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FeaturedHealthcareInnovation of the WeekStartupsOctober 21, 20220Innovation of the Week – October 21, 2022

by Venadar Market Intelligence Team

Adonis Healthcare

www.tryadonis.com  

What it is: 

Adonis is a revenue intelligence platform that delivers AI-driven insights to medical practices, hospitals, or digital health clinics.  The platform can help reduce leakage, improve accounts receivable, and help teams lower the cost to collect.   

Adonis connects with existing EHRs, practice management software, and billing systems in real-time, and cleans and structures the data to provide relevant insights. 

Adonis uses machine learning and analytics to provide a cockpit view into revenue collection, leakage, denials, eligibility issues, and accounts receivables, and helps identify areas of revenue cycle improvement. 

Adonis’s AI identifies the biggest opportunities and can work directly alongside billing departments to find automation opportunities for increased revenue and decreased leakage.

Who Made It? 

Adonis was founded in 2022 by Aman and Akash Magoon. 

In 2019, Akash cofounded and served as CTO of Nayya, a platform that helps employees maximize the value of the benefits options offered by their employers. Aman soon joined as employee number one and eventually became VP of product. Nayya has raised over $105M in venture capital and is currently valued at $515M. 

The brothers left Nayya to create Adonis, which is headquartered in New York, NY.  Akash has prior experience as a software engineer for companies like Amazon, healthcare financial engagement platform Cedar and financial health company Enigma Technologies. Aman worked for companies like EY and LiveRamp as a consultant and data scientist in its finance, capital markets and insurance division. Their work at Nayya helped give them an important perspective and experience with the health insurance market. 

Funding status: 

The company raised $5.6M of Series 1 seed funding in a deal led by Bling Capital in October 2022. Homebrew, Soma Capital, Max Ventures, Coalition Operators, The New Normal Ventures, The Fund, Singh Capital Partners, Correlation Ventures and Asymmetric Capital Partners also participated in the round. 

Why we like it: 

  • Experienced founders 
  • The platform can turn payer reimbursement and patient payments activity into insights that improve revenue 
  • Connects data across multiple systems of record 
  • Real-time analytics and AI-driven insights 
  • Helps reduce the challenges that doctors go through when trying to get reimbursed by medical insurance companies 

Did you know?  

Around 100 million Americans have medical debt, with one study finding that the number owed is up to $140B. 

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