PriorAuthNow, a Columbus, OH-based startup has raised $3.6M in funding led by NCT Ventures and with participation from Detroit Venture Partners (DVP). The company plans to use the latest round of funding to expand the PriorAuthNow team and expedite the roll out of the platform to some of the largest hospital systems in the US.
On average, a single provider spends 20 hours per week and $65,000 per year on PAs. Forty percent of these PAs are abandoned due to complex approval policies. Founded in 2014, PriorAuthNow works with EHR systems and connects directly with insurance carriers, making it the fastest, most economical way to submit, monitor and complete prior authorizations. The company’s platform eliminates the need for lengthy phone calls, going to many different payer sites, and filling out the many different authorization forms – saving providers and their staff countless administrative hours. 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’,” said Joe Anstine, co-founder & CEO of PriorAuthNow in a statement. “PriorAuthNow’s mission is to alleviate this frustration by simplifying the prior authorization process. By removing the inefficiencies and the fragmented experience of the current process, we’re able to save both providers and individuals time and money.”