SAN FRANCISCO--(BUSINESS WIRE)--Anatomy Financial, the developer of the AI-powered lockbox to convert paper mail from healthcare practices of all sizes to an email-like experience for simplified billing workflows, today announces $19M in Series A funding led by Canapi Ventures. Neil Underwood from Canapi and Nicole Quinn from Lightspeed Venture Partners will be joining the Anatomy board, supporting Anatomy’s efforts to bring a digital back office and AI-powered financial operations to healthcare providers across the United States.
In the United States, 27% of insurance payments to medical organizations are on paper checks, 79% of insurance payments to dental practices are on paper checks.1 This creates an overwhelming amount of manual work for providers, including tasks like opening mail, scanning and organizing documents, depositing checks, and entering data into practice management systems.
Practices that use Anatomy’s AI healthcare lockbox simply have to change their billing address to reroute checks to Anatomy’s service, which transforms their physical mail into an email-like experience. The mail is run through Anatomy’s AI system where Explanation of Benefits are converted to electronic remittances and correspondence is automatically classified.
“For a healthcare practice to get financial clarity, first all mail and payments need to be digitized,” said Sasha King, co-CEO of Anatomy Financial. “Paper mail is still a core method of receiving payments and critical billing information such as denial letters and explanation of benefits. We’ve reimagined the lockbox to bridge the physical and digital worlds, providing AI-enabled features purpose-built for billers, medical practices, and dental practices to save time and thus, ensure no payments fall through the cracks.”
“At Canapi Ventures, we are excited to partner with Anatomy Financial, an innovative company positioned at the intersection of healthcare and financial services. By automating back-office processes and integrating embedded financial products, Anatomy is driving efficiency and real-time insights for healthcare organizations,” said Neil Underwood, General Partner at Canapi Ventures.
Healthcare organizations - medical or dental practices, digital health services, or revenue cycle companies - can sign up for Anatomy here.
About Anatomy
Anatomy is on a mission to automate financial operations for healthcare organizations. Today, Anatomy solutions include Explanation of Benefits (EOB) conversion to 835s, modern healthcare lockbox services, and smart reconciliation. Learn more at anatomyfinancial.com.
Anatomy Financial, Inc. is a financial technology company, not a bank. Anatomy-related bank accounts are provided by Live Oak Banking Company, Member FDIC. Live Oak Bank deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.
