SmarterDx has secured $50m in a Series B funding round aimed at enhancing hospital revenue integrity and care quality leveraging its clinical artificial intelligence (AI) solution.

Transformation Capital led the investment round, taking the company’s total financing secured till date to $71m.

The funding round also saw investments from Bessemer Venture Partners, Floodgate Fund and Flare Capital Partners.

SmarterDx plans to use this investment to fuel the innovation of products and support its expansion, providing health systems with advanced tools.

In 2022, SmarterDx’s seed funding enabled the development of clinical AI solution that comprehends clinical reasoning and offers full auditability, crucial for closing revenue integrity gaps in health systems.

Clinical documentation inaccuracies can result in significant financial losses for hospitals.

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SmarterDx addresses this concern by conducting thorough second-level reviews of patient charts, protecting hospitals from millions in potential revenue loss and ensuring the quality of care is properly documented.

The investment will enable SmarterDx to incorporate new clinical and financial data integrations and further enhance its algorithms.

These algorithms are designed to uncover additional revenue and quality opportunities for customers.

SmarterDx co-founder and CEO Dr Michael Gao said: “SmarterDx transforms clinical data into insights that are fully attributable and actionable. This has distinguished our product in a healthcare landscape where many AI solutions have been built on hype, have poorly defined value and focus on replacing people.

“Our focus has always been empowering clinical documentation integrity and coding teams to capture a more accurate, more complete patient picture and enabling providers to focus on patient care rather than paperwork.”