PrecisionGx Raises Series A Financing to Bring Automated Intelligence to Healthcare Payment Integrity
PHILADELPHIA, June 7, 2022 /PRNewswire/ -- Philadelphia-based PrecisionGx announced the closing of its Series A financing round, led by FCA Venture Partners and participation from Commerce Ventures.
PrecisionGx is transforming the way health insurance payers and pharmaceutical companies identify and recover the nearly $300B in inaccurate healthcare payments and associated costs that occur annually. Developed over half a decade, PrecisionGx's AI-enabled claims audit technology creates automated claims intelligence that can find more recoveries and be deployed earlier in payment workflows, including in pre-pay and pre-adjudication positions, to prevent overpayments before they happen. Early customers include some of the largest health insurance and pharmaceutical companies in the U.S. representing billions of patient events and over $250B in claims in 2021.
"PrecisionGX's technology can significantly reduce costs associated with inaccurate healthcare payments," said John Burch, Managing Partner at FCA Venture Partners. "We are very excited about this innovative technology and look forward to working with Kasey and his team to scale the business"
"With this round, we are excited to invest in bringing broader and earlier financial impact to payers and pharmaceutical partners, across medical, prescription, discount, and rebate payments. Ultimately, if we want to make healthcare more affordable for patients, we have to solve inaccurate payments. The only way to do that at the scale we need is with automated intelligence that can run within existing payment workflows," said Kasey Sousa, Chief Executive Officer and Co-founder of PrecisionGx. "We're excited to have new stakeholders, led by FCA, bring healthcare technology expertie, growth insights, and a track record of supporting companies to scale their impact in payer and pharmaceutical verticals."
The Series A raise allows the company to accelerate customer acquisition and scale existing implementations, while further adding and retaining key healthcare payment and data science talent.
"We offer a solution where AI and payment integrity meet for the first time at scale," emphasized Dutch Noss, Chief Operating Officer of PrecisionGx, and healthcare payments industry veteran who previously helped scale and manage several first generation companies in the space. "We're excited for how this could transform the industry."
About FCA Venture Partners:
FCA Venture Partners is a venture capital firm investing in early-stage healthcare technology and technology-enabled healthcare services companies that improve patient care, reduce costs, and increase efficiency. FCA brings portfolio companies valuable healthcare insights, connections, and board-level experience to accelerate growth and build disruptive and sustainable businesses. Based in Nashville, the epicenter of healthcare innovation, our team has a decades-long track record including more than 60 investments in the rapidly changing healthcare industry. For more information, visit https://www.fcavp.com.
About Commerce Ventures:
Commerce Ventures is an early-stage venture capital firm investing in commerce infrastructure technology, primarily in FinTech and Retail Tech. Commerce Ventures has invested in over one hundred portfolio companies since its launch, including category leaders like Bill.com, Marqeta, MX, Narvar, and RetailNext. For more information, visit commerce.vc.
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