Healthcare AI company Commure has raised $70 million in new funding, reaching a valuation of $7 billion.
General Catalyst led the funding round, with participation from Sequoia Capital, Morgan Stanley, and Kirkland & Ellis, according to the announcement. Commure said it will use the funding to expand its platform and build out its technology.
The company provides AI tools and agents that are integrated into the workflows of health systems and providers. The company’s technology is primarily focused on simplifying administrative tasks, which Comure says are used around $1 trillion annually across the country.
The company’s revenue cycle management tools and advanced clinical workflow tools have been deployed by more than 500 organizations, including more than 3,000 healthcare sites, Comure said in the announcement. They include more than 130 of the nation’s largest health systems, including Tenet Healthcare and HCA Healthcare.
“For 30 years, the healthcare industry has been told that software will solve administrative tasks, but that’s not actually the case, because tasks such as calls, notes, codes, billing, denials, and appeals cannot actually be performed by software,” Tanay Tandon, CEO of Commune, said in a statement. “AI can do it. From specialty clinics to the nation’s largest health systems, we are already doing this work.”
“This round allows us to meet the demand for execution anywhere,” Tandon continued.
With the additional investment, Comure said it plans to expand its revenue cycle and extend its practice management tools to specialty clinics, hospitals and integrated delivery networks. The goal is to replace the patchwork system of vendors and platforms that has been the norm in the healthcare industry.
It also said it plans to strengthen the platform’s “shared intelligence layer” to improve its ability to manage payer rules, specialized coding, and other priorities missed in less specialized models. The company is also aiming for global growth.
“Healthcare is one of the world’s largest economic sectors and one of the most important to be rebuilt with AI,” General Catalyst CEO Hemant Taneja said in a press release. “Commuer does this not as a function or co-pilot, but as a system of agents who complete administrative and clinical tasks in a fundamentally modern way. This is a multigenerational business that has the opportunity to dramatically impact the cost of care.”
