California-Based Candid Health Raises $120M in Series D Funding

The round also saw participation from Oak HC/FT, 8VC, and Y Combinator.

The company will use the funding to expand its operations and accelerate product development.

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Candid Health is building technology to automate the financial side of healthcare. The company aims to reduce the inefficiency and waste in the $280 billion healthcare revenue cycle management (RCM) industry, which handles how hospitals and healthcare providers get paid for the care they deliver.

As healthcare providers continue to grow, many still rely on outdated billing system's that struggle to handle todays complex payment processes. While AI can help improve billing, simply adding AI to old systems is not enough. Candid Health has built a modern platform designed specifically for todays healthcare needs.

Today, Candid Health is the financial system of record and core billing platform for hundreds of healthcare providers across the United States. Its platform supports organizations in many medical specialties, including some of the country's largest and fastest-growing healthcare providers.

Candid Health is an AI-powered revenue cycle management platform built for large healthcare providers. It brings together clinical, billing, and provider data into one system, giving its AI the information it needs to automate billing tasks more accurately.

Its AI and rules-based automation handle many of the tasks that billing teams previously did by hand. The platform also tracks any remaining manual work, helping healthcare organizations identify repetitive tasks and automate them over time.

“Candid powers the financial infrastructure for many of the most important and innovative healthcare organizations in the United States," said Nick Perry, Candid Health Co-founder and CEO. “The legacy players haven’t kept pace, and the companies lightly sprinkling AI on top of them have yet to deliver. We’ve spent the past seven years rebuilding the core infrastructure of this problem space from the ground up.

“We are thrilled to partner with Candid Health. The Candid team deeply understands its customers' core challenges and has built a modern infrastructure to enable an agentic transformation of the healthcare revenue cycle,” said Alex Katz, Managing Director at Sixth Street Growth. “In addition to a differentiated technology offering and clear proof points applying agentic AI at scale in RCM, the thing that stood out to us was Candid’s obsessive focus on customer outcomes. We spoke with nearly 40 Candid customers.

About Candid Health

Founded by Nick Perry, Adam Reis, and Doug Proctor, Candid Health is building a modern financial platform for healthcare that helps providers spend less time on billing and more time caring for patients. Trusted by more than 200 healthcare organizations, its AI-powered revenue cycle management platform automates billing, lowers collection costs, and helps providers collect more of the revenue they earn.

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