TL/DR –
Sixth Street Growth is leading a $120 million Series D financing round for Candid Health, an autonomous revenue cycle management platform for healthcare providers. Candid Health uses AI and deep learning to prepare, submit, and edit claims, in an industry where 3 in 4 providers report increasing claim denials and over 40% of claims are denied outright. The Candid platform has achieved best-in-class KPIs, including 95-99% first-pass “touchless” claim resolution, an average time to payment of under 20 days, and approximately 40% less manual work in cost-to-collect.
Sixth Street Growth’s $120 Million Investment in Candid Health
Sixth Street Growth takes the lead in a $120 million Series D financing for Candid Health, an autonomous revenue cycle management platform for healthcare providers. Candid exhibits qualities we value in AI-based companies: groundbreaking solutions for under-served markets, indispensable product integrated into customer workflows and a team committed to delivering customer outcomes.
Annually, hundreds of thousands of U.S. independent physician practices face challenges in getting payments for delivered care. Approximately 75% of providers reported increasing claim denials with over 40% indicating that more than 10% of their claims are outrightly denied. Tragically, over half of the denied claims are never reworked, causing practices to lose about 5% of net revenue.
Candid’s modern medical payments platform is designed to overhaul the healthcare revenue cycle. Using AI, Candid ensures providers are paid accurately and efficiently, thereby letting them concentrate on their prime role: delivering high-quality and accessible patient care.
Healthcare Revenue Cycle: A Rich, Yet Underserved Market
Despite being a $280 billion industry, healthcare revenue cycle management has been poorly served by existing solutions. With rising complexity in payor rules and denial logic, traditional revenue cycle systems have lagged behind. This has led providers to continue investing heavily even though they regularly lose significant revenue to uncollected balances and denials.
We propose a new category of revenue cycle infrastructure that utilises AI-powered automation to prevent reimbursement issues rather than managing them post factum.
Addressing the Core Issue, Not Just Symptoms
Unlike traditional vendors that work on denial remediation, Candid focuses on engineering claims correctly at submission to prevent denials in the first instance. Candid has created an autonomous end-to-end rules engine that prepares, submits and edits claims. This system has built a comprehensive knowledge graph that turns billing chaos into structured, query-able infrastructure, in contrast to legacy systems that lack the capability to fully utilise data.
Candid’s approach has resulted in considerable customer benefits, such as a 95-99% first-pass “touchless” claim resolution rate, under-20-days average payment time, and 40% reduction in manual work in cost-to-collect.
Leadership and Results Speak Volumes
Candid co-founders, Nick Perry and Doug Proctor, former data infrastructure specialists at Palantir, have applied their skills to revenue cycle management. Their first-principles thinking and operational rigour have resulted in infrastructure to solve root-cause problems.
In 2025, Candid’s annual contracted run-rate revenue increased by an impressive 190%. Now serving over 200 leading medical groups and digital health companies. We are proud to partner with the entire Candid team, Oak HC/FT, 8VC, Y Combinator, and First Round in reshaping how America’s healthcare providers get paid.
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