- October 16, 2024
- Posted by: Thomas Anderson
- Categories:
Suki, a voice-assistive AI and medical scribe tool, has raised $70 million in new funding to enhance its AI technology for doctors and hospitals. Founded in 2017, Suki is growing quickly as it forms more partnerships with health systems, health tech companies, and electronic health record (EHR) providers.
The company is entering a new growth phase in response to the healthcare industry’s increasing demand for AI. It offers a range of comprehensive solutions that work well with existing tools. With the backing of its investors, the company plans to accelerate its growth, expand its capabilities, and strengthen partnerships with key collaborators in the healthcare sector.
The company is expanding its partnership with MedStar Health, a $7.7 billion health system with over 300 care locations.
As part of the agreement, Suki Assistant will be available to thousands of MedStar Health clinicians in various specialties like primary care, cardiology, and gastroenterology, including urgent care settings. The rollout will happen in phases, so Suki won’t be available at all 300 locations right away.
This will be the largest use of generative AI for the biggest healthcare provider in Maryland and the Washington, D.C., area.
Transforming Healthcare Delivery Through AI: Enhancing Efficiency and Provider Satisfaction
As the health system explores artificial intelligence to enhance healthcare delivery, the partnership has been essential over the past four years. Together, they have created value through successful pilot programs, optimized workflows, and ongoing co-development. Many providers have reported that using the AI tool significantly improves their interaction with electronic health records (EHR), boosts documentation efficiency, enhances the patient experience, and increases professional satisfaction.
The health system played a key role in helping develop essential features, including seamless EHR integration. The AI assistant helps clinicians save time on
tedious administrative tasks by automatically creating clinical documentation from patient-clinician conversations. It can also take dictation, simplify coding, and answer clinical questions by retrieving relevant data from the EHR.
These products enhance existing workflows by incorporating live data, such as vitals, into notes and generating patient instructions. Users report that notes are completed up to 72% faster, improving documentation quality, clinician well-being, and revenue capture, with a 70% adoption rate among clinicians.
The mission is to make healthcare technology invisible and assistive through an AI platform, integrating with major EHR providers like Epic, Oracle Cerner, Meditech, and Athenahealth.
The company developed an AI and speech platform designed to provide a suite of developer tools for creating diverse AI voice experiences with minimal effort. This platform is utilized by EHRs, telehealth companies, and clinical communication firms.
With new funding, the company plans to invest in product development and expand its offerings. There is a focus on enhancing the assistant’s skills to support administrative and clinical tasks, such as pre-visit summaries and order entry, while also looking to assist other healthcare professionals like nurses.
The recent funding round brings the company’s total capital to $165 million, with significant contributions from various investors. The company aims to grow its leadership team and commercial initiatives.
Having doubled its revenue in 2023, the company is projected to quadruple it in 2024. The AI medical assistant sector is rapidly evolving, with the company positioning itself as a key player by expanding its technology across multiple health systems.