Parakeet Health Launches With Generative AI Voice Platform to Transform Patient Engagement for Healthcare Providers
Now supporting provider organizations that serve hundreds of thousands of patients nationwide, Parakeet expands with multiple new provider deals and with $3 million in seed funding led by Canvas Ventures.
SAN FRANCISCO, Oct. 15, 2024 /PRNewswire/ -- Parakeet Health, a generative AI company focused on improving patient engagement for healthcare providers, today announced the launch of its generative AI voice platform, which transforms how healthcare providers handle patient communication at scale. The company also secured $3 million in seed funding led by Canvas Ventures with participation from CoFound Partners, StoryHouse Ventures and several prominent individual investors, including former One Medical CEO Tom Lee, MD, and former Twitter CTO Adam Messinger.
Parakeet Health addresses common frustrations patients face when communicating with healthcare providers, a problem that disrupts the patient experience and can lead to revenue loss and staff burnout for provider organizations. The platform automates contact center tasks and other repetitive administrative duties using AI voice agents, available 24/7 and in multiple languages, to handle both outbound and inbound patient communications via calls and texts. Use cases include appointment scheduling, managing referrals, patient outreach (prescription status, labs, wellness visits, etc.), billing and payments and answering FAQs.
In just six months, Parakeet's approach has already been proven to drive down patient acquisition costs by 2x (from $8.38 to $4.09), in addition to improving success rates. The platform also eliminates all missed calls, a key challenge that can hinder provider growth. The company's strong early proof points have contributed to it signing several major customers, including virtual primary care provider Galileo, which operates 24/7 in all 50 states; virtual genetic counseling leader Genome Medical; and multi-site skin care provider Medical Dermatology and Cosmetic Surgery.
"Our practice has always embraced new technologies that allow us to be among the most innovative in the country, and the generative AI voice solutions from Parakeet represent the latest opportunity for us," said Dr. Parinita Amin, CEO of Medical Dermatology & Cosmetic Surgery. "We plan to deploy the technology to automate an increasing number of administrative tasks, allowing our team to focus more on patient care. By streamlining calling workflows, we can provide a more efficient and seamless experience for our patients. This technology not only enhances the operational side of our practice but also ensures that patients receive the timely, personalized attention they deserve, ultimately improving the quality of care we deliver."
Created by experienced leaders in healthcare delivery and AI, Parakeet's founding team includes Co-founder and CEO Jung Park, who previously held executive positions at One Medical and Epocrates; Co-founder Eric Mao, who led product and engineering teams at Microsoft and Primer AI; and CTO Aaron Lee, who was an engineering team leader at Rippling and Twitter. Former Doximity CRO and One Medical SVP Paul Jorgensen currently serves as Strategic Advisor and also invested in the company.
"We've all experienced long holds, after-hours frustrations, and waiting for call-backs when communicating with our doctors. Sadly, these experiences are more the norm and not the exception for patients, and while they may sound small, these everyday issues are far more damaging to healthcare practices than they seem, especially when every dollar counts," said Park. "Our platform is built with deep knowledge of the healthcare system, giving providers an AI-powered voice agent that understands and supports their workflows and handles tasks that usually require entire teams."
Most AI voice solutions currently used by healthcare providers to handle patient communication are based on rules and only handle specific tasks. However, Parakeet's AI is powered by advanced large language models (LLMs), enabling it to manage a broad range of patient interactions while also seamlessly integrating with systems like EHRs, billing, VoIP, insurance claims and CRM tools.
About 90% of patients still use the phone to schedule appointments, especially older adults. However, managing calls is a costly and time-consuming challenge for providers, contributing to patient churn, revenue loss and staff burnout and turnover. Staffing issues remain a significant concern for U.S. medical practices, with 58% naming it as their biggest challenge last year.
"AI-generated voice is the next frontier in healthcare, but not all teams are up to the task of building it," said Canvas Ventures Partner Rebecca Lynn. "Drawing from his work across One Medical, Epocrates and PE-backed multi-site specialty practices, Parakeet's CEO Jung Park is uniquely well-versed in what actually matters to providers to help them run a more efficient practice, and ultimately grow their businesses. I'm very excited about what is in store for the Parakeet team—and the industry as a whole—as we see the power of voice take hold."
Parakeet aims to expand by targeting health systems, multi-site medical practices and large senior primary care providers offered by Medicare Advantage plans. The company plans to use its seed funding to grow its team and further develop its technology.
About Parakeet Health
Parakeet Health is a healthcare AI company developing voice agents to transform patient engagement, reduce administrative burdens and drive higher revenue for providers. Its platform, powered by advanced LLM technology, supports various patient-experience use cases by managing both inbound and outbound communications at scale. Founded by an experienced team of healthcare and technology leaders from some of the most innovative companies, Parakeet is backed by Canvas Ventures, CoFound Partners, StoryHouse Ventures and many notable individual investors. Visit www.parakeethealth.com for more information.
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