CIBC Innovation Banking has provided US$5.5 million in debt financing to San Francisco-based Health Fidelity, a clinical natural language processing technology platform. The company will use the funds raised for product delivery and market growth. CIBC Innovation Banking is the technology lending arm of Canadian bank CIBC.
CIBC Innovation Banking is pleased to announce a US$5.5 million debt financing for Health Fidelity, Inc. (“Health Fidelity”), a healthcare technology market leader focused on supporting health plans and hospital systems successfully engaged in risk-sharing arrangements. The company will use the debt capital to accelerate new product delivery to the provider market and expand market development.
Founded in 2011 and headquartered in San Mateo, California, Health Fidelity leverages proprietary natural language processing (NLP) technology and robust data analytics to process large amounts of unstructured clinical data otherwise inaccessible for applied analytical use. The company’s insights guide provider networks and health systems within existing operational workflows to improve their risk adjustment performance, while supporting revenue and contributing to improved patient outcomes.
“The Health Fidelity team has extensive knowledge and experience in the areas of healthcare risk analysis and management,” said Charlie Kelly, Managing Director with CIBC Innovation Banking in Denver. “This collaborative approach to client relationships results in robust platform development and deployment.”
“The CIBC Innovation Banking team invested the time to understand our business, our customers and our opportunity to improve the healthcare industry. Partnering with their team further strengthens our market position,” said Brian McDonald, CFO, Health Fidelity. “Health Fidelity continues to drive significant year over year growth and deliver powerful, NLP-enabled risk adjustment solutions, despite the difficult operating environment created by the COVID-19 crisis. With CIBC Innovation Banking’s innovative and flexible products and considerable expertise, we have added additional financial resources to fully execute on our growth strategy.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.
About Health Fidelity
Health Fidelity simplifies risk adjustment, offering risk-bearing organizations clear visibility into, and control over, their process. Through their NLP-powered solutions and expert advisory services, they uncover insights that enable better care plans and more complete revenue capture. The Lumanent™ suite gives Health Fidelity partners the confidence to pursue and ability to succeed in risk-sharing arrangements across MA, ACA, Medicaid, and ACO programs.