The AI operating system trying to fix healthcare's hardest job - getting claims paid.
Arrow builds an AI-powered operating system for revenue cycle management - the unglamorous, high-stakes work of turning delivered care into collected dollars.
Every time a doctor sees a patient, a claim gets created, coded, submitted to an insurer, and - often - denied, delayed, or underpaid. Untangling that is the revenue cycle. It is one of the most under-tooled functions in American healthcare, and it is where providers quietly lose enormous sums.
Arrow, founded in 2020 and formerly known as Walnut, sets out to run that entire cycle from a single platform. It handles billing, claims, denial management, payer follow-ups, and collections, layering automation on top of the systems providers already use rather than asking them to rip anything out.
The company's framing is deliberately human-in-the-loop. Billers keep the judgment and strategy; AI takes the repetitive status checks, resubmissions, and portal work. The pitch to a revenue operations team is simple: spend less time managing process, more time recovering revenue.
It is a back-office product, and Arrow leans into that. The interesting startups, the argument goes, are often the ones fixing the plumbing rather than the ones with the flashiest app.
"Building Stripe for Healthcare - the financial infrastructure to make healthcare transactions faster, more efficient, and more transparent."
- Roshan Patel, Co-Founder & CEOArrow sells to healthcare providers, medical billing companies, and the finance and revenue-operations teams inside them. Its public case studies include MyWellbeing, a mental-health provider that used Arrow to cut denials and speed up collections.
The user Arrow optimizes for is the biller - the person on the phone with payers all day, working denials one claim at a time. Building for that overlooked role is central to the company's thesis.
Denied and underpaid claims. Manual, repetitive payer communication. Poor visibility into where money is stuck in the revenue cycle. Fragmented tooling that forces teams to stitch together EHRs, clearinghouses, and payer portals by hand.
Arrow's answer is to consolidate those workflows, add root-cause analysis so the same denial does not recur, and surface real-time metrics so leaders can see the cycle end to end.
Sources: arrowhq.com, FinSMEs, Forbes. Outcome figures are company-reported and shown for context.
Most tools in this space pick one stakeholder. Arrow's approach is to sit in the middle of all three - patients, providers, and payers.
The "Stripe for healthcare" label, used in a 2024 Forbes profile, points at the ambition: not a point solution for patient billing or a single denial dashboard, but shared payment infrastructure for the whole transaction. Where many competitors are either legacy clearinghouse incumbents or narrow modern apps, Arrow positions itself as an operating layer that connects to what already exists.
The second differentiator is philosophy. Arrow describes itself as "Built by Billers, Clinicians, and AI Experts," and frames AI as leverage rather than replacement. That framing is a product decision as much as a marketing one - teams adopt tools that make them stronger, not tools that threaten their jobs.
"Billers bring judgment, strategy, and creativity. AI brings speed, scale, and precision. Together, they unlock new possibilities for how RCM work gets done."
- Arrow, on its approach to AIAutomated identification, resolution, and resubmission of denied claims, with root-cause analysis to stop repeat denials.
AI-driven follow-ups, claim status checks, and underpayment investigations that cut manual phone and portal work.
Denial tracking by payer, resolution metrics, and full revenue cycle visibility for finance and RevOps teams.
Plugs into EHRs, clearinghouses, and payer portals - no rip-and-replace of existing platforms required.
Payment infrastructure spanning patient billing (including financing) and insurance billing to accelerate collections.
Software sold to providers and billing companies, priced around efficiency gains in claim throughput and cost to collect.
Arrow is B2B software - healthcare financial infrastructure sold to providers, billing companies, and revenue teams. Its automation layers on top of existing EHR and payer workflows, with value tied to faster, cleaner collections.
CEO Roshan Patel grew up observing billing work in a family medical practice; the team blends billers, clinicians, and AI engineers. That domain grounding shows up in a product built around the day-to-day of denial work.
Arrow sits in the revenue cycle management market alongside incumbents like Waystar, Availity, and Optum/Change Healthcare, and modern startups such as Candid Health, Adonis, and Anomaly.
Its wedge is the operating-system framing - consolidating billing, denials, and payer work rather than selling a single feature - backed by a $110M Series A that gives it room to build across the cycle. Whether the early efficiency numbers hold at scale is the open question the next stretch will answer.
Roshan Patel and Yash Joshi start the company to modernize healthcare payments.
Raises $110M in Series A capital led by Gradient Ventures.
Rebrands from Walnut and publicly launches, positioned as an RCM operating system.
Gains national coverage framing its patient-provider-payer approach.
Leads Arrow's vision and business. Grew up around a family medical practice, giving him a firsthand view of the billing problems Arrow now targets.
Leads engineering and the technical platform behind Arrow's automation and integrations across EHRs, clearinghouses, and payer portals.
See denial management and payer communications in action.
Request a demo →Arrow builds an AI-powered operating system for healthcare revenue cycle management, helping organizations reduce claim denials, automate payer communications, and accelerate collections from a single platform.
Arrow was co-founded by Roshan Patel (CEO) and Yash Joshi (CTO), and is headquartered in New York City.
Yes. Arrow was formerly known as Walnut, rebranding as it expanded from patient payments to full revenue cycle management.
Arrow raised $110M in Series A funding (reported as a mix of equity and debt), led by Gradient Ventures, and emerged from stealth in June 2024.
Like Stripe did for online payments, Arrow aims to build financial infrastructure connecting patients, providers, and payers to make healthcare transactions faster, more accurate, and more transparent.