Notable Nabs $3M Seed Financing
SAN MATEO, CA, Notable, a provider of voice-powered health care, has secured $3 million in seed funding.
Notable, an emerging leader in voice-powered health care, today launched at HLTH to deliver the first wearable voice-powered smart assistant for physicians that will transform the health care experience. Available as a white labeled solution for wearables, the platform leverages artificial intelligence and voice recognition technology to automate and structure every physician-patient interaction as well as eliminate the vast majority of clinical administrative work. The Notable team consists of technology industry veterans. To date, Notable has closed an initial $3M round of seed funding led by Greylock Partners, with additional participation from Maverick Ventures and 8VC.
The amount of time physicians spend on paperwork and administrative tasks continues to increase with most spending more than 10 hours per week. While EHRs have digitized health records, the overhead of data collection often leads to patient data that is sparse and lacks information. These systemic challenges burden patient care with overhead and inefficiency, and lead to physician burnout as time is increasingly spent behind a computer instead of on patient care.
"We started Notable after my family of physicians complained about how their work had become focused on billing and risk mitigation, and less about the patient or data needed to improve outcomes," said Pranay Kapadia, Notable CEO. "We started Notable to leverage powerful technologies such as AI, wearables and voice interface to address these challenges and to give physicians what they really want -- a seamless, truly hands-free solution, not another screen to learn or computer application."
Notable is the first ever voice-driven app built for the Apple Watch. It utilizes voice wake features that make it possible for clinicians to complete an encounter with just one tap. Notable automatically structures conversations, dictations, orders, and recommends the appropriate billing codes. Data is automatically entered into the EHR in a secure manner using robotic process automation. Since its beta launch, Notable has greater than a 98.5 percent approval rate, saves physicians at least an hour per day, and is already powering thousands of visits per month in multiple specialties.
"We see massive opportunity in Notable and the work they are doing to fundamentally change the physician-patient experience," said Jerry Chen, partner at Greylock Partners. "The Notable team's expertise in building products in highly regulated industries gives them an unparalleled advantage, enabling them to create the first voice-powered application and solve a true problem for physicians."
The platform's key benefits include:
Increased efficiency - Physicians get back over 60% of their administrative time and save an average of 1,500 clicks a day, providing them with the ability to spend more time with patients and see more patients each day.
Secure and complete records - Providers have a detailed record of each patient interaction which can be used to manage patient care, track progress and review specific patient interactions to settle claims or share with the patient as part of their health record.
Enterprise ready - Built by veterans in AI, consumer design and enterprise tech, Notable can be white-labeled and configurable, enabling networks and groups to adapt the technology to suit their brand and workflow.
Kapadia will introduce the Notable Platform at HLTH on Monday, May 7th at 4:30 p.m. during the Spotlight track. For more information, visit notablehealth.com or follow them on LinkedIn and Twitter.
SUPPORTING QUOTES FROM DOCTORS
"Notable frees me to spend more quality time with my patients at work, and more quality time with my family when I get home. I now complete almost 100% of my notes immediately after the patient visit is completed. I've worked with typing entry, iPhone transcription services and a scribe. None of them compare to Notable and I can't imagine going back." - Dr. Dolan, Orthopedist
"The thing that I like the most about this product is that it combines two very unusual characteristics: it is simultaneously the most faithful and least intrusive means of recording what happened. A wrist watch doesn't take up the same kind of space as a computer, a tablet, or a even a dictaphone, and ¦ it encourages face to face contact during speech." - Dr. Gollogly, Orthopedist
Notable, an emerging leader in voice-powered health care is focused on simplifying the business of health care. By leveraging artificial intelligence to automate and structure every physician-patient interaction, Notable drastically reduces the administrative burden the industry faces while improving the data quality of health records. The Notable team consists of technology industry veterans and is funded by leading Silicon Valley investors such as Greylock Partners, Maverick Ventures and 8VC.
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