What Arrow does

Arrow (legally Walnut Financial, Inc., doing business as Arrow / Arrow, Inc.) is a New York-based healthcare technology company that sells an AI-powered operating system for healthcare revenue cycle management (RCM) teams. Its core platform combines agentic AI, natural-language-processing-driven appeal generation, predictive denial and payment-behavior analytics, and automated payer calling into a single collaborative workspace that connects to customers' existing EHRs, clearinghouses, and payer portals without rip-and-replace. The company publicly claims 92,000+ clinicians using the system, 1.5+ billion claims processed, and $10+ billion in yearly provider revenue powered through the platform; MyWellbeing (a 650-therapist behavioral-health practice across six states) is the only named referenceable customer, reporting an 85% reduction in claim denials and AR days falling from 45 to 18 after three months on Arrow.

The product surface is built around three components: the flagship Arrow RCM platform (quote-based, demo-gated enterprise SaaS), the December 2025-launched OpenRCM (a free, HIPAA-safe, no-PHI AI assistant for medical billers that serves as a product-led-growth funnel into the paid platform), and the August 2024-launched Denial Prevention Savings Calculator (a self-serve ROI tool). Go-to-market is hybrid: a CEO-led, direct sales motion targeting C-Suite, VP RCM, and front-line billing personas at mid-market providers (orthopedics, behavioral health, radiology, ASCs, wound care, primary care, and multi-specialty groups), augmented by self-serve OpenRCM adoption among individual billers. The company is privately held and venture-backed; its only disclosed institutional capital event is a $110 million Series A in 2022 led by Gradient Ventures, with earlier seed participation from Afore Capital, 2048 Ventures, Goodwater Capital, and others. Arrow remains founder-led, with Roshan Patel (CEO) — who describes growing up doing billing for his parents' practice — and Yash Joshi (CTO) as co-founders; the company self-describes as a team of billers, clinicians, and AI experts but does not publicly disclose its headcount.

Name

Arrow

Legal name

Walnut Financial, Inc.

Website

https://arrowhq.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Arrow sells an AI operating system for healthcare revenue cycle management teams, combining agentic AI, NLP-driven appeals, and predictive analytics to automate denial handling, payer follow-ups, and revenue forecasting for mid-market provider organizations across multiple specialties.

Ownership category

akta.pro rank

Product category

Healthcare Revenue Cycle Management Software

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (51821), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)

SIC

Services-Prepackaged Software (7372), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Denials Management & Appeals (HLACACAH)

akta.pro secondary industries

Claims Management, Scrubbing & Clearinghouse (HLACACAB), Eligibility & Benefits Verification (HLACACAD)

Keywords

• Revenue cycle management
• Healthcare claims automation
• AI denial management
• Medical billing software
• Healthcare payment automation

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Healthcare RCM SaaS subscription: Core Arrow platform sold to healthcare providers and RCM teams as subscription software that automates claim submission, denial management, appeals, and follow-ups. Enterprise/mid-market SaaS with implementation tied to existing EHR and payer integrations.
2. OpenRCM freemium funnel: Free, HIPAA-safe AI assistant for medical billers that does not use PHI and is offered without setup; intended as a top-of-funnel tool to drive adoption and convert users to the paid Arrow platform for deeper automation.
3. Managed revenue cycle / outcome-based services: Positioning describes Arrow as taking over the manual, time-consuming tasks (insurance billing, claim scrubbing, denial management, payment posting) rather than merely tracking them, implying managed-service or outcome-aligned commercial terms alongside the SaaS license.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels9 records

Core offering

Arrow is the "AI Operating System for Modern RCM Teams" — a unified, collaborative AI workspace that helps healthcare revenue cycle teams recover more revenue and get paid faster. The platform handles claim denials end-to-end (identifying root causes, fixing claims, calling payers, resubmitting), automates payer follow-ups and status checks, surfaces real-time denial analytics by payer and root cause, and integrates with existing EHR, clearinghouse, and payer portal systems without rip-and-replace. Adjacent named offerings include OpenRCM, a free HIPAA-safe AI assistant for medical billers, and a Denial Prevention Savings Calculator for benchmarking denial impact.

Product overview

Arrow is offered as a single unified product — "the AI Operating System for Modern RCM Teams" — that consolidates denial management, claims acceleration, follow-ups, payer calling, analytics, and EHR/clearinghouse/payer-portal connectivity into one collaborative AI workspace for healthcare revenue cycle teams. Sitting alongside this core platform are two additional named offerings: OpenRCM, a free standalone AI assistant for medical billers, and the Denial Prevention Savings Calculator, a self-serve benchmarking and ROI tool. The core Arrow platform is the production product serving 92K+ clinicians and processing 1.5+ billion claims; OpenRCM is a free adjacent tool, and the Denial Prevention Savings Calculator is a marketing/lead-generation utility that drives users into the core platform.

