Arintra, a healthcare technology company that provides AI-driven medical coding and revenue cycle software, has raised $25 million in a Series B funding round led by Define Ventures. Existing investors including Peak XV Partners, YNHH Center for Health Care Innovation, Endeavor Health Ventures, Y Combinator, Counterpart Ventures, Ten13 and Spider Capital also participated.
Founded in 2020, Arintra’s platform processes medical charts to identify patterns related to documentation, outcomes, work relative value units (wRVUs) and claim denials. The company describes its product as a revenue assurance platform that brings together revenue cycle management functions across healthcare organizations.
Arintra co-founder and CEO Nitesh Shroff said the new funding will support expansion into additional enterprise health systems and broader clinical and specialty coverage. The company has raised $51 million to date, according to Shroff.
The platform is currently used by several large health systems with combined patient revenue of more than $50 billion, according to the company. Arintra also processes more than $5 billion in claims annually across its customers, which include health systems, academic medical institutions and large physician groups.
“We are not a point solution,” Shroff said while noting that his company is alone in providing automated coding across inpatient, outpatient, ambulatory and emergency care settings. "We’re building the broad revenue assurance platform with the mission to ensure hospitals get paid accurately, timely, and in full for all the services.”
Arintra reports that customers using the platform have seen a 5.1% increase in compliant revenue capture, a 32% reduction in cost and a 43% decrease in coding-related denials.
One customer, Meritus Health, uses the platform as part of its revenue cycle operations. Michael Fried, Vice President and Chief Information Officer at Meritus Health, said the organization selected Arintra based on its integration with Epic, support for its workflows and implementation timeline.
“automation and digital transformation are core priorities” as its organization grows.
“We chose Arintra for the partnership, the depth of integration into Epic and support for our unique workflows, and the time to value,” Fried said. “We were live within two months and saw the impact across our revenue cycle immediately. We've since expanded across multiple specialties and are looking to keep partnering and innovating on how we transform our revenue cycle, including complex areas like surgery and inpatient.”
The company also expanded its platform in April with documentation improvement capabilities designed to help healthcare organizations identify gaps that can affect compensation and denials. The tools allow organizations to identify those gaps, assess how documentation decisions affect coding and provide education to providers.
