Financing was led by F-Prime Capital with participation from Oak HC/FT, Health Velocity Capital, and Noro-Moseley Partners
Additional $28 million will power expansion of Rialtic's platform into new areas and further the development of new products
Rialtic, an enterprise software platform empowering healthcare insurers and providers to run their most critical business functions, today announced a $28 million extension of its Series A, bringing the company's total funding to date to $45 million. The extension was led by F-Prime Capital with participation from Oak HC/FT, Health Velocity Capital, and Noro-Moseley Partners. The newly raised funds will be used to accelerate the development of Rialtic's transformative platform and to expand partnerships with healthcare insurers and providers to reduce healthcare costs and improve efficiency. Rialtic's innovative platform will be in general availability in the first half of 2022.
While healthcare represents nearly 20% of GDP, the system is complex and many of the technologies are antiquated. McKinsey & Company estimates that over a quarter of the $1 trillion of administrative spend is wasted due to health insurers and providers being 10 to 15 years behind the technology transition. Despite there being a large market requiring significant upgrades to technology, most of the solutions available are expensive, slow, and difficult to update and adapt to customer needs, resulting in inefficiencies, higher costs, and lower quality care for patients.
"We are thrilled to have the support of F-Prime, Health Velocity and Noro Mosely, along with the continued support from existing investor Oak HC/FT," said Doug Williams, Rialtic's Founder and CEO. "This fundraise was in direct response to strong market reception and the demand from customers to accelerate our product roadmap. We look forward to working with insurance and provider customers across multiple markets to deliver increased efficiency and transparency to the healthcare industry."
Founded in 2020, Rialtic serves as the central platform for healthcare payers and providers to run critical operations to lower costs, increase efficiency, and provide better care to patients. Rialtic's best-in-class payment accuracy product brings programs in-house and helps health insurance companies gain total control over processes that have been managed by disparate and misaligned vendors. The platform continuously sources, ingests, and structures healthcare payment policy documents and data, making it available to customers to power up-to-date decisions. Payment policies are highly configurable and customizable: insurers can edit or build their own bespoke policies, while providers can analyze potential reimbursement levels. The platform enhances business intelligence by providing robust analytics across claims, lines of business, markets, payments and policies. Built with security and compliance top of mind, the platform empowers teams across insurers and providers to work off the same platform with rigorous security controls, a standard in enterprise software.
In addition to accelerating the expansion of Rialtic's platform and development of new products, the capital will enable the company to expand its team. Rialtic plans to double its headcount this year with a focus on medical policy and engineering talent, while also building strong sales, success, and customer support teams.
"F-Prime Capital is continuously seeking to invest in companies developing breakthrough technologies. Rialtic's platform introduces a more streamlined and cost-efficient approach to healthcare insurers and providers by delivering the value and flexibility they need to focus on patient care," said Carl Byers, F-Prime Capital Partner. "We look forward to supporting the team at Rialtic on their journey towards bringing an extensible and scalable solution to an industry in need of an innovative solution."
"By enabling collaborative, real-time, and informed interactions between insurers and providers, Rialtic is fostering transparency and efficiency across the healthcare system," said Andrew Adams, Co-Founder and Managing Partner at Oak HC/FT. "We are excited for our continued partnership with Doug and the Rialtic team as the company continues to grow and accelerate change in the healthcare system."
Rialtic is an enterprise software platform empowering health insurers and healthcare providers to run their most critical business functions. Founded in 2020 and backed by leading investors including Oak HC/FT, F-Prime Capital, Health Velocity Capital and Noro-Moseley Partners, Rialtic's best-in-class payment accuracy product brings programs in-house and helps health insurance companies gain total control over processes that have been managed by disparate and misaligned vendors. Currently working with leading healthcare insurers and providers, we are tackling a $1 trillion problem to reduce costs, increase efficiency and improve quality of care. For more information, please visit www.rialtic.io.