Anomaly, a New York-based payment startup, has secured $17 million in Series A funding to provide the healthcare industry with AI-powered precision payments.
The funding round was led by RRE Ventures with participation from Link Ventures, Madrona Venture Group, Declaration Partners, and Redesign Health. The funding will allow Anomaly to expand its team, boost its R&D efforts, and expand its market presence. Jason Black, General Partner at RRE Ventures, referred to the firm’s participation by stating:
“Anomaly is tackling a structural point of friction across the U.S. healthcare market with a novel, data-first approach that benefits payers, providers, and patients alike,” said Jason Black, General Partner at RRE Ventures. “It is rare to find a multi-hundred-billion-dollar problem where there is a solution that can benefit all stakeholders. That’s what we’ve found in the world-class team building Anomaly, and we are proud to be early investors in this category-defining company.”
Founded in 2020, Anomaly is aiming to reduce friction between customers and providers to ensure the precision of the payments, improving the relationship between parties. The startup achieves this by using machine learning models to analyze data and automate the settlement process, reducing billing errors and allowing the system to escalate over time. Jacob Shiff, Anomaly’s Co-Founder and CEO, said about this mission:
“Overpayments, billing errors, and the resulting administrative rework creates completely unnecessary conflict and adds costs to the healthcare system that ultimately the consumer is responsible for paying. Anomaly works to ensure that the right amount is paid the first time, so payers can feel confident about every single payment, and providers know they are compensated correctly. We’ve brought together some of the best minds in healthcare and technology to solve this massive problem, because when there is less conflict, providers are happier, and patients are healthier.”
With the American healthcare system already being one of the most expensive in the world, improving the legacy payment system is a must to ensure customers are not affected by incorrect charges. By improving and automating the transaction settlement process, Anomaly is looking to help improve precision while also allowing healthcare providers to allocate their resources to the improvement of their care quality.