Predoc Secures $30 Million to Revolutionize Healthcare Data Management with AI

Predoc raises $30 million to stop document chasing in healthcare

"The fax machine still exists, but only in healthcare," said Dr. Kaushal Kulkarni, a neuro-ophthalmologist. "Someone goes out and retrieves records from the hospital basement and proceeds to put 1,000 pages -- basically fax records -- on my desk. 'Here you go, doctor. Have fun.' And now it's my job, in the middle of a busy clinic where patients are already waiting half an hour or more, to flip through 1,000 pages and try to figure out what's going on with the person in front of me who needs help." When Kulkarni met Nishant Hari -- who was trying to solve the problem as cofounder of AI-driven health information management startup Predoc -- the two connected. Kulkarni first became a user of Predoc, then an angel investor, and ultimately, a cofounder himself. "This problem is happening right now, probably in hundreds or thousands of doctors' offices," Kulkarni said. "And you can imagine -- people always ask, why am I waiting at the doctor so long? It's issues like this that are getting in the way." Predoc -- which uses AI to automate medical records management -- has raised $30 million in seed and Series A backing, Fortune has exclusively learned. The round was led by Base10 Partners, with participation from Northzone, Eniac, Era Ventures, and angel investors from Flatiron Health, Datavant, Thirty Madison, and Blackstone. The company was founded in 2022 by Hari, Kulkarni, Dr. Priya Mehta, and Alex Daniels. "Within six months we were doing about half a million dollars in revenue, and that's when we got preempted for our seed round," Hari said. "Fast forward to today, we've got about 35 customers that rely on our retrieval and analysis products. In many cases, we've become the fully outsourced solution, replacing their internal legacy teams." In healthcare, documents aren't just documents -- they're vehicles of information that substantially affect a patient's possible outcomes. Dani London, an investor at Base10, told Fortune via email that health information management, or HIM, is a fragmented market that's "massive and severely underserved." "For context, the top HIM service providers only serve the top 10% of the market -- yet the five largest service providers do about $2 billion in revenue annually," London wrote. "Much of this market wasn't addressable because of the high overhead of legacy providers. Others were left with manual solutions or in-house teams spending hours on email, phone, and fax. Predoc's approach effectively unlocks the other 90% of the market. Not only does this create a huge opportunity for Predoc, but it also allows care coordinators and health admin teams across the ecosystem to focus on high-impact work." Hari said that the company isn't looking to supplant physicians: "We're not one of those companies that thinks tech and AI will completely replace doctors," he told Fortune. "One of our core values is to amplify clinical expertise -- to help physicians get to their decisions quicker. We're not looking to replace clinical judgment." Kulkarni -- who still practices medicine "one-and-a-half to two days per week" -- says this is about freeing up doctors, unencumbering their administrative lives. "People think the role of technology is to help diagnose the patient, but that's not the issue," he said. "Diagnosing is the easiest part of medicine. That's what doctors love to do. The hard part is everything before and after. The role of technology is to remove all the burdensome administrative tasks now put on doctors -- and allow them to just do their actual job."

Predoc raises $30M to scale AI health information management platform - SiliconANGLE

Predoc raises $30M to scale AI health information management platform Health information management platform provider Predoc announced today that it has raised $30 million in new funding to scale up its operations and broaden adoption across oncology groups, research networks and virtual care providers. Founded in 2022 as Memr Inc. by Nishant Hari, Dr. Kaushal Kulkarni, Dr. Priya Mehta and Alex Daniels, Predoc has as its mission to address the longstanding failures of interoperability across fragmented healthcare systems. The company leverages artificial intelligence to act as a full-service, end-to-end platform that automates record retrieval from all sources and consolidates them into actionable clinical insights. Predoc notes that its technology is intended to amplify clinical judgment, not replace it, ensuring clinicians stay focused on patient outcomes. The company's platform is built to integrate into existing workflows rather than replace them through automated retrieval and data structuring to human-validated AI analysis. Predoc says that approach sets it apart from point solutions by delivering improvements in both speed and depth of insight without requiring clients to overhaul entrenched systems. Predoc's technology delivers measurable outcomes for clients, with prominent oncology institutions, research networks and virtual care providers reporting up to 75% faster record retrieval and 70% reductions in downstream clinical review time. One oncology group is claimed to have eliminated the need for a large in-house records team by using Predoc's platform, allowing patients to avoid the burden of carrying physical binders or enduring long delays. "Every patient, provider and clinical researcher knows the current system for connecting and organizing patient records is broken, but it's our patients who suffer the most," said Predoc Chief Medical Officer Dr. Kulkarni. "It can take weeks or months to get complete records and hours to make sense of them." The Series A and seed funding was led by Base10 Partners Management, with Northzone Ventures AB, ENIAC Ventures and ERA Ventures. "The Predoc team's background in medicine means they understand the frustration with the healthcare industry deeply," noted Rexhi Dollaku, general partner at Base10 Partners. "Their customers deeply value the speed, accuracy and full-service offering they can't get anywhere else."

Predoc Raises $30 Million for AI-Powered Health Information Management System | PYMNTS.com

The company said in a Tuesday (Sept. 2) post on LinkedIn that the fundraise "will enable our team to continue to solve the inefficient and painfully manual Health Information Management workflows plaguing clinicians and researchers everywhere." "Our mission is to connect and organize the nation's healthcare data," Predoc said in the post. "With this funding, we will make a material step towards accomplishing that mission, allowing clinicians to focus on their core purpose -- to improve human health." Predoc aims to connect and organize the nation's healthcare data, eliminating the need to fax medical records back and forth and providing instead a fully managed service that leverages AI to handle that workflow, according to the company's website. The company's platform automates medical record retrieval, classification and analysis. With these capabilities, it accesses patient records from any U.S. healthcare provider, extracts and indexes patient health data from all the user's sources, and organizes and surfaces the most relevant clinical information, the site said. For the healthcare providers who have adopted this solution, the platform has sped up record retrieval by 80%, reduced the time spent on chart review by 70% and done so at a cost that is 50% less than that of legacy systems, per the site. Predoc's Series A funding round was led by Base10 Partners, according to the Tuesday post on LinkedIn. In its own Tuesday post on LinkedIn, Base10 Partners said: "Today we're welcoming Nish Hari, Kaushal Kulkarni, M.D., and the entire Predoc team to the Base10 family as they transform the way we handle healthcare data." The PYMNTS Intelligence report "Healthcare Firms Going Long on GenAI Investment" found that healthcare firms are aggressively increasing their investment in generative AI and that nine out of 10 executives anticipate a positive return on these investments. Among C-suite executives at healthcare firms with at least $1 billion in annual revenue, 90% said that their previous Gen AI investments had already achieved a positive return on investment.