Lowenstein Sandler represented Candid Health, a revenue cycle automation platform that simplifies medical billing processes for healthcare providers, in a $52.5 million Series C venture capital financing led by Oak HC/FT with participation from existing investors. This investment round brings Candid's total amount raised to $99.5 million.
Candid's platform addresses the root cause of RCM inefficiency through modern data engineering and automation. Unlike traditional RCM companies which aim to make manual cleanup work more efficient, Candid improves touchless claim rate, which is the percentage of claims submitted, processed and adjudicated correctly the first time with no manual intervention. Candid's platform significantly increases the number of claims submitted correctly the first time, thereby eliminating avoidable, manual work for billing teams.
With touchless claim rates and payor net collection rates greater than 95 percent, the Candid platform drives industry-leading results. Candid clients experience increased overall net collections and faster reimbursement times while reducing costs with a scalable technical infrastructure.
Candid intends to use this funding to enable investment in GenAI to further enhance the outsized results they already achieve for clients.
The Lowenstein team included Anthony W. Raymundo, Tina Aoun, Chad M.P. Weeks, and Christina Nadeau Erickson.