Fabric secures $60M in Series A funding led by General Catalyst to advance its AI-driven healthcare platform. With a focus on combating clinician burnout and enhancing patient care, Fabric automates administrative tasks and improves clinical capacity. The platform’s success is evident through its significant impact, empowering over 3,500 clinicians and facilitating over 12 million patient interactions.
Fabric, a prominent developer of care enablement platforms, has disclosed a Series A funding round of $60 million today, led by General Catalyst. Thrive Capital, GV (Google Ventures), and other notable investors have also participated in this funding round.
The influx of capital will be instrumental in advancing Fabric’s objective of humanizing healthcare through the automation of administrative and clinical tasks, thereby empowering both patients and healthcare providers.
Combatting Clinician Burnout Crisis
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As clinician burnout reaches unprecedented levels and the projected physician shortage surpasses 100,000 within the next decade, the healthcare sector confronts significant challenges. Fabric directly addresses these issues by:
– Enhancing clinical capacity: Leveraging AI to identify patient symptoms and guide them to the appropriate care setting, thereby optimizing resource allocation.
– Expanding access to care: By streamlining workflows, clinicians can dedicate more time to patient consultations, ultimately facilitating increased patient intake.
AI-driven Care Enablement Platform
Fabric’s platform presents a comprehensive care enablement solution, replacing disparate systems and enriching the care experience for both patients and healthcare providers. Key features include:
– Conversational AI: GYANT, Fabric’s AI-powered care assistant, assists patients with self-service tasks such as symptom evaluation and appointment scheduling, resulting in a 30% reduction in contact center volume.
– Intelligent Adaptive Interviews: These interactive questionnaires swiftly gather patient information, significantly reducing clinician time (up to 10x) and minimizing wait times for virtual consultations.
– Mobile Intake Forms: Automate symptom collection for in-person consultations, allowing clinicians to allocate more time to meaningful patient interactions.
– Automated Follow-up Engagement: Reminders and self-scheduling tools enhance patient compliance and decrease readmission rates by over 10%.
Achievements and Future Plans
Fabric’s platform has already demonstrated substantial impact:
– Over 12 million patient interactions: Fabric efficiently addresses patient needs, alleviating strain on the healthcare system.
– Empowerment of over 3,500 clinicians: Automated tasks enable healthcare providers to prioritize patient care.
– Collaboration with 70 leading health systems: Fabric’s solutions are widely adopted for their effectiveness.
The company intends to utilize the latest funding round to expand its team, enhance its platform, and pursue strategic acquisitions.
Aniq Rahman, founder and CEO of Fabric, expressed excitement about the partnership with General Catalyst for the company’s next phase of growth. Rahman emphasized Fabric’s commitment to addressing the unprecedented challenges in healthcare by delivering seamless and intuitive experiences to foster boundless care.
