Today we announced Charta's $55 million Series B, led by Insight Partners. Existing investors Madrona, Bain Capital Ventures, and South Park Commons also participated, alongside QuantumLight.
The Series B funds a goal we believe healthcare is finally ready for: a single, trusted read of the medical chart that payers and providers can both rely on, before a claim ever goes out.
Administrative bloat is adding to healthcare's affordability crisis
Healthcare is facing a deepening affordability crisis. One of the culprits behind the rising price of care is administrative bloat.
Insurance companies and healthcare providers spend billions of dollars every year adjudicating claims. They do so because it has never been possible to read every patient chart reliably and at scale.
The chart is the ultimate source of truth for healthcare billing: It documents what happened in the visit and the provider's justification for the treatment they ordered or administered. But the medical record is made up largely of unstructured data (free-text notes, scanned orders, lab results, and images) that technology couldn't reliably interpret at scale.
Lacking the ability to read every chart, the industry did what it had to: it invented workarounds to condense and translate the information in a chart. Medical codes compress a visit into structured data. Claims convey those codes. Clearinghouses scrub and process the claims. And payments and denials get adjudicated on the basis of those claims, not the charts behind them. When a payer wants to check whether the documentation supports what was billed, it runs an audit: it requests a small sample of charts, reviews them for inaccuracies, and extrapolates the findings across a much larger population of claims.
This process was meant to ensure that documentation supported billing. But it also gave rise to an entire industry built around managing the cycle of denials and appeals. Those administrative costs may once have been the price of honest, accurate billing. Today, they’re no longer necessary.
With large language models, we can now read every chart, including unstructured data, to understand what care was delivered and whether the documentation supports what was billed. Payers and providers no longer have to rely on sampling and extrapolation for billing accuracy.
This enables a crucial shift: from post-billing claims adjudication to pre-billing accuracy.
See Charta in action
Schedule a demo to see how Charta delivers consistent revenue uplift and double-digit reductions in denial rates to providers across specialties.
An AI arms race both sides are losing
Over the past several years, payers and providers have raced to adopt AI to improve their financial performance. But the tools they've implemented are designed to help each side fight the other harder: AI-enabled denials and utilization management review on one side, bot-driven appeals on the other.
Arming one side against the other doesn't fix the problem. It only perpetuates a cycle that already costs the U.S. healthcare system tens of billions of dollars a year. And those costs don't disappear: they're ultimately passed on to consumers and taxpayers.
Charta isn't here to arm either side. We work with payers and providers because accuracy shouldn't depend on which side of the claim you're on.
A shared standard of accuracy
Our view is simple. Payers and providers should agree on the chart before a claim goes out, not fight about it after. That starts with holding every chart to the same standard: official coding guidelines and payer rules, applied consistently, whichever side of the claim is doing the review.
As Jeff Horing, co-founder and managing director at Insight Partners, says: “Healthcare payments depend on the medical chart, and charting errors cause costly problems across the entire process As payers and providers both adopt AI, we believe the opportunity lies in getting the underlying record, or the ‘ground truth,’ right before a claim is submitted. Charta pairs AI with customer-specific coding expertise and serves both sides of that market. We are excited to partner with Justin, Scott, and the team as they scale.”
Charta already works with some of the country's leading healthcare enterprises, including American Family Care, Grow Therapy, and Pediatric Associates Family of Companies. For provider teams, Charta reviews every chart before claim submission, checking it against coding guidelines and payer rules and flagging gaps against the organization's own clinical protocols. Findings surface for human approval inside the EHR. Providers get claims built to hold up, with fewer denials and reduced clawback risk. In fee-for-service billing, Charta delivers consistent, double-digit reductions in denial rates.
Charta also gives compliance and medical leadership teams visibility into documentation deficiencies, error patterns, and provider performance across every patient encounter. When every chart gets reviewed, accuracy stops being a guess. Clinical leaders have what they need to make informed business decisions, pay providers accurately for the care they deliver, and coach clinical staff on their performance.
Our Series B will let Charta accelerate AI development for even greater accuracy and insight for provider teams, and expand into new specialties.
Charta for Payers
With our Series B, Charta also now offers an expanded suite of products for health plans, beginning with plans in Medicare Advantage and the ACA Marketplace.
For plans in government-paid programs, accurate diagnosis coding and quality improvement are urgent priorities as regulators focus on reducing waste, fraud, and abuse. Accuracy cuts both ways: Charta identifies conditions that are documented but not coded, and flags diagnoses that are coded but not supported by the chart. Designed in partnership with one of the nation's largest health insurers, Charta for Payers includes six AI-powered products:
- AI-enhanced retrospective HCC coding: Comprehensive review of historical charts, with AI surfacing supported and unsupported diagnoses
- AI-automated second-pass coding: An automated evidence check on first-pass coding results
- Smart coding platform: A workspace where coders review, validate, and finalize findings
- Prospective risk adjustment intelligence: Pre-visit insight into conditions to address at the point of care
- HCC validation and audit workflow: Internal validation of submitted HCCs and RADV readiness
- HEDIS and quality care gap detection: Identifying open quality gaps from chart data
See Charta for Payers
Schedule a demo to see Charta's full suite of solutions for payers participating in Medicare Advantage and Affordable Care Act Marketplace plans.
What comes next
Our work with providers, and with payers in government-sponsored programs, has prepared us to take on a bigger problem: a single, trusted read of the chart that insurance companies and healthcare providers can both rely on. In that system, neither side will need armies of coders and auditors fighting over what happened in a visit, and more of every healthcare dollar goes back into patient care.
If you lead coding, revenue cycle, risk adjustment, or quality at a provider organization or a health plan, I'd love to show you what Charta finds in your charts.
Providers: See how Charta for Providers reviews every chart before it's billed.
Talk to our team →
Health plans: Explore what Charta for Payers can do for your risk adjustment and quality programs.
Request a demo →
