Adonis Closes 2024 With Category-Leading Growth and Trailblazing Innovation

After being named a Top 50 Digital Health company, closing a Series B funding round, and establishing powerful new industry partnerships, the revenue cycle technology company rounds out 2024 with impressive growth trajectory.

NEW YORK, Jan. 15, 2025 /PRNewswire/ -- Adonis, an innovative force in healthcare revenue cycle technology, is proud to announce a series of monumental achievements that underscore its commitment to transforming the industry. With an unwavering focus on AI, product innovation, client satisfaction, and strategic growth, Adonis continues to lead the charge in delivering best-in-class software and support to customers across a range of medical specialties.

Adonis is a revenue intelligence and automation platform designed to help healthcare providers collect the revenue they deserve and otherwise lose as a result of the common pitfalls associated with collecting from insurance carriers. The team at Adonis has developed a proprietary platform that applies ML and AI methods to pinpoint the constantly changing root-cause issues that revenue cycle teams face. In 2024 alone, Adonis processed over 100 million claims. Adonis Intelligence, Adonis' flagship product, serves as the engine that powers dramatic increases in revenue recovery and team-wide efficiency gains.

"Our continued growth in 2024 is representative of the ongoing financial pressure faced by our nation's healthcare providers and the increased focus on using technology to resolve them," said Aman Magoon, Adonis Co-Founder and Chief of Product. "As we look to the future, we're poised to supercharge the development of innovative capabilities that will focus on reducing the reliance on teams to perform work."

Adonis partners with 20,000 providers and counting to bring Intelligence to revenue cycle management teams across a range of different specialties. These game-changing providers, like Seaview Orthopaedic & Medical Associates, Allied Digestive Health, ApolloMD, Tend Dental, and others, are empowering their teams with a revenue cycle platform that utilizes machine learning to identify trends, changes in payer adjudication, and areas of financial opportunity in billing.

Through Intelligence, these teams have increased visibility into claims, underpayments, and denial trends, as well as Smart Worklist technology that simplifies task prioritization, identifies high value opportunities, and increases efficiency. Providers nationwide are using these features to mitigate denials, analyze payer trends, drive prioritization, and increase capacity across their billing team, ultimately increasing revenue and speed-to-cash. For a 2,500+ physician led provider group, for example, Adonis drove ROI in the form of a 10% increase in net collection rate, and 14 day decrease in days-to-payment.

2024 also brought about a powerful new partnership with athenahealth and Adonis. athenahealth introduced Adonis' AI-driven revenue cycle solutions to the athenahealth marketplace, enhancing financial and clinical outcomes for athenahealth customers. Adonis also partnered with J.P. Morgan and AllianceBernstein to host two Healthcare and Technology Summits at their headquarters in New York City. These events brought together industry thought leaders for networking, idea-sharing, and innovation.

"Each year since Adonis' inception has brought about new phases of growth and innovation, and we cannot wait to see what 2025 has in store," said Akash Magoon, Co-Founder and CEO. "We know that there are significant challenges in revenue cycle management and that AI-driven technology can provide a strategic pathway to not just recovering revenue, but ultimately creating better patient experiences. At Adonis, we are going to continue innovating and building towards this future with our partners."

The past year marked a year of industry recognition and important financial milestones at Adonis. In June 2024, Adonis raised a $31M Series B led by Point72 Private Investments — a round right on the heels of a $17.3 million Series A round, led by General Catalyst only 12 months prior. The Series B round brought the total amount raised to $54 million since the company's founding in 2022. Rounding out the year, Adonis was named in December to the 2024 CB Insights' List of the 50 Most Innovative Digital Health Startups.

About Adonis:

Adonis is a Revenue Intelligence and Automation Platform, built for Healthcare, solving for operational challenges that impact the integrity of revenue cycle management. On average, healthcare providers are unable to collect 15% or more of the revenue they are owed. This is a result of compounding fractures in traditional RCM; a series of people, processes, systems, and tools are collectively responsible for this dilemma. Powered by data science and automation, Adonis provides solutions to address the common issues and areas of susceptibility within RCM to create better, more reliable revenue outcomes. No matter where you are in your revenue cycle journey, we can help you take a step in the right direction to achieve your revenue potential. Learn more at adonis.io.

Contact:
Dan Murdoch
murdoch@adonis.io

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SOURCE Adonis