technology to make each phase of the revenue cycle process more efficient and make the process more patient-centric than paper-centric.”
And secondly, with the appointment of Prabhakar Reddy, Siva predicts DocSynk will truly be taken to the next level.
Previously, Reddy was CEO at Motivity Labs, a software services company. At Motivity Labs, he was key in driving growth that was acknowledged for multiple years on Inc.’s list of fastest growth companies. Reddy will be focusing on bringing that expertise to help DocSynk with strategy, business development, and growth.
DocSynk’s AI platform is already being used by some of the largest healthcare systems including large health plans, accountable care organizations, healthcare providers, population health platforms, and revenue cycle management platforms.
Siva founded DocSynk in 2015 to apply deep learning technologies to very specific healthcare problems and drive outsize, real-world results.
But before that, he had been pioneering the use of neuro-linguistic programming since 2009 when he was chief technology officer at Infosys, particularly to enhance research capability at large pharmaceuticals such as Novartis, Pfizer, and GSK. He also filed 10 patents in the area of clinical predictive analytics while at Parkland’s Center for Clinical Innovation, where he was COO and CTO.
Siva and his teams at PCCI and DocSynk combined have filed 14 clinical informatics patents. The accuracy rates at which DocSynk’s engine is able to predict clinical outcomes—COPD exacerbation, early-onset of diabetes, unplanned hospital admissions, and more—are among the highest in the industry.
Siva told Dallas Innovates that during the COVID-19 crisis, the company is asking employees to work from home and has cancelled travel and event plans.
Alex Edwards contributed to this report.
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