Ambience Healthcare, an AI company specializing in healthcare services, has recently secured a significant $70 million in a Series B funding round.
This funding round was co-led by OpenAI’s Startup Fund and Kleiner Perkins, and included participation from existing investors Andreessen Horowitz and Optum Ventures. This latest funding round is expected to support Ambience Healthcare’s growth and expansion in the health industry.
AI Operating System for Healthcare Organizations
Known for its development of an AI operating system for clinical note-taking, coding, and generating referral letters and summaries, Ambience Healthcare is making waves in the healthcare industry. The company’s customers include leading healthcare organizations such as John Muir Health, Memorial Hermann, and the University of California at San Francisco Health. The system has been straightforward to implement, though the patient consent process has required some training.
Addressing Clinician Burnout with AI Tools
The $70 million funding will be used to develop generative AI tools in a bid to address clinician burnout, a prevalent issue in healthcare settings. Ambience’s suite of AI-powered tools, including AutoScribe, AutoCDI, AutoRefer, AutoAVS, and the upcoming AutoPrep, aim to improve hospitals’ coding integrity and significantly reduce clinicians’ documentation time. The company aspires to reduce documentation time by nearly 80% on average. Major health systems that have installed Ambience’s generative AI tools include Memorial Hermann, UCSF, John Muir Health, and The Oncology Institute.
Ambience Healthcare’s Expansion Plans
With the latest funding round, Ambience’s total raised capital has reached $100 million. The company plans to expand its operating system to cover a comprehensive range of clinical and back-office workflows, thereby increasing efficiency and clinician satisfaction. Despite facing competition from digital health heavyweights and international startups, Ambience believes its operating system model gives it an edge in harnessing AI to enhance clinician wellbeing and health system performance.
Transforming Healthcare Workflows and Setting New Standards
With its innovative applications, Ambience Healthcare has helped reduce documentation time by 78% and improve coding integrity, providing at least a 5X return on investment. The company’s product suite is transforming healthcare workflows and setting new industry standards. The recent influx of venture capital into Ambience Healthcare reflects the growing interest and confidence in the potential of ambient AI in healthcare. The company’s AI has been customized for different medical specialties and is currently deployed at organizations like University of California, San Francisco, John Muir Health, and Memorial Hermann Health System.