Healthcare Tech Firm basys.ai Secures $2.4M Funding to Improve Prior Authorization Processes
Healthcare technology company basys.ai has successfully raised $2.4 million in its latest funding round to further its mission of streamlining processes like prior authorization and utilization management. The funding will enable basys.ai to empower payers by automating payer policy encoding through generative AI, ultimately improving transparency and efficiency in the healthcare system.
Led by Nina Capital, a specialized venture capital firm with expertise in healthcare and technology, the funding round also saw participation from notable investors such as Eli Lilly & Co., Mayo Clinic, Two Lanterns Venture Fund, Asset Management Ventures, and Chaac Ventures. With these investments, basys.ai aims to expand strategic partnerships with health plans and drive positive change in the industry.
The success of basys.ai stems from its platform engine, which has been trained on over 10 million patient records and claims. Leveraging generative AI, the engine automates up to 90% of prior authorization requests, expediting care delivery and reducing administrative burdens. This technology enables basys.ai to achieve target savings with partners up to nine months faster than competitors. The platform also features a generative AI chat function that automates responses to member and provider queries, enhancing transparency and facilitating efficient communication.
According to Amber Nigam, co-founder of basys.ai, streamlining prior authorization is crucial to optimal care delivery. The company’s solution addresses this by reducing administrative burdens and expenditures for health plans while prioritizing member and provider transparency. Compliance with pending CMS, Congress, and State legislation regulating prior authorization is also ensured through basys.ai’s platform. This latest funding round positions the company to facilitate positive change for health plans nationwide.
By implementing objective and data-driven approval processes, basys.ai aligns the interests of key stakeholders involved in prior authorization, ultimately prioritizing member interests. With the support of its investors, basys.ai plans to forge stronger collaborations with health plans, aiming to drive down costs and improve healthcare outcomes.
basys.ai is a healthcare platform dedicated to leveraging generative AI to streamline prior authorization and utilization management. By fostering collaboration amongst healthcare insurers, providers, and other stakeholders, basys.ai strives to reduce administrative and medical costs while driving positive change and improving healthcare outcomes. For more information, visit the basys.ai website and watch their TEDx Talk.
Overall, basys.ai’s recent funding success highlights the growing importance of streamlining prior authorization processes in healthcare. By harnessing the power of generative AI, the company aims to improve transparency, reduce costs, and make a lasting impact on the healthcare system.
