Written by Caroline Xie and Ritika Pai | November 3, 2021
Notable: Enriching the Doctor-Patient Experience
When co-founders exhibit a special chemistry between them, it’s undeniably contagious. In the case of Notable, this was no exception. Pranay Kapadia, Adam Ting, and Justin White first met at Blend, respectively leading the product, design, and engineering teams to modernize and simplify the mortgage and lending industry. It was there that they recognized the strong parallel between the digital modernization of financial services that they were working on and healthcare: it’s an equally large, complex, regulatory heavy, and overwhelmingly inefficient industry ripe for automation. Pranay had seen this firsthand, coming from a family of physicians. In 2017, Pranay, Adam, and Justin came together to change things. The result is Notable, an intelligent software platform for healthcare that seeks to automate patient encounters and workflows, from front desk to back office. And today, ICONIQ Growth is ecstatic about our new partnership with Notable as they continue their journey to enrich interactions between clinicians and their patients.
Annually, over $1 trillion is spent on healthcare administration in the United States, with the growth of healthcare administrators far outpacing the growth of physicians at an accelerating rate. From 1990 to 2021, the US healthcare workforce grew by 75%, yet all but 5% of that job growth was in administrative staff, not doctors, and today there are on average 10 administrative roles for every US doctor. As a result, healthcare is one of the few industries with negative productivity growth. In the last two decades, an increasing workforce—as opposed to productivity gains or innovation—drove nearly all of the growth in US healthcare delivery, all of which ultimately leads to more unsustainable spending within US healthcare and diminished progress in patient experience and outcomes. It’s something we’ve all experienced countless times, from the struggles of finding and booking an appointment to navigating insurance authorizations, providing hospital staff the same information and symptoms repeatedly across one visit, and—after finally seeing the clinician—the ambiguity of follow-ups and next steps. This ultimately manifests not only in hospital costs and administrative burden but, more seriously, gaps in patient access, care, outcomes, and affordability.
This is the massive challenge that Notable’s software platform is focused on addressing. By leveraging and unifying AI and robotic process automation, Notable is able to digitize and automate administrative and clinical tasks across the care continuum, providing fully managed digital assistants that are codified to perform hundreds of tasks across front desk to back office workflows and patient encounters. Notable allows health systems to rapidly configure and deploy solutions across four key strategic pillars and common pain points – digitizing patient intake, increasing patient access, improving population health, and supporting revenue cycle management – or quickly build new flows and use cases using Notable’s flexible platform and no code configurability. The software integrates seamlessly into important EMRs and data sources at the core of hospital and physician workflows, acclimating to the way physicians already work and ensuring unparalleled data access and reliability, critical for effective automation at scale.
Our conversations made clear to us that the Notable technology and extendibility is exceptionally different from other offerings. But it was the consistently effusive feedback and trust by leading health systems and customers including Intermountain, Houston Methodist, Austin Regional Clinic, and more, that drew us to the company and led us to believe wholeheartedly in the Notable team’s vision. In just one month, Intermountain launched a new digital patient experience that sees over 90% of patients now completing patient intake and check in prior to setting foot in a clinic. Lowell Community Health Center leveraged Notable’s technology to engage patients through trusted, personalized outreach based on social determinants of health, improving engagement rates by 30% amongst a diverse patient population of which more than 40% are nonnative English speakers. Most importantly, by automating outreach, care coordination, and post visit follow up, we believe Notable was measurably improving care gap closure and reaching patient populations and demographics often missed and at risk, improving patient experience and outcomes at scale. It became very clear to us that the extendibility of the Notable platform across use cases and the strength of product was driving immediate, measurable, and multidimensional impact for all stakeholders and empowering health systems to ultimately provide better care.
ICONIQ Growth is thrilled and humbled to support Pranay, Justin, and Adam and the entire Notable team in their mission to transform healthcare with intelligent automation and deliver better patient experiences and outcomes. Notable is an exciting addition to the many other healthcare IT companies we have been grateful to partner with, all of whom we believe share the same maniacal focus on building best-in-class technology. We are excited to be a part of Notable’s continuing story—alongside our friends at F-Prime, Oak HC / FT, Greylock, Maverick, 8VC, and others—as they work to redefine their industry and change lives for the better.
Read more on the announcement here.