Columbus, Ohio-based startup PriorAuthNow has raised $3.6 million to fast-track the rollout of its platform to healthcare systems across the country. The company also plans to use the funds to expand its team.
NCT Ventures led the funding with participation from Detroit Venture Partners.
Founded in 2014, PriorAuthNow works with EHR systems and connects directly with insurance carriers. Company executives claim it's the fastest, most economical way to submit, monitor and complete prior authorizations.
Learn on-demand, earn credit, find products and solutions. Get Started >>
By PriorAuthNow figures, a single provider spends on average 20 hours per week and $65,000 per year on prior authorizations – or PAs. Forty percent of PAs are abandoned due to complex approval policies.
The PriorAuthNow platform does away with lengthy phone calls, going to many different payer sites, and filling out multiple authorization forms, according to Joe Anstine, PriorAuthNow co-founder and CEO.
It saves providers and their staff countless administrative hours, Anstine asserts, because the platform tracks the life cycle of each prior authorization to ensure everything is done correctly the first time.
"Few words cause more frustration with physicians and their staff than 'prior authorization' Anstine, said in a statement. "By removing the inefficiencies and the fragmented experience of the current process, we're able to save both providers and individuals time and money."