Care.fi Secures Rs 7.5 Crore for Revenue Cycle Management Enhancement
Care.fi, a fintech startup dedicated to healthcare, has successfully acquired Rs 7.5 crore in debt funding from Vivriti Capital. This recent influx of capital builds on previous funding rounds, which included an earlier Rs 8 crore debt capital acquisition from Wint Wealth (Ambium Finserve) and Caspian, in addition to $2.5 million (approximately Rs 21 crore) from Trifecta Capital and UC Inclusive Credit. Altogether, Care.fi has raised close to Rs 29 crore so far.
The newly acquired funding will be directed towards advancing its efforts to enhance Revenue Cycle Management (RCM) for hospitals and to broaden the reach of its innovative platform, RevNow, as stated in a press release from the company.
About Care.fi and its Mission
Co-founded in 2021 by Sidak Singh and Vikrant Agarwal, Care.fi is committed to eliminating the complexities involved in insurance claims, a persistent challenge for hospitals that often results in delayed patient discharges, revenue loss, and inefficiencies in operations.
RevNow Platform Impact
According to the Gurugram-based startup, its AI-based RCM platform, RevNow, is revolutionising the financial aspect by hastening claim settlements, ensuring that hospitals receive payments within 3–5 days after patient discharge. RevNow allows for discharges within just 30 minutes by automating the final billing and approval processes, which significantly reduces the waiting period.
Optimising Hospital Workflows
RevNow enhances hospital efficiency through real-time query notifications, automated responses, and integrated mailing services. It also boosts financial transparency by offering real-time cash flow reconciliation at the entity, unit, and claim levels, granting hospitals greater insight into their financial operations.
The co-founder, Sidak Singh, noted that since the startup’s establishment, its primary focus has been on addressing pivotal operational challenges within hospital revenue management. With RevNow, Care.fi aims to establish new standards in claims processing efficiency. The recent funding will assist in scaling operations further, allowing hospitals to optimise their financial workflows while improving patient experiences. As the healthcare landscape expands, Care.fi is determined to keep innovating and advancing revenue generation for healthcare providers.
Current Operations and Future Expansion
Care.fi asserts it is currently managing claims exceeding Rs 800 crore across more than 300 hospitals while auditing over 50,000 claims. The company also plans to enhance RevNow’s functionalities and further integrate it with hospital information systems (HIS), electronic health records (EHR), and billing platforms.