NEW YORK--(BUSINESS WIRE)--Nirvana, a health tech company that brings radical transparency to eligibility and insurance verification with ML/AI, today announced it has raised $24.2 million in Series A funding. Northzone, a global VC firm, led the round with the participation of Inspired Capital, Eniac Ventures, and Surface Ventures.
Nirvana’s platform sheds light into the opaque world of healthcare benefits. By leveraging AI, Nirvana provides instant verification of insurance and highly accurate cost-estimates to providers and their patients. As a result, Nirvana enables a world in which patients can seek care confidently without fear of surprise bills while providers save time and money.
Founders Akshay Venkitasubramanian, Urvish Parikh, and Kelvin Chan established Nirvana after observing the significant financial burdens faced by patients and providers due to insurance eligibility complexities. Recognizing the potential of AI to address this issue, they embarked on a mission to revolutionize the healthcare landscape. Nirvana recognizes patterns across its millions of monthly eligibility checks to adapt its AI model to the unique insurance nuances within various healthcare specialties.
Today, Nirvana’s platform improves the patient experience by allowing patients to pay confidently upfront at the time of the visit, which simplifies the appointment booking experience as a whole. For providers, this also substantially reduces claim denials for their finance and RCM teams.
"Healthcare providers and patients alike have suffered from the opaque and inefficient insurance verification process for far too long," adds Akshay Venkitasubramanian, CEO of Nirvana. "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. We're building the eligibility management platform that will transform how payments are made in the healthcare industry."
Wendy Xiao, Partner at Northzone, commented: "Nirvana is addressing a critical pain point in healthcare administration with a truly innovative approach. Their AI-powered solution not only improves operational efficiency for providers but also enhances the patient experience through greater transparency. 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."
Nirvana's innovative technology transforms outdated insurance data structure, originally designed in the 1970s for specialized billers and lengthy phone calls, into a modern verification standard. “This antiquated standard is no longer compatible with today's digital healthcare environment. Therefore, we're developing our own," explains Urvish Parikh, CTO.
Nirvana is available via direct API integration, EHR/EMR integration, or through the always accessible web/mobile OneVerify application. Nirvana’s Discover technology is able to retrieve complete eligibility information on a patient's insurance plans using only the most basic data - name, date of birth and zip code. This system is able to retrieve accurate results even when faced with data entry or quality errors, making it the smartest practice management tool for eligibility on the market. The Discover product has generated substantial traction with direct to consumer healthcare companies as it replaces the existing cumbersome signup process and dramatically improves the patient experience.
Nirvana's technology was created specifically for behavioral health but has already made significant strides across multiple sectors, demonstrating its potential to revolutionize insurance verification across the entire healthcare industry. Nirvana expansion partners in physical therapy, intensive outpatient, and primary care have already improved patient experience and workflows using Nirvana's technology. The company is continuing to grow across many new specialties facing similar pain points. Nirvana enables patients to book healthcare appointments of all types with full cost transparency while allowing healthcare practices to improve their financial health and revenue cycle management.
For more information about Nirvana and its innovative healthcare solutions, visit meetnirvana.com
