A lot of money goes into U.S. healthcare, so much in fact that in 2020, it accounted for almost 20 percent of the country’s gross domestic product. However, much of that funding goes into a system that is largely dependent on older technology, meaning a generous chunk of that money is spent on compensating for outdated solutions. Working to help health insurers and care providers keep up with the times, Rialtic secured $28 million to develop its payment accuracy platform.
The new funding is an extension of the Atlanta company’s Series A round. Led by F-Prime Capital, the raise brings the company’s total funding to $45 million. Oak HC/FT, Health Velocity Capital and Noro-Moseley Partners also participated in the round that will help Rialtic further its business solution.
Rialtic’s enterprise software works to help insurers and healthcare providers streamline their critical business functions. It works by sourcing, ingesting and structuring healthcare payment policy data to help users make up-to-date decisions. It brings programs in-house and helps health insurers gain total control over processes that were managed by outside vendors. Rialtic also offers tools for analytics across claims, lines of business, markets and customizable payments and policies.
“This fundraise was in direct response to strong market reception and the demand from customers to accelerate our product roadmap,” Doug Williams, Rialtic’s founder and CEO, said in a statement. “We look forward to working with insurance and provider customers across multiple markets to deliver increased efficiency and transparency to the healthcare industry.”
In addition to expanding its platform and creating new products, Rialtic is investing part of the funding in growing its team. With a focus on medical policy and engineering talent, the company plans to double the size of its team. Rialtic is also hiring for positions spanning sales, success and customer support.
“Rialtic’s platform introduces a more streamlined and cost-efficient approach to healthcare insurers and providers by delivering the value and flexibility they need to focus on patient care,” Carl Byers, partner at F-Prime Capital, a Rialtic investor, said in a statement. “We look forward to supporting the team at Rialtic on their journey towards bringing an extensible and scalable solution to an industry in need of an innovative solution.”
Rialtic’s software will be ready for general availability sometime during the first half of 2022, according to the company.