#United States #Palo Alto #Oncology AI #RISA Labs #Cencora Ventures

RISA Labs Secures $11.1 Million Series A Funding to Enhance Oncology AI System

In a significant move to advance cancer care, RISA Labs announced the closure of an $11.1 million Series A funding round led by Cencora Ventures and Optum Ventures, with contributions from Oncology Ventures, Z21 Ventures, and notable investor John Simon through his Ventureforgood initiative. This infusion of capital is aimed at broadening the deployment of RISA's cutting-edge AI operating system tailored for oncology practices throughout the United States.

Revolutionizing Oncology Workflows

The funding will enable RISA Labs to accelerate its innovative platform, designed to streamline the complexity of oncology workflows, ensuring that delays—often detrimental to both patients and healthcare providers—are reduced significantly. The AI system will assist cancer clinics, health networks, specialty pharmacies, and infusion centers in their operational efficiencies. RISA's focus on automation places it at the forefront of a transformative approach to the management of patient access, benefits verification, and prior authorizations, converting previously manual, time-consuming processes into swift, high-throughput systems.

“In our vision for oncology, there are two sides to every patient's journey - getting them on the right therapy faster while deepening our understanding of the disease for future patients through data,” stated Kshitij Jaggi, CEO of RISA Labs. The AI system connects seamlessly with existing electronic medical records (EMRs), payer systems, and other essential databases, orchestrating an efficient workflow that adapts in real-time to changes in regulations or administrative processes.

Agile AI Implementation

The RISA platform utilizes a cohesive team of AI agents that monitor, analyze, and execute necessary actions—such as gathering data, submitting authorization requests, and tracking their statuses—across diverse systems. This poised integration not only enhances precision in operations but also grants healthcare providers and administrators a clear view of workflow variances and compliance alignment through a feature-rich command panel known as BOSS Console.

Currently, RISA Labs is operational in some of the largest oncology practices in the U.S., reporting remarkable outcomes: administrative workloads have decreased by about 80%, denial rates have plummeted by nearly 40%, and the approval process has seen first-pass rates soar to an impressive 97.8%. Roughly 24 hours is the target timeframe for patient authorizations, sharply down from an average backlog of 8 days. This optimization enables practices to repurpose over 20 full-time staff to higher-value activities, enhancing both capacity and operational efficiency.