Key Takeaways
- • Basalt Health, an AI platform for post-acute care admissions, raised a $20 million Series A led by return investor NEA, bringing total capital raised to approximately $24.5 million, according to Business Wire.
- • The platform cut median referral chart processing time at Lifepoint Health from 8.5 minutes to 1.2 minutes, an 86% reduction.
- • Basalt is scaling to 111 markets, including 62 ScionHealth hospitals and 49 additional Lifepoint Health markets, by the end of 2026.
- • Proceeds will fund expansion from admissions into discharge and payer workflows, plus growth in sales, marketing, implementation, and engineering teams.
- • Participating investors include Frist Cressey Ventures and 25m Health, which co-founded the company through its healthtech venture studio.
Summary
Basalt Health, a Nashville-based company that uses artificial intelligence to speed patient transitions into post-acute care, announced a $20 million Series A financing led by NEA, with participation from existing investors Frist Cressey Ventures and 25m Health. The round brings the company's total capital raised to approximately $24.5 million, according to the company's announcement distributed through Business Wire.
The company targets a placement process that the company describes as outdated. According to Basalt, roughly 14 million patients enter post-acute care each year, and case managers typically fax lengthy clinical packets to 6.6 facilities per placement while waiting for beds to respond. The company estimates these delays and mismatches contribute to about $17 billion in avoidable readmission costs annually. Founder and CEO Ben Hackett, who previously spent nearly a decade at Accolade, founded Basalt in 2024.
Basalt reads each referral as it arrives by fax, portal, or direct EMR integration, evaluates it against a facility's clinical criteria, and supports downstream workflows including admissions, benefits checks, and prior authorizations. The company reports that it has been live with Lifepoint Health since its 2025 seed round, reducing median chart processing time from 8.5 minutes to 1.2 minutes, and is being implemented across 49 additional Lifepoint markets by the end of 2026. Lifepoint's SVP and CIO, Al Smith, said the platform helps organizations identify opportunities sooner and streamline operations.
The platform is also scaling to 62 ScionHealth hospitals by the end of 2026, where it will manage every incoming referral across a network of more than 6,000 practitioners. ScionHealth SVP of Growth and Transformation Sarah Stuart said the platform helps teams work faster and make more informed decisions.
NEA partner Blake Wu, who sits on Basalt's board, described the company as tackling a massive healthcare challenge with clinical impact and rapid adoption. The company will use the new capital to expand from admissions into discharge and payer workflows and to grow its teams. Basalt is backed by NEA, Frist Cressey Ventures, and 25m Health, the Nashville healthtech studio of 25madison.
The company targets a placement process that the company describes as outdated. According to Basalt, roughly 14 million patients enter post-acute care each year, and case managers typically fax lengthy clinical packets to 6.6 facilities per placement while waiting for beds to respond. The company estimates these delays and mismatches contribute to about $17 billion in avoidable readmission costs annually. Founder and CEO Ben Hackett, who previously spent nearly a decade at Accolade, founded Basalt in 2024.
Basalt reads each referral as it arrives by fax, portal, or direct EMR integration, evaluates it against a facility's clinical criteria, and supports downstream workflows including admissions, benefits checks, and prior authorizations. The company reports that it has been live with Lifepoint Health since its 2025 seed round, reducing median chart processing time from 8.5 minutes to 1.2 minutes, and is being implemented across 49 additional Lifepoint markets by the end of 2026. Lifepoint's SVP and CIO, Al Smith, said the platform helps organizations identify opportunities sooner and streamline operations.
The platform is also scaling to 62 ScionHealth hospitals by the end of 2026, where it will manage every incoming referral across a network of more than 6,000 practitioners. ScionHealth SVP of Growth and Transformation Sarah Stuart said the platform helps teams work faster and make more informed decisions.
NEA partner Blake Wu, who sits on Basalt's board, described the company as tackling a massive healthcare challenge with clinical impact and rapid adoption. The company will use the new capital to expand from admissions into discharge and payer workflows and to grow its teams. Basalt is backed by NEA, Frist Cressey Ventures, and 25m Health, the Nashville healthtech studio of 25madison.
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