New York-based startup Plenful has secured $10 million in funding from investors including Bessemer Venture Partners and Waterline Ventures. Plenful aims to automate pharmacy and healthcare operations using AI, allowing organizations to streamline administrative tasks and free up care teams to focus on patient care. The investment comes at a time when the healthcare industry is facing worker shortages, with predictions that it could be short of 18 million workers by 2030. Plenful’s platform sits on top of healthcare data, using AI with human oversight to automate tasks such as document data entry and identification of revenue optimization opportunities.
The healthcare industry relies heavily on the manual handling of routine administrative tasks, which takes time away from direct patient care. Plenful seeks to address this issue by automating tasks such as data entry, patient intake management, and compliance with drug procurement programs. According to Joy Liu, the CEO and co-founder of Plenful, the company was inspired to innovate and address operational inefficiencies in healthcare based on firsthand experience with the challenges faced in the industry. The goal is to drive efficiencies across healthcare operations and enable care teams to focus on high-value tasks. Plenful has already acquired more than 20 customers, and its ability to provide AI-driven insights helps entities under the 340B program proactively identify errors and exceptions.
While there are other players in the healthcare automation space, Plenful believes it has limited direct competition due to its specialized focus on pharmacy operations and its highly configurable no-code platform. This funding round will enable Plenful to expand its team and market presence. The company plans to onboard technologists, business strategists, and healthcare operators to scale its customer base and automate administrative tasks causing burnout and affecting retention. Plenful aims to grow its core product, engineering, partnerships, and customer success functions to meet the needs of the healthcare industry and drive further innovation in healthcare automation.