Outbound AI

Outbound AI is a healthcare technology company that offers AI-powered virtual agents and software consoles to automate administrative tasks across the revenue cycle. The startup's Conversation AI Cloud platform utilizes AI agents specifically trained to handle phone-based billing work, such as verifying benefits, processing prior authorizations, managing claim status updates, and handling denials. These AI agents operate continuously, scaling as needed to accommodate any volume, allowing human staff to offload repetitive tasks and focus on higher-value work.

Outbound AI's AI agents leverage generative AI and are four to five times faster than humans at a fraction of the cost. They can communicate with human representatives, take notes, generate summaries, and prompt human intervention when necessary. The company's solutions are HIPAA-compliant and built on Microsoft Azure. As of June 2023, Outbound AI had acquired 15 new customers within the previous four months, targeting small and medium-sized healthcare groups like physician practices and medical billing companies. It generates revenue through a consumption-based pricing model, charging users based on monthly usage in minutes.

In February 2024, Outbound AI was selected to participate in Microsoft's invite-only Pegasus Program, partnering with Microsoft on digital transformation for the enterprise healthcare market. The startup was spun out of Madrona Venture Labs in 2021 and completed a USD 16 million seed funding round in June 2023, co-led by Madrona Venture Group and SpringRock Ventures.