The new AI Agents have been developed to tackle challenges faced by healthcare providers, such as claim denials and DSO issues. Credit: THICHA SATAPITANON/Shutterstock.

Thoughtful AI, a US-based company specialising in artificial intelligence (AI)-powered revenue cycle automation, has secured $20m in a Series A funding round.  

The investment round was led by Drive Capital’s Nick Solaro and also involved participation from TriplePoint Capital.  

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Thoughtful AI has also announced the launch of its new human-capable AI Agents, which aim to revolutionise healthcare revenue cycle management (RCM). 

The AI Agents, named ‘CAM’, ‘EVA’, and ‘PHIL’, are designed to perform claims processing, patient eligibility verification, and payment posting, respectively. 

These agents can handle a significantly higher volume of tasks with perfect precision, offering a scalable solution for healthcare providers’ core back-office processes. 

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According to Thoughtful AI, the AI Agents have been developed to handle the challenges that healthcare providers face, such as claim denials and days sales outstanding (DSO) issues.  

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They aim to replace manual, costly, and error-prone processes, reducing the need for extensive human intervention in RCM departments. 

The introduction of these error-free and infinitely scalable AI Agents allows healthcare providers to avoid hiring for certain roles, increase productivity, and focus on patient outcomes.  

The technology behind Thoughtful AI’s agents includes large language models, optical character recognition, natural language processing, and robotic process automation.  

These technologies enable the AI Agents to solve problems in a human-like manner.

Thoughtful AI co-founder and CEO Alex Zekoff said: “This investment will enable us to reinvest in cutting-edge research and development, make breakthrough progress in our flagship RCM AI products, hire top-tier tech talent, and expand our go-to-market strategy and operations. 

“Our goal is to continue innovating in the healthcare automation space, making AI integration seamless and impactful for our customers. We are grateful for the support of our investors and excited about advancements this funding will bring to our platform and services.” 

Healthcare customers using the company’s solutions, according to Thoughtful AI, have reported an average of five to nine times the return on investment (ROI).  

This has contributed to a net revenue retention rate of over 300% for this customer segment. 

Adoption rate of AI Agents among existing customers has rapidly expanded, with some increasing their usage from one to 30 agents, the company added.