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As a result, healthcare is one of the few industries with negative productivity growth. From 1990 to 2021, the US healthcare workforce grew by 75%, yet all but 5% of that job growth was in administrative staff, not doctors, and today there are on average 10 administrative roles for every US doctor. And today, ICONIQ Growth is ecstatic about our new partnership with Notable as they continue their journey to enrich interactions between clinicians and their patients.Īnnually, over $1 trillion is spent on healthcare administration in the United States, with the growth of healthcare administrators far outpacing the growth of physicians at an accelerating rate.
#Notable rpabased series iconiq growth software
The result is Notable, an intelligent software platform for healthcare that seeks to automate patient encounters and workflows, from front desk to back office. In 2017, Pranay, Adam, and Justin came together to change things. Pranay had seen this firsthand, coming from a family of physicians. It was there that they recognized the strong parallel between the digital modernization of financial services that they were working on and healthcare: it’s an equally large, complex, regulatory heavy, and overwhelmingly inefficient industry ripe for automation. Pranay Kapadia, Adam Ting, and Justin White first met at Blend, respectively leading the product, design, and engineering teams to modernize and simplify the mortgage and lending industry. In the case of Notable, this was no exception. When co-founders exhibit a special chemistry between them, it’s undeniably contagious.