Candid Health Raises $52.5 Million in Series C, Pledges to 100X Healthcare Savings

San Francisco, CA – Candid Health, a leading revenue cycle automation platform for healthcare providers, recently secured $52.5 million in a Series C funding round. This latest investment, led by Oak HC/FT with participation from existing investors, brings the company's total funding to $99.5 million. The funding underscores investor confidence in Candid Health's mission to significantly reduce administrative costs and improve efficiency within the U.S. healthcare system.

Joe Lonsdale, a prominent venture capitalist and co-founder of Palantir, lauded Candid Health's impact on social media, stating, > "It’s fun to watch what some of the most talented leaders and builders who spent years crushing it at Palantir are going on to create for the USA. Candid is already saving our health systems 100s of millions of dollars, and tens of thousands of hours, and is likely to 100X. 🇺🇸🚀" This tweet highlights the substantial savings and efficiency gains attributed to Candid Health's technology.

Founded in 2019 by Nick Perry (CEO), Doug Proctor (COO), and Adam Reis, Candid Health leverages machine learning and artificial intelligence to streamline medical billing, coding, and claims processing. The company's platform aims to minimize human intervention in the revenue cycle, ensuring higher net collections and faster cash flow for healthcare providers. This approach directly addresses the estimated $100 billion spent annually on revenue cycle management in the U.S.

Candid Health's unique value proposition lies in its focus on "touchless claim rates," striving for claims to be submitted and processed correctly the first time. Unlike traditional RCM companies that primarily optimize post-submission issue resolution, Candid's system proactively prevents errors. This has resulted in customers achieving first-pass resolution and net collection rates of 95-99%, according to company statements.

The Series C funding will be strategically deployed to enhance Candid Health's GenAI features and expand its customer relationships with multi-site provider groups nationwide. The company reported a nearly 250% year-over-year revenue growth in 2024, signaling strong market adoption and the increasing demand for advanced automation in healthcare finance. This expansion is poised to further solidify Candid Health's position as a transformative force in medical billing.