AKASA

AKASA

Automates revenue cycle management processes

About AKASA

Simplify's Rating
Why AKASA is rated
B+
Rated B on Competitive Edge
Rated A on Growth Potential
Rated B on Rating Differentiation

Industries

AI & Machine Learning

Healthcare

Company Size

201-500

Company Stage

Series C

Total Funding

$199.4M

Headquarters

San Francisco, California

Founded

2018

Overview

AKASA offers technology solutions that enhance efficiency and revenue outcomes for healthcare organizations. Their main product combines computer vision-based Robotic Process Automation (RPA), machine learning, and human-in-the-loop automation to streamline Revenue Cycle Management (RCM) workflows. This approach allows healthcare staff to focus on more meaningful tasks while improving accuracy and scalability. AKASA's goal is to help healthcare organizations overcome operational inefficiencies and drive revenue growth.

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Funded Recently
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Simplify's Take

What believers are saying

  • AKASA's GenAI solutions reduce prior authorization time by up to 50%.
  • Over 70% of healthcare organizations are exploring generative AI for revenue cycle management.
  • AKASA's Medical Coding enhances efficiency and accuracy in the $23B medical coding field.

What critics are saying

  • Generative AI adoption may increase competition, eroding AKASA's market share.
  • Healthcare's cautious approach may slow adoption of AKASA's new technologies.
  • Integration with existing EHR systems may pose implementation challenges for AKASA.

What makes AKASA unique

  • AKASA uses AI to automate complex revenue cycle tasks in healthcare.
  • Their solutions decrease A/R days by 13% and increase efficiency by 86%.
  • AKASA's tailored AI models outperform generic models like GPT-4 by up to 40%.

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Funding

Total Funding

$199.4M

Above

Industry Average

Funded Over

4 Rounds

Notable Investors:
Series C funding is usually for startups that are doing well and are looking for more money to fuel major growth, such as acquiring other companies, expanding into global markets, or launching new product lines. Investors typically include larger venture capital firms and private equity.
Series C Funding Comparison
Above Average

Industry standards

$50M
$50M
Medium
$62M
SeatGeek
$100M
Oura
$120M
AKASA

Benefits

Flexible vacation policy.

Generous coverage for health, dental, and vision insurance.

Free membership to One Medical for you and your family.

Health FSA account.

Full employee coverage for life insurance.

401K plan.

Growth & Insights and Company News

Headcount

6 month growth

↑ 0%

1 year growth

↓ -2%

2 year growth

↓ -1%
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What You Should Know:–              AKASA, the preeminent provider of end-to-end generative AI (GenAI) solutions for the revenue cycle, announced the release of AKASA Medical CodingTM, a first-of-its-kind GenAI assistant to transform the $23B medical coding field. –              AKASA Medical Coding puts the power of GenAI at medical coders’ fingertips, enabling them to work with unprecedented efficiency, accuracy and comprehensiveness.  Revolutionizing Medical Coding with AKASA GenAI TechnologyAccuracy, comprehensiveness, and compliance are critical priorities for medical coding within health systems. However, delivering reliable code recommendations has long been a significant pain point with preexisting technology solutions. AKASA Medical Coding addresses this issue by adding justifications and direct links to medical text, offering a dependable solution that both health systems and their coders can rely on.Powered by proprietary GenAI technology, AKASA Medical Coding is trained on each health system’s clinical and financial data. This advanced AI technology performs the ‘heavy lifting’ of meticulously combing through every relevant medical document for each patient encounter. The solution then identifies recommended codes, each accompanied by justifications linked directly to supporting medical text, allowing coders to accept or revise these recommendations. By leveraging a health system’s unique data, the AKASA Platform outperforms popular generic models like GPT-4 by as much as 40%.AKASA Medical Coding is unparalleled in its ability to analyze a broad range of document types — including clinical notes, imaging reports, and clinical observations

Hit Consultant
Jun 20th, 2024
AKASA Unveils Generative AI Coding Solution

- AKASA, the preeminent provider of end-to-end generative AI (GenAI) solutions for the revenue cycle, announced the release of AKASA Medical CodingTM, a first-of-its-kind GenAI assistant to transform the $23B medical coding field.

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Mar 19th, 2024
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