Assort Health Raises $50M to Automate Patient Calls

Assort Health Secures $50 Million in Series B Funding

Assort Health, a company pioneering the use of artificial intelligence to streamline patient communication within specialized healthcare settings, has reportedly secured approximately $50 million in a Series B funding round. This valuation places the startup at $750 million, as indicated by three individuals with knowledge of the transaction.

Rapid Growth and Investment

This latest investment arrives a mere four months following the completion of the company’s $22 million Series A raise. Lightspeed Venture Partners spearheaded the current funding round, according to the aforementioned sources.

AI-Powered Patient Interaction

Assort Health’s core technology centers around AI-driven voice agents. These agents are engineered to manage routine, high-volume tasks such as appointment scheduling, cancellations, and responses to common patient inquiries.

By automating these processes, the system frees up human staff to concentrate on more intricate and sensitive patient interactions, enhancing the overall quality of care.

A Growing Trend in Healthcare AI

Assort Health is part of a burgeoning wave of startups leveraging AI to reduce the burden of patient phone calls on medical practices. The industry is witnessing increased investment in this area.

Recent Funding in the Sector

Notably, EliseAI, a provider of automated customer service solutions for real estate and healthcare offices, recently announced a $250 million Series E funding round led by Andreessen Horowitz. This valued the company at $2.2 billion.

Similarly, Hello Patient, another AI-powered assistant designed for medical offices, raised $20 million in a Series A round earlier this month, achieving a $100 million valuation with support from Scale Venture Partners.

Wider Adoption of AI in Healthcare

The healthcare sector is demonstrating a growing acceptance of AI-based solutions. This is evident in the increasing utilization of medical scribes offered by companies like Abridge and Ambience Healthcare.

Investors are now focusing on patient communication as a key area for future AI implementation.

Addressing Patient Wait Times

Assort Health specifically targets smaller and medium-sized specialty care practices, often characterized by extended patient wait times. The swift response capabilities of an AI agent can potentially reduce patient attrition to competitor practices.

Financial Performance and Expansion

While Assort Health’s current annual recurring revenue (ARR) is slightly above $3 million, the company is experiencing substantial growth, as reported by two sources.

Initially focused on orthopedic and physical therapy offices, the company has broadened its services to encompass other specialties, including OB-GYN, dermatology, and dentistry.

Founding Team

Assort Health was established two years ago by Jon Wang, a former medical student who transitioned to the startup world, and Jeff Liu, a former engineer at Facebook.

No Comment

Requests for comment from Lightspeed Venture Partners and Assort Health were not met with a response.