$19M Funding Fuels Anatomy Financial’s Drive to Simplify Healthcare Finances and Prioritize Patient Care

Healthcare providers across the United States face a unique challenge: managing financial workflows that are still heavily reliant on paper-based processes. For many practices, processing insurance payments, reconciling financial data, and managing paper checks consume valuable time and resources, creating bottlenecks in an industry where efficiency is paramount. Addressing these pain points, Anatomy Financial has developed an AI-powered lockbox that simplifies and automates these processes, enabling healthcare providers to focus on what matters most—patient care.

Today, Anatomy Financial announced it has secured $19 million in Series A funding, led by Canapi Ventures, with participation from Lightspeed Venture Partners. This significant investment not only highlights the company’s progress but also underscores the growing demand for financial automation solutions tailored to the healthcare industry. With the new funding, Anatomy Financial aims to expand its offerings and further its mission of modernizing financial operations for healthcare providers nationwide.

Neil Underwood from Canapi Ventures and Nicole Quinn from Lightspeed Venture Partners will join Anatomy’s board, lending their expertise to help the company scale its AI-powered solutions. Nicole Quinn noted the overlooked importance of efficient back-office operations in healthcare, emphasizing that Anatomy’s tools address a critical need by ensuring practices can maintain financial clarity while managing a substantial volume of payments and claims.

Bridging the Gap Between Paper and Digital

The financial challenges in healthcare are well-documented. Despite advancements in other areas, many providers still rely on outdated systems for managing payments. A staggering 27% of insurance payments to medical organizations and 79% of those to dental practices are still issued as paper checks. These manual processes require providers to open, sort, and scan mail, deposit checks, and manually input data into practice management systems—an arduous and error-prone workflow.

Anatomy Financial’s AI-powered lockbox aims to eliminate these inefficiencies. By redirecting their billing address to Anatomy’s service, healthcare practices can transform physical mail into a streamlined, email-like experience. Anatomy’s platform automatically classifies correspondence, converts paper explanations of benefits (EOBs) into electronic remittance formats, and digitizes denial letters and billing information.

“For healthcare practices to achieve financial clarity, all mail and payments must first be digitized,” said Sasha King, co-CEO of Anatomy Financial. “Paper mail remains a core channel for receiving critical information, such as payments, denial letters, and explanations of benefits. Anatomy’s reimagined lockbox bridges the gap between the physical and digital, leveraging AI-powered features purpose-built for billers, medical practices, and dental practices.”

A Suite of Solutions Designed for Healthcare

Anatomy’s offerings go beyond just digitizing paper mail. The company’s platform includes:

• AI-powered EOB conversion to 835 electronic formats, ensuring compatibility with practice management systems.
• Modernized lockbox services that streamline mail and payment handling, reducing operational workloads.
• Smart reconciliation tools that provide real-time financial insights and automate the reconciliation of claims and payments.

By integrating banking, claims, and accounting data into one platform, Anatomy provides healthcare organizations with a centralized system of record for financial operations. This approach eliminates reliance on spreadsheets and manual processes, allowing practices to close their books with confidence and accuracy.

Sasha King’s experience in healthcare and Callum King’s fintech background were instrumental in shaping Anatomy’s solutions. Sasha, previously Chief Commercial Officer at CareDx, witnessed firsthand the inefficiencies of in-house billing processes. Callum, a co-founder of the fintech platform Brightside, brought a deep understanding of financial technology to Anatomy’s development. Together, they’ve created a platform that addresses the specific needs of healthcare providers.

The Role of AI in Modernizing Healthcare Operations

The unique financial workflows in healthcare require purpose-built solutions. Anatomy’s AI-driven tools enable providers to process claims more efficiently, even when 25% of insurance claims arrive as paper EOBs with physical checks. The platform reduces the average seven minutes of manual post-processing work per claim, freeing up resources for more critical tasks.

“Healthcare practices often have boxes of unreconciled insurance claims or uncashed checks leading to significant outstanding payments,” said Nicole Quinn of Lightspeed Venture Partners. “A healthy business is crucial to the efficient delivery of healthcare; Anatomy is making this happen by bringing a fintech-based system of record and AI to this important industry.”

With its $19 million funding round, Anatomy Financial is poised to scale its operations and expand its impact across the United States. The company plans to enhance its technology, onboard more healthcare practices, and bring much-needed automation to an industry heavily burdened by paper-based workflows.

“Our goal is to automate financial operations for healthcare providers so they can focus on delivering quality care,” said Sasha King. “Anatomy’s solutions not only save time but also ensure no payments slip through the cracks, bringing unprecedented clarity to healthcare organizations.”