What You Should Know:
– Fabric, a leading care enablement platform developer, announced today a $60 million Series A funding round led by General Catalyst, with continued participation from Thrive Capital, GV (Google Ventures), and other notable investors.
– The funding will be used to fuel Fabric’s mission to humanize healthcare by automating administrative and clinical tasks, empowering both patients and clinicians.
Addressing Crisis-Level Clinician Burnout
With provider burnout at an all-time high and a projected physician shortage exceeding 100,000 in the next decade, the healthcare system faces immense challenges. Fabric tackles these issues head-on by:
– Improving clinical capacity: AI helps identify patient symptoms and direct them to the right care setting, optimizing resource allocation.
– Increasing access to care: Streamlined workflows free up clinician time, allowing them to see more patients.
AI-Powered Care Enablement Platform
Fabric’s platform offers a unified care enablement solution, replacing fragmented systems and enhancing the care experience for both patients and clinicians. Key features include:
– Conversational AI: GYANT, Fabric’s AI-powered care assistant, helps patients with self-service tasks like symptom checking and appointment scheduling, reducing contact center volume by 30%.
– Intelligent Adaptive Interviews: These interactive forms gather patient information quickly and efficiently, saving clinicians time (up to 10x) and reducing wait times for virtual visits.
– Mobile Intake Forms: Streamline in-person care with automated symptom gathering, freeing up clinician time for more meaningful interactions.
– Automated Follow-up Engagement: Reminders and self-scheduling tools improve patient adherence and reduce readmission rates by over 10%.
Traction/Milestones
The platform has already made a significant impact to date:
12 million+ patient interactions: Fabric efficiently manages patient needs, reducing burdens on the healthcare system.
3,500+ clinicians empowered: Automated tasks allow providers to focus on what matters most – patient care.
70 leading health systems on board: Fabric’s solutions gain widespread adoption for their effectiveness.
The company plans to use the latest round of funding to drive team expansion, platform enhancements, and strategic acquisitions.
“We are thrilled to announce our partnership with General Catalyst for our next phase of growth,” said Aniq Rahman, founder and chief executive officer at Fabric. “Healthcare faces unprecedented challenges, including rising demand, underlying costs, and staffing constraints, which pose significant barriers to access. With the investment, we will continue addressing these challenges and further our mission of providing boundless care through seamless and intuitive experiences.”