SpendRule raises $2M with stealth launch to help hospitals track spending

Chicago: Two friends who sold their previous companies teamed up to start SpendRule last summer. Chris Heckler had experience with healthcare businesses, while Joseph Akintolayo knew about artificial intelligence and supply chains.

SpendRule helps hospitals track their money better. The company’s software works with hospital computer systems to check that they pay only what was agreed in contracts. This is important because hospitals often buy things like cleaning services or laundry that don’t have barcodes on them.

Right now, hospital workers usually hire outside auditors every two years to catch mistakes. This takes a lot of time and can miss problems. SpendRule uses AI to check things automatically and tell workers when something looks wrong with a payment.

The company just came out of stealth mode and raised $2 million from investors led by Abundant Venture Partners. Big hospital systems like Kettering Health, MemorialCare, and MUSC Health are already using SpendRule.

“One main difference is SpendRule’s focus on purchase services, the type of items hospitals buy that do not have barcodes,” Akintolayo, the company’s CTO, said. “Our goal is to build a more resilient hospital system and protect everyone’s bottom line.”