Latent Raises $80M to Automate Medication Approvals at Major Health Systems
Latent, a clinical AI company that automates medication approval workflows, secured $80 million in Series A funding. Spark Capital and Transformation Capital co-led the round, with General Catalyst, McKesson Ventures, Y Combinator and Conviction also participating.
The company processes electronic health record data to speed up medication access decisions. Its platform interprets drug criteria and orchestrates approval workflows, reducing the manual work required to determine patient eligibility and coverage.
Latent now works with more than 45 health systems, including half of the top 20 U.S. health systems by size. Partners include Yale New Haven Health, Ochsner Health, MetroHealth, Vanderbilt Health, Mount Sinai Health System, Henry Ford Health System, UCSF Health and UCLA Health.
The company will use the funding to expand its platform capabilities, hire staff and deepen partnerships with additional health systems.
Competition in Medication Access
Several companies are competing to streamline how patients access medications. Amazon Pharmacy expanded same-day delivery to nearly 4,500 cities earlier this year, competing against Walmart, Optum Home Delivery, Cigna Express Scripts and CVS Caremark.
Interra Health, formed from a merger between DoseSpot and Arrive Health, offers electronic prescribing and medication coverage pricing networks to help providers make real-time decisions about drug options and costs.
Scripta Insights targets self-insured employers and health plans with pharmacy navigation tools. The company partnered with RxSaveCard last year to help employers reduce prescription costs by showing members both covered and cash-pay medication options.
Healthcare professionals managing medication workflows and approval processes should understand how AI for Healthcare and AI Agents & Automation are reshaping clinical operations at scale.
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