Differentiator

Problem solved

Functional benefit

Brands

• OpenRCM: A free, HIPAA-safe AI assistant for medical billers that provides instant guidance on denial codes, coding/payer policy questions, and appeal-letter drafting; operates without using PHI.

Products and services

• Arrow Platform (Core RCM AI Platform) Unified, collaborative AI workspace for healthcare revenue cycle teams that handles denials end-to-end (identifying root causes, fixing claims, calling payers, resubmitting), automates follow-ups and status checks, surfaces real-time denial-rate dashboards by payer and root cause, and integrates with EHRs, clearinghouses, and payer portals. Trusted by 92K+ clinicians, processing 1.5B+ claims and powering 10B+ dollars in yearly provider revenue; sold via demo-led direct sales to healthcare providers and RCM teams.
• OpenRCM Free, HIPAA-safe generative-AI assistant for individual medical billers that answers free-form billing questions (e.g., denial code meanings, CPT/ICD-10 compatibility, prior-auth rules) and drafts appeal letters without using PHI or requiring EHR integration. Positioned as a friction-reducing companion and top-of-funnel funnel into the paid Arrow platform.
• Denial Prevention Savings Calculator Self-serve interactive calculator hosted at arrowhq.com/roi that lets healthcare revenue leaders measure the financial impact of their claim denial rate, benchmark themselves against peers in their specialty, and identify opportunities for improvement before booking a demo of the core Arrow platform.

Quantifiable outcome

• 85% reduction in claim denials at MyWellbeing (drop from ~30% on first submission)
• +7 more outcomes

Named customers1 record

Segments10 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability14 records

Feature9 records

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Tennr: Tennr uses AI to automate patient intake, referral management, and prior-authorization document handling for specialty practices — an emerging AI-native player in adjacent revenue-cycle workflows that compete for the same specialty-provider IT budget.
• SmarterDx: SmarterDx applies AI to clinical documentation integrity and mid-cycle revenue capture for hospitals, preventing denials through better coding and documentation — an emerging AI-native player addressing the same denial-prevention problem Arrow's pre-submission scrubber targets.
• Cohere Health: Cohere Health is an AI-driven prior authorization and utilization management platform that touches the same provider-payer data flows and denial-prevention workflows as Arrow — a meaningful adjacent peer in AI-driven RCM/UM automation.

Direct peers

• Adonis: Adonis is an AI-native revenue cycle intelligence and automation platform for healthcare providers that targets denials management, underpayment detection, and RCM analytics — a direct AI-first competitor in the same RCM wedge Arrow addresses.
• Cedar: Cedar is a patient financial engagement and RCM-adjacent platform that uses AI to personalize billing, resolve billing issues, and improve collections for healthcare providers — directly competing for the same provider buyers' revenue-cycle dollars with an AI-first approach.
• Anterior: Anterior applies AI to prior authorization and clinical documentation workflows that directly feed into the denial-prevention and claims-acceptance processes Arrow automates — making it a directly comparable AI-native RCM-adjacent competitor.

Broad incumbents

• Waystar: Waystar is a large, established healthcare revenue cycle management platform covering claims management, denials, patient payments, and analytics across thousands of hospital and provider clients — a broad incumbent whose denial-management module overlaps Arrow's core wedge.
• R1 RCM: R1 RCM is a large, publicly-traded end-to-end revenue cycle management services and technology provider to hospitals and health systems — a broad incumbent combining RCM outsourcing with technology that competes head-on with Arrow's "managed-services" positioning.
• Availity: Availity operates one of the largest healthcare clearinghouse and provider-payer data-exchange networks, with RCM-adjacent eligibility, claims, and denials management offerings — a broad incumbent whose clearinghouse relationships and payer integrations overlap Arrow's integration-heavy value prop.
• Experian Health: Experian Health is a long-standing RCM vendor offering claims management, eligibility verification, denials, and identity-management solutions to hospitals and large provider groups — a broad incumbent competing on the same denials/eligibility workflows Arrow targets.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Arrow_Payments
• YouTubeyoutube.com/channel/UC427mu9y-MBTzwsM9nrPMSQ
• LinkedInlinkedin.com/company/arrowhq

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds4 records

Investors26 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Arrow