Keebler Health Secures $6M Seed Funding to Bring AI-Powered Risk Adjustment to Value-Based Care
Keebler Health offers an AI-powered risk adjustment platform that improves accuracy and efficiency in medical coding and billing for Medicare and Medicaid providers and payers.
AI-driven risk adjustment is undergoing a major shift, and Keebler Health is stepping up to meet the moment. The company has raised $6 million in seed funding, bringing its total raise to $7.8 million, as demand for its AI-powered risk adjustment platform grows. The round saw participation from Freestyle Capital, MBX Capital, New Stack Ventures, Underdog Labs, Everywhere VC, Ludlow Ventures, Primordial, the Tweener Fund, the Hustle Fund, Deb Liu, and Bong Koh.
With new CMS regulations reshaping the risk adjustment landscape, Keebler Health is building the AI-driven tools clinicians need to improve accuracy, reduce administrative burden, and enhance patient care at scale.
Bringing AI to Risk Adjustment
Keebler Health’s platform uses large language models (LLMs) to analyze vast amounts of patient medical records, flagging chronic conditions and surfacing key insights for clinicians. By automating risk assessments, the platform improves accuracy for Accountable Care Organizations (ACOs) and value-based care (VBC) providers, ensuring they can efficiently capture patient risk profiles and receive appropriate reimbursements.
“Risk adjustment accuracy has emerged as a top challenge for providers in VBC environments,” says Isaac Park, co-founder and CEO of Keebler Health. “With AI becoming more precise and value-based care adoption accelerating, we knew this was the right time to apply AI to this problem.”
A Major Shift in Risk Adjustment is Coming
For the last eight years, risk adjustment has been built around CMS’s Hierarchical Condition Categories (HCC) Version 24. However, in 2025, HCC Version 28 will replace it, forcing healthcare organizations to adapt to a radically different model.
“For years, the industry has relied on human experts trained on Version 24,” explains Park. “Now, CMS is rolling out Version 28 over the next three years, and every provider will need to change how they approach risk adjustment.”
Beyond the new regulations, AI is fundamentally transforming the process. Traditionally, only a small group of specialized clinicians handled risk adjustment for high-risk patients. But with Keebler Health’s AI-powered platform, this process can now scale across entire patient populations—something that wasn’t possible before.
“Not only are the rules changing, but AI is allowing providers to apply these new risk models at scale,” says Park. “This shift is coming fast, and healthcare organizations need the right tools to keep up.”
Why This Matters for Value-Based Care
As CMS and private payers continue transitioning toward value-based care models, accurate risk assessment has never been more critical. AI-powered automation is helping healthcare organizations proactively identify patient risks, improve financial reimbursements, and deliver better patient outcomes.
With its fresh funding, Keebler Health plans to expand its team and accelerate product development to meet this demand. “AI isn’t just making risk adjustment faster—it’s making it more precise,” Park explains. “With these new CMS changes, providers need a solution that allows them to adapt quickly, and that’s exactly what we’re building.”
The Growing AI-Driven Healthcare Movement
Keebler Health’s funding round comes amid a wave of investment in AI-powered healthcare solutions:
NeueHealth is being acquired in a $1.3 billion deal led by NEA.
Guidehealth secured $14 million in seed funding to expand predictive AI-driven care.
Lumeris raised $100 million to scale its value-based care services.
The trend is clear: AI is fundamentally reshaping risk adjustment and value-based care, and Keebler Health is positioning itself at the forefront of this transformation.
Read more on Keebler' Health’s exclusive interview with MobiHealthNews
Listen to Isaac Park with Jenny Fielding on the Venture Everywhere podcast: Keebler Health Bytes. Now on Apple & Spotify and check out all our past episodes here!
