Rivio

Rivio is a Brazilian B2B healthtech that applies artificial intelligence to hospital revenue cycle management. Its platform covers the full cycle from medical-bill auditing through billing submission and post-billing recovery: AI agents perform preventive, concurrent and retrospective audits of 100% of accounts, build a clinical timeline per patient from prescriptions, nursing notes and procedure records, and cross-reference those records against the account to catch unbilled items, prices above contract and incompatible codes before they generate denials (glosas). The system centralizes and automates submission of the XML billing files to each health plan operator according to that operator's contractual rules, and after submission its agents interpret returned denial files, classify inconsistencies and automatically assemble technical appeals, supervised by Rivio's in-house billing specialists. A "hidden revenue discovery" module identifies materials and procedures performed but omitted from the bill, and a dashboard gives hospitals real-time visibility over the cycle.

The architecture is described as a set of specialized, autonomous agents that pass work between each other — an Auditing Agent, a Contracts Agent that extracts rules and price tables from operator documents, a Price Review Agent, a Denial Analysis Agent and a Denial Appeal Agent. The platform integrates with the main hospital ERPs used in Brazil, including Tasy, MV, Pixeon, Wareline and SPDATA. Rivio states a longer-term ambition to become the administrative operating system for healthcare in Latin America, starting with the revenue cycle. The company was created in 2025 and the platform was built by more than 50 professionals.

Founding story

Rivio was created in 2025 by Silvio Frison (Co-Founder and CEO) and Ricardo Sales, both holders of graduate degrees from Stanford GSB, around the thesis that hospital revenue cycle inefficiency is a structural, under-addressed problem. Frison previously founded and led Serasa Consumidor at Serasa Experian — described as the world's largest credit and debt marketplace — and founded and sold Pense Imóveis and Busca Carros, also leading strategy at Active Network through its IPO. Sales is an ITA-trained engineer who co-founded Isaac, a Latin American education fintech backed by SoftBank, General Atlantic and Kaszek that was acquired by Arco, and was previously a vice president at General Atlantic. Gustavo Meirelles, a physician and health innovation leader (VP at Afya, formerly Fleury), is listed as an advisor [0][2][4].

Business model

Rivio sells an end-to-end managed service rather than software alone: it takes over the hospital's revenue cycle operation (auditing, billing submission, denial appeals and collection) using AI agents supervised by its own billing specialists. Its central commercial differentiator is a contractual performance guarantee — Rivio commits that 100% of health-plan encounters will be reimbursed and denials eliminated, and covers the difference itself if the hospital is not paid in full, shifting operational and financial risk from the provider to Rivio [0][3][4][6].

Traction

The company reported more than 30 hospitals in its portfolio as of October 2025 and technology in implementation at more than 50 hospital units nationwide as of February 2026. Rivio states that partner hospitals raised revenue by roughly 5% in the first month of operation, citing an Exame report of 15 January 2026. Its site displays aggregate impact counters for audited revenue, accounts analyzed, encounters audited and work hours saved [3][4].

Latest developments

Between December 2025 and February 2026 Rivio announced a total of USD 21 million raised across two rounds plus an extension: a round led by Monashees, another led by New York-based Valor Capital Group with participation from Endeavor (first reported by Valor Econômico on 17 December 2025 at R$ 100 million / US$ 20 million and a R$ 500 million valuation), and a US$ 1 million Series A extension from impact investor Positive Ventures, reported exclusively by Bloomberg Línea on 4 February 2026 [0][4][7].