Candid Health, a revenue cycle management platform for healthcare providers, announced it raised $52.5 million in Series C funding.

The round was led by Oak HC/FT with participation from existing investors.

The latest funding round brings the company's total amount raised to $99.5 million.

WHAT IT DOES 

Candid Health aims to simplify medical billing by giving providers the ability to focus on delivering care. The company's revenue cycle platform leverages automation to reduce the cost to collect and hike net collections rates. 

The company will use the funds to expand its customer relationships with provider groups in multiple locations nationwide. 

"At Candid, we are reimagining the level of automation that an RCM platform can drive, and with AI, we are positioned to further improve billing performance," Nick Perry, CEO and cofounder of Candid Health, said in a statement. 

"We are excited to continue to grow and scale alongside our customers, fully supporting them along their journey, while forging relationships with more providers." 

MARKET SNAPSHOT

Other companies in the RCM space include athenahealth, which introduced new tools and AI-based software in 2024 that aims to streamline and lower the burden of revenue cycle management for thousands of physician practices. 

That same year StrataPT, a billing practice management software provider, secured $25 million in financing in a round led by Council Capital. The funding was secured at a time when the company was witnessing growing demand for its SaaS-based platform that integrates electronic medical records, revenue cycle management, billing and collections into one tool.

In 2023, OpenLoop, a company that provides staffing and support to digital health companies launching virtual care services, garnered $15 million in Series A funding and unveiled a nationwide payer network and revenue cycle management service. 

Nava Ventures led the round, with participation from PrimeTime Ventures, UnityPoint Health Ventures, ManchesterStory and SpringTide Ventures.