Keebler Health has secured $16 million in Series A funding to scale its AI-powered risk adjustment platform. The North Carolina-based company brings its total funding to $23 million. Flare Capital Partners led the round, with participation from Sands Capital and a broad group of existing investors.
The Problem with Traditional Risk Adjustment
Risk adjustment in healthcare remains a deeply fragmented process. Most clinical information exists outside of structured, coded fields. In fact, approximately 80% of healthcare data lives in unstructured formats — provider notes, imaging reports, discharge summaries, and faxed records.
Moreover, even structured records often fall short. A study in the Journal of the American Medical Informatics Association found that only 59.4% of chronic conditions are consistently captured in coded fields. Consequently, many providers miss Hierarchical Condition Category (HCC) coding opportunities. This directly affects risk scores and reimbursement accuracy.
Traditional approaches rely on manual chart reviews, offshore coding vendors, or spreadsheet-based workflows. These methods are slow, error-prone, and difficult to defend during audits.
Why HCC Coding Gaps Are Costly
When chronic conditions go undocumented, Risk Adjustment Factor (RAF) scores are incomplete. As a result, payers and providers operating under value-based care models receive inaccurate reimbursements. Furthermore, incomplete documentation creates vulnerability during RADV (Risk Adjustment Data Validation) audits conducted by CMS.
How Keebler Health’s Platform Works
Keebler Health takes a fundamentally different approach. Its platform is built natively on large language models (LLMs), designed from the ground up to process unstructured clinical documentation at scale. Rather than sampling patient charts, it reviews entire patient histories.
Core Capabilities of the Platform
Whole-Patient Record Construction: Keebler processes both structured EHR fields and unstructured sources — including faxes, consult notes, PDFs, and scanned reports — to build a complete picture of each patient.
Missed HCC Identification: The platform surfaces missed coding opportunities with source-linked evidence. Each HCC capture is traceable back to the original clinical documentation, making findings audit-ready.
Workflow Integration: Keebler embeds insights directly into existing clinical workflows. Providers access actionable intelligence without disrupting their day-to-day operations.
RADV Audit Readiness: Every RAF lift comes with linked documentation. This means organizations can defend their risk scores confidently under regulatory scrutiny.
CEO and co-founder Isaac Park described the company’s mission clearly: the goal is to bring the patient’s complete medical story forward so that risk and reimbursement decisions reflect the full scope of each patient’s health.
Investor Confidence and Key Backers
Flare Capital Partners led the Series A round. Additional investors include Sands Capital, Hustle Fund, Everywhere Ventures, Freestyle Capital, Underdog Labs, Tweener Fund, New Stack Ventures, Tau Ventures, Aviano Ventures, and MBX Capital.
Christy Steele, Partner at Sands Capital, highlighted a key challenge the platform addresses: achieving a complete and consistent view of the patient has historically been difficult when so much medical information exists outside structured fields.
A Growing Track Record
Keebler Health was founded in 2023 by Isaac Park, Andrew Stickney, and Kevin Hill, PhD, alongside founding Chief Medical Officer Terrell Bacchus, MD. The company previously raised $6 million in seed funding. This latest round reflects strong investor conviction in both the team and the market opportunity.
Expanding Beyond Risk Adjustment
Risk adjustment is Keebler’s initial focus. However, the company is building toward a broader vision. Its LLM infrastructure for reading and acting on raw clinical narratives creates a foundation for population health management and proactive risk identification.
Specifically, the Series A funding will support expansion into compliance and audit workflows, including AI-enabled RADV audit readiness. As regulatory scrutiny of risk adjustment continues to grow, these capabilities address a timely and urgent need.
Next Best Diagnostic Action
Additionally, Keebler plans to support Next Best Diagnostic Action use cases — surfacing predictive risk signals for patients before conditions escalate. This positions the company as more than a coding tool. It becomes an active infrastructure layer for value-based care organizations.
What This Means for Value-Based Care
The funds will support three priorities: commercial growth, team expansion, and platform infrastructure. Keebler aims to serve value-based care organizations across the country.
The company competes in a growing space. Navina, another AI clinical intelligence platform for primary care, closed a $55 million Series C round in March, bringing its total to $100 million. Still, Keebler’s LLM-native architecture and focus on unstructured data processing distinguish its approach.
For providers and payers managing Medicare and Medicaid risk, accurate documentation is no longer optional. Keebler Health’s platform offers a scalable path to closing that gap — and securing the reimbursements that accurate risk documentation deserves.
