New York-based healthcare technology company Nirvana has secured $24.2 million in a Series A funding round to streamline healthcare insurance verification with Artificial Intelligence (AI) and Machine Learning (ML).
Co-founded in 2020 by Akshay Venkitasubramanian, Kelvin Chan, and Urvish Parikh, Nirvana’s platform leverages AI and ML to help healthcare providers improve their transparency regarding health insurance eligibility and verification.
This allows providers to save time and money through instant verification and brings transparency in medical care pricing, giving healthcare seekers the confidence to get care without worrying about surprise bills.
The latest round was led by Northzone, with notable contributions from Eniac Ventures, Inspired Capital, and Surface Ventures.
According to Akshay Venkitasubramanian, CEO of Nirvana, the company will use the new capital to fuel expansion to cover more specialties. This will enable more healthcare providers to streamline their insurance eligibility verification process while offering patients transparency in care costs.
Revolutionizing Healthcare Benefit Verification
Nirvana’s platform leverages modern technology backed by AI and ML to transform decades-old insurance data structures, which made the insurance benefit eligibility verification process lengthy and costly.
Nirvana’s Discover system, which can be directly integrated via API, EHR/EMR, or web/mobile OneVerify app, can retrieve a patient’s complete insurance plan verification information using basic data such as name, date of birth, and zip code. The system can retrieve accurate data even when it encounters data quality or entry errors, providing instant verification and improving patient experience.
The technology was initially designed for the behavioral health sector but has since expanded its application to other areas of healthcare, including primary care, intensive outpatient, and physical therapy.
Nirvana allows patients to book all types of healthcare services with cost transparency and enables care providers to manage their revenue cycles effortlessly.
