ATLANTA, Jan 26, 2024 – Rialtic, an enterprise software platform empowering healthcare insurers to run their most critical business functions, today announced a $37 million Series B financing led by Socium Ventures, a fund within Cox Enterprises. UPMC Enterprises, the innovation, commercialization, and venture capital arm of UPMC, joined the round along with return investors Oak HC/FT, F-Prime, Health Velocity and Noro-Mosely. Rialtic will use the funding to power commercialization of its Payment Accuracy platform, build out its growth and client success teams to meet growing client demand, continue to optimize the platform, and expand new service offerings.
Rialtic is building a next-generation healthcare platform, starting with Payment Accuracy, helping payers to contain healthcare costs and regain control of their claims accuracy process. The platform continuously sources, ingests, and structures healthcare payment policy documents and data, making it available to customers to power up-to-date decisions. The emphasis on transparency empowers Payment Integrity units for payers with all of the information they need to create highly configurable and customizable policies, smooth provider relations, and drive cross-team collaboration. The platform enhances business intelligence by providing robust analytics across claims, lines of business, markets, payments, and policies.
We are thrilled with the level of support we’ve received from our current investors, and now Socium Ventures and UPMC Enterprises," said Rialtic's CEO Doug Williams. “We look forward to collaborating with both our new and existing investors to create a value-additive experience for our clients.”
To date, Rialtic has seen great momentum from the market in response to its next generation Payment Accuracy approach. Rialtic offers its clients the ability to control their payment policy and assure precision to their desired intention. The economic effectiveness, reduction in provider abrasion and utility of the platform are key aspects to the market appeal.
Rialtic has bolstered its leadership team this past year with several key additions, including Michael Johnson to lead Go-to-Market (formerly Enlace Health, Trizetto), and Sean Molley to lead Engineering (formerly MedeAnalytics, SPH Analytics, athenahealth). Tim Howe, AVP of healthcare strategy and investments at Cox, has also joined Rialtic’s Board of Directors.
“Socium Ventures is committed to building durable innovative businesses,” said Howe. “We believe in Rialtic's ability to empower payers and providers, reduce costs, and enhance the accuracy of claims processing. We are excited to be part of Rialtic's journey and look forward to helping them achieve their mission of transforming healthcare payment processes.”
“This fundraising is a significant milestone in Rialtic’s journey to transform healthcare’s complex infrastructure,” said Andrew Adams, Co-Founder and Managing Partner at Oak HC/FT. “We have seen over the years how the Rialtic team is dedicated to empowering payers with precision and control to enhance operational efficiency and accuracy."
“UPMC Enterprises is transforming health care through innovation with investments that improve access, quality, and care coordination,” said Brent Burns, Executive Vice President at UPMC Enterprises. “Rialtic’s Payment Accuracy platform brings strong potential to improve health care by controlling costs, improving collaboration, and increasing transparency. UPMC Enterprises is proud to invest in this mission.”
Rialtic is also pleased to announce its Payment Accuracy offering has earned certified status by HITRUST for information security. HITRUST Risk-based, 2-year (r2) Certified status demonstrates Rialtic’s Payment Accuracy platform has met demanding regulatory compliance and industry-defined requirements and is appropriately managing risk.
Founded in 2020, based out of Atlanta, Rialtic is building a next-generation healthcare platform, starting with Payment Accuracy, helping payers to contain healthcare costs and regain control of their claims accuracy process. Rialtic is a team of industry experts working alongside seasoned product and technology professionals. For more information, please visit Rialtic.com.
About Socium Ventures
Socium Ventures, a pioneering initiative launched by Cox Enterprises, represents a new era in venture investment strategies. With a firm commitment to nurturing emerging growth businesses, Socium Ventures is dedicated to supporting portfolio companies at every stage of development while fostering enduring partnerships with founders and collaborators. Seeking investment opportunities in the range of $3 to $25 million for Series A and beyond, Socium Ventures offers a unique proposition, providing invested companies access to permanent capital, strategic leaders with extensive experience, and a seasoned investment team. Learn more at SociumVentures.com.