Rainfall Health, an AI-powered compliance and reimbursement platform for hospitals and medical groups, has raised $15 million in Series A funding, it announced on Wednesday.
The San Francisco-based company helps hospitals understand new value-based care models, like CMS’s Transforming Episode Accountability Model, which launched at the start of the year. The model financially rewards hospitals with up to a 20% revenue increase for meeting quality outcome benchmarks in five of the highest-cost surgical procedures: lower extremity joint replacement, spinal fusion, coronary artery bypass graft, major bowel procedures and hip/femur fracture treatment.
“Through simple EHR integration, Rainfall’s AI-powered compliance and episode-management platform enables hospitals to improve administrative processes and closely monitor patients throughout post-surgical care coordination. In doing this, providers can more efficiently quantify, capture, and maximize CMS’s mandated TEAM incentives, unlocking up to $85 million in new Medicare revenue over the next five years,” said Eddie Qureshi, CEO and founder of Rainfall Health, in an email.
The Series A round was led by Two Bear Capital. In total, Rainfall Health has raised $18 million.
“Building an AI platform for hospitals and health systems to more effectively collect, standardize, and report on patient outcomes will forever change the way they track reimbursement,” said Mark Adams, partner at Two Bear Capital, in a statement. “It will create unique new value for patients, providers, and an amazing portfolio business for Two Bear Capital.”
The financing will help Rainfall build its AI and customer support staff. In addition, it supports the company in better educating hospitals on the impact of TEAM, especially the “financial upside” the model can have on their bottom line, according to Qureshi.
Qureshi was inspired to build Rainfall by his mother’s work as a physician in Arkansas, as well as his grandmother’s work as a provider and one of Pakistan’s first female physicians, he told MedCity News. Rainfall was first founded to improve access to quality healthcare, particularly in underserved areas, by supporting providers with tools that improve care coordination, regulatory compliance and patient outcomes.
“At Rainfall, we remain committed to this original mission of using AI to ensure patients across diverse backgrounds and geographic areas have access to quality medical care,” he said. “Over the next few years, we’re excited to work closely with health systems to deliver on the mandates outlined in TEAM, each of which are closely linked to increased healthcare access, hospital workflow efficiency, and regulatory compliance – all with the goal of improving patient outcomes.”
Picture: Feodora Chiosea, Getty Images
