Notable Raises Series B to Expand Intelligent Automation in Healthcare
Latest funding round will accelerate adoption of industry-transforming technology to improve clinical outcomes and reduce the cost of care
San Mateo, Calif., November 3, 2021. Notable, the leading intelligent automation company for healthcare, today announced a $100M Series B funding round led by ICONIQ Growth, including participation by Greylock, F-Prime Capital, and Oak HC/FT. The financing follows rapid adoption of Notable’s platform across hundreds of sites of care.
Healthcare delivery involves repetitive, manual workflows that account for over $1 trillion in administrative costs per year and compromise the patient experience. Notable provides the most widely adopted platform for automating these workflows, using AI to perform millions of tasks every week on behalf of clinicians and staff — eliminating more than 700 hours of administrative work per clinician per year. By automating across the care continuum for patients, providers and staff, Notable enables comprehensive digital transformation of every healthcare workflow, modernizing how patients receive care.
“Healthcare faces a staffing crisis, and overwhelming administrative burden challenges providers’ ability to deliver high-quality, affordable care and world-class patient experiences,” said Pranay Kapadia, co-founder and CEO of Notable. “This investment accelerates the execution of our vision to digitally transform and enrich patient-provider interactions with intelligent automation.”
Notable’s platform leverages AI to continually scan providers’ electronic health record systems (EHRs) and other applications, identifying automated workflows to perform. Common examples include collecting patients’ pre-visit registration information, submitting a prior authorization request, or reaching out to patients who are overdue for care. The platform leverages digital assistants to perform these workflows by clicking into fields, updating records, and uploading documents.
With a unified digital patient experience, Notable empowers providers to automate patient interactions from scheduling and registration to post-visit follow-up and payment collection. Patients are automatically notified when their provider needs information and can provide everything required through an intuitive digital interface. This eliminates the need for staff to support these workflows with manual phone calls, legacy paper forms, and repetitive data entry.
“Offering a differentiated, state-of-the-art patient experience is core to our mission,” said Ryan Smith, Chief Information Officer at Intermountain Healthcare. “We’ve seen a 97 percent patient satisfaction rating from our partnership with Notable by digitizing and automating patient registration, intake and billing workflows.”
For clinicians, Notable automates administrative tasks like writing clinical documentation or adding billing codes, empowering them to spend more time on patient care.
“Physicians today spend more time in front of their computer than in front of patients,” said Dr. S. Nicholas Desai, Chief Medical Information Officer at Houston Methodist. “By automating administrative tasks that clinicians are required to perform, Notable empowers us to practice at top of license and better serve patients in our communities.”
Notable plans to use the funds to expand access to its platform to more healthcare providers, while enhancing platform capabilities to further increase partners’ return on investment.
“We are delighted to partner with Notable to accelerate their vision for a future where every healthcare organization can deliver the highest quality personalized care most efficiently,” said Caroline Xie, General Partner at ICONIQ Growth. “With its intelligent automation platform, Notable is empowering providers and modernizing patient experiences while reducing the administrative burden and cost of care.”
Notable is the leading intelligent automation company for healthcare. Leading healthcare organizations across the United States use Notable’s platform to automate 100s of workflows across patient engagement, population health, and revenue cycle management. With Notable, staff and clinicians report saving 700+ hours of administrative work per provider per year; increased patient visit volume; reduced claim denials; a provider NPS score of 74; and an industry-leading patient satisfaction rating. Based in San Mateo, California, Notable is backed by leading investors, including ICONIQ Growth, Greylock, F-Prime Capital, Oak HC/FT, Maverick Ventures, and 8VC. Learn more at notablehealth.com and follow @notablehealth.
About ICONIQ Growth
ICONIQ Growth partners with exceptional entrepreneurs and leaders who drive global impact and change. We are inspired by visionaries defining the future of their industries by building company cultures that endure. Our unique investment platform harnesses the power of ICONIQ Capital’s vibrant ecosystem of founders, pioneers, and business leaders with the goal of delivering tangible value and amplifying our portfolio companies’ success from early growth stage to IPO and beyond. ICONIQ Growth’s portfolio of innovators includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. For more information and a complete list of portfolio companies, please visit ICONIQGrowth.com.