New Mountain Capital recently announced the creation of Smarter Technologies, a new artificial intelligence-backed revenue cycle management firm formed by combining three of its portfolio companies. The merger brings together Access Healthcare, a revenue cycle management platform, SmarterDx, which utilizes AI to analyze charts for missed billing codes and denied claims, and Thoughtful.ai, a company using AI agents for tasks like insurance eligibility checks and claims processing. Jeremy Delinsky, former CTO of Athenahealth, will lead the combined company as CEO.
With over 200 clients, including 60+ hospitals and health systems, Smarter Technologies is projected to surpass $800 million in revenue. The individual leaders of each company will continue to oversee their respective business units. The goal of the merger is to provide a comprehensive platform for healthcare systems to streamline revenue and billing management through efficient AI technologies.
The healthcare sector has increasingly turned to AI to tackle administrative and back-office tasks, aiming to enhance operational efficiency. Delinsky emphasized the need for a flexible revenue management platform that integrates top AI technologies with cost-effective global operations. This move follows New Mountain’s previous consolidation of healthcare investments into a payment accuracy company, combining analytics firms, payment integrity platforms, and overpayment identification services.
Private equity investors have shown a growing interest in healthcare technology, with a significant increase in deals in the health tech sector. Reports indicate a 50% year-over-year growth in private equity and venture capital investments in health tech in 2024. As the healthcare industry continues to evolve, the integration of AI technologies like those offered by Smarter Technologies is expected to play a crucial role in optimizing revenue cycle management for healthcare providers.
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