IrisMed⚕️

Setting the Scene

• Outpatient clinics like dental and physical therapy offices often struggle to get paid on time due to complicated billing processes.

• These clinics currently rely on:

  • Manual Entry: Billing is handled by people, making it slow, costly, and challenging to manage due to a shortage of skilled workers.

  • Outdated Tech: Software that is is unreliable and slow, making it difficult to manage accounts accurately and in a timely manner.

• This week’s company offers an AI-powered platform to streamline and optimize medical back-office billing workflows.

In a Sentence

IrisMed is a medical billing software that leverages AI-driven agents to automate administrative workflows in outpatient clinics.

• AI-Driven Agents: Intelligent systems capable of performing repetitive billing and administrative tasks without human input.

• Automate: Streamlines billing and collections, integrates easily with existing systems, and detects inconsistencies in billing, enhancing accuracy and efficiency.

The Basics

• Industry: Healthcare Automation

• Headquarters: Denver, CO

• Year Founded: 2023

• Employee Count: 2

• Investors: Techstars

• Amount Raised: $370k

• Business Model: Saas with add-ons as upsell

• Early Traction: Launched with $50K ARR contract; processing over $650K in billed amounts for a clinic; expanding to 25 clinics by the EOY

IN PARTNERSHIP WITH

• Over 25,000 businesses have switched to Ramp to save an average 5% and close their books 8x faster. 

• You can also save time and money with Ramp.

• From corporate cards and expense management, to bill payments and procurement, Ramp’s all-in-one solution is designed to automate finance operations and build healthier businesses.

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Due Diligence

WHAT WE LIKE

• Market Opportunity: With a growing demand for streamlined healthcare operations, IrisMed is initially targeting the $35B outpatient clinics market (dental, optometry, physical therapy) with plans to expand into the larger $68B mid-market segment.

• Labor Reduction: The healthcare industry is struggling with high admin turnover rates (up to 40%) and error rates due to burnout; IrisMed’s automation could relieve this labor strain and improve accuracy.

• Secure Integration: IrisMed ensures data security and regulatory compliance by strictly adhering to HIPAA and SOC2 standards, safeguarding patient information.

POTENTIAL RISKS

• Regulatory: IrisMed must maintain strict adherence to healthcare regulations and data protection laws to prevent legal issues and penalties.

• Human Oversight: Although AI can handle most billing tasks, sensitive data or complex cases may still require human supervision.

• High Stakes: If early users experience errors or mishandling by the AI, it could slow adoption and damage brand credibility.

Founder Profile

• Han Jing, CEO: Previously Head of Product at wOS and Growth at Walmart Health.

• Shen Lu, CPO: Previously design at Blee and Carta.

Comps

• Thoughtful AI: Backed by Drive Capital and TriplePoint Capital.

Event Board

• Investor Gala, NYC: On November 7th, we’re bring together the next generation of New York’s venture capital and growth equity investors. This will be hosted at Silver Art’s 44,000 square foot artist residency and studio space in World Trade Center 4, often called the "YC for artists." Apply HERE.

• FOUNDERSGIVING NYC: On November 21st, we are hosting a hosting a Thanksgiving themed dinner in a stunning penthouse for NYC’s top founders. Apply HERE.

Note: If you apply and aren’t approved for a dinner, we will try to get you to a future event.

Cast Your Vote

Last Week Today

• The Results Are In: BePresent, an app that helps users reduce screen time by leveraging psychology-based social gamification and real-life rewards, was favored in last week’s poll. 

• Subscriber Feedback: “BePresent's mission to combat phone addiction aligns with a growing societal concern and presents a significant market opportunity.”