SAN FRANCISCO, CALIFORNIA / ACCESS Newswire / February 12, 2025 / Candid Health, the autonomous revenue cycle automation platform for healthcare providers, today announced it has raised $52.5 million in Series C funding led by Oak HC/FT with participation from existing investors. This brings the company's total amount raised to $99.5 million.
Candid Health is the autonomous revenue cycle automation platform for healthcare providers.
Providers spend more than $100 billion annually on revenue cycle management, yet today's billing requirements outpace available tooling. According to research by McKinsey, streamlining the claims submission process could save up to 18% of administrative costs as submission error rates have continued to increase.
Candid's platform addresses the root cause of RCM inefficiency through modern data engineering and automation. Unlike traditional RCM companies which aim to make manual clean up work more efficient, Candid improves touchless claim rate, which is the percentage of claims submitted, processed and adjudicated correctly the first time with no manual intervention. Candid's platform significantly increases the number of claims submitted correctly the first time, thereby eliminating avoidable, manual work for billing teams.
With touchless claim rates and payor net collection rates greater than 95%, the Candid platform drives industry-leading results. Candid clients experience increased overall net collections and faster reimbursement times while reducing costs with a scalable technical infrastructure.
"At Candid, we are reimagining the level of automation that an RCM platform can drive, and with AI, we are positioned to further improve billing performance," said Nick Perry, CEO & Co-Founder of Candid Health. "We are excited to continue to grow and scale alongside our customers, fully supporting them along their journey, while forging relationships with more providers."
The company grew revenue nearly 250% YoY in 2024. With this Series C investment, Candid will look to expand its customer relationships with multi-site provider groups nationally.
"The Candid leadership team has an exceptional blend of technical and product expertise, and they have rigorously built a platform with their customers' needs top of mind," said Billy Deitch, Partner at Oak HC/FT. "Our team has been investing in the RCM space for more than 25 years, and we think Candid is uniquely positioned to make a meaningful impact in this market. We are humbled at the opportunity to partner with the company as it expands its footprint with healthcare providers nationwide."
About Candid Health
Candid was founded by Nick Perry (CEO), Doug Proctor (COO) and Adam Reis. The team is on a mission to simplify medical billing, allowing providers to focus on delivering quality care. Trusted by more than 200 leading healthcare organizations, Candid's revenue cycle platform leverages advanced automation to decrease the cost to collect and increase net collection rates. The company is backed by Oak HC/FT, 8VC, First Round Capital, Y Combinator, and Boxgroup. Learn more at https://www.joincandidhealth.com/company.
About Oak HC/FT
Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact. Founded in 2014, Oak HC/FT has invested in over 85 portfolio companies and has over $5.3 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on LinkedIn and X and learn more at https://www.oakhcft.com/.
Contact Information
Bethany Hale
Marketing
bethany.hale@joincandidhealth.com
SOURCE: Candid Health
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