Nirvana Raises $24.2 Million to Expand Health Insurance Verification Platform
Nirvana has raised $24.2 million in a Series A funding round to add more specialties to its platform that provides insurance verification and cost estimates to both healthcare providers and their patients.
The platform leverages artificial intelligence to provide this information, saving time and money for providers and reducing the fear of surprise bills for patients, the company said in a Thursday (Sept. 12) press release.
Nirvana created its platform for the behavioral health field but is working to expand it into other sectors, including physical therapy, intensive outpatient and primary care, according to the release.
“With this new funding, we’re poised to supercharge our expansion into more specialties, helping more providers streamline their operations and offer patients the cost transparency they deserve,” Nirvana CEO Akshay Venkitasubramanian said in the release. “We’re building the eligibility management platform that will transform how payments are made in the healthcare industry.”
Insurance eligibility complexities often cause financial burdens for both providers and patients, according to the release.
Nirvana’s platform improves the process by retrieving complete eligibility information on a patient’s insurance plans using only the patient’s name, date of birth and ZIP code, the release said.
The solution is available via a direct application programming interface (API) integration, electronic health record (EHR) or electronic medical record (EMR) integration, or the company’s OneVerify web or mobile application, per the release.
Wendy Xiao, partner at Northzone, which led Nirvana’s latest funding round, said in the release that Nirvana’s platform addresses a critical pain point in healthcare administration.
“Their AI-powered solution not only improves operational efficiency for providers but also enhances the patient experience through greater transparency,” Xiao said. “We believe Nirvana has the potential to become a category-defining company in the HealthTech space, and we’re excited to support their mission to transform healthcare administration.”
Digital innovations are solving some of the problems consumers said they frequently encounter around healthcare payments, such as understanding insurance coverages and paying deductibles, according to the PYMNTS Intelligence and Lynx collaboration, “The Digital Platform Promise: How Patients Want to Streamline Healthcare Payments.”
For example, 64% of patients who viewed medical invoices and insurance payments through a digital portal reported being highly satisfied with the experience.
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