TLDR:
- Alaffia Health, a tech company focused on claims operations with AI, raises $10 million in series A funding to advance its research and development.
- The company’s generative AI tool, Ask Autodor, helps medical coders navigate insurance claims more efficiently, resulting in rapid revenue growth.
Alaffia Health, a health tech business specializing in claims operations, has secured $10 million in series A funding for the advancement of its research and development. The company utilizes its generative AI tool, Ask Autodor, to aid medical coders in navigating the complexities of insurance claims. This tool, built upon models like GPT-4 by OpenAI, allows medical professionals to work significantly faster, leading to increased efficiency in conducting claim reviews.
Founder and CEO TJ Ademiluyi highlighted the benefits of the AI copilot, stating that professionals can now handle more reviews without feeling restricted by a backlog. Alaffia’s approach not only helps streamline claim reviews but also assists in combating fraud within the system, tracking the administration of billed services to ensure accuracy.
The company’s cost-saving capabilities have garnered excitement from health plan partners, with one plan achieving nearly $15 million in savings. Alaffia works with various partners, including Medicaid, Medicare Advantage, and commercial plans, with a focus on providing a more tech-forward approach to claims management.
Alaffia’s revenues experienced exponential growth, leading to a significant increase in 2021 and a subsequent fourfold rise in revenues. The $10 million in new funding aims to support further research and development initiatives. FirstMark Capital led the funding round, with participation from several other venture capital firms. Amish Jani from FirstMark Capital will be joining Alaffia’s board of directors.
