Press release written by Tanay Tandon, CEO at Athelas
We are beyond excited to share that Athelas and Commure – a leading provider of enterprise healthcare software – are merging, and I am taking over the combined entity as CEO, Deepika Bodapati as COO, and Dhruv Parthasarathy as CTO. We’re also raising fresh capital from General Catalyst, valuing the combined entity at $6B.
In the past few years, Athelas RCM and RPM have grown rapidly to thousands of healthcare providers and hundreds of thousands of patients. We process hundreds of millions of dollars in healthcare claims and power critical workflows for small practices and hospitals alike.
Commure has built a fast-growing enterprise software business, serving the likes of HCA Healthcare, Jefferson, Providence, and the VA – some of the largest health systems in the country. Their PatientKeeper EHR software saves clinicians hours of time every day, and Strongline protects nurses while delivering key analytics on the physical logistics of a hospital.
Each company has independently grown more than 500% in the trailing 3 years and has more than 6 years of runway.
Our combined teams believe that the advent of large language models has created a pivotal moment for healthcare, and more broadly in American labor. Healthcare providers spend countless hours a day on documentation, administrative work, faxing, and other forms of button-wrangling – valuable time lost that could be better spent improving outcomes for patients.
This constant battle between real work and ‘work tax’ has driven the creeping spend in American healthcare – spiking to $1 Trillion annually in administrative costs.
Commure’s up-market distribution, paired with Athelas’s rapid engineering + product velocity, is the perfect combination to attack this massive and growing problem in American healthcare.
The combined company has multiple fast-growing revenue lines attacking this thesis. Revenue Cycle, Workflow Automation, Scribing, Patient Engagement, Remote Patient Monitoring, Mobile EHR, and Strongline (Asset Tracking + Nurse Badging/Safety) built on top of a single operating system: CommureOS.
We’re excited to have HCA Healthcare, the largest hospital operator in the country ($70B+ public company) on the board, along with Hemant Taneja, Quentin Clark, Qasar Younis, and other incredible technologists.
Combined, the company is at a $100mm+ run rate, tracking to $125mm-150mm by the end of the year.
In many ways, this merger has been 6 years in the making. The two companies have been converging on a singular vision for a while. An ‘OS’ that obviates all ‘work tax’ for a doctor or nurse and allows them to focus on rendering care safely and efficiently.
We’re here for the long haul to build an enduring, genre-defining healthcare company using software, sensors, and artificial intelligence. At heart we’re always going to be a bunch of kids in a garage, building crazy technology 🙂
Originally announced October 4th, 2023
