Inova Personalized Health Accelerator (IPHA), an unique program providing health IT entrepreneurs with C-suite coaches, early-stage capital and strategic partners, today announced it has invested in health IT startup CoverMyTest. The New York-based startup partners with labs to optimize and automate prior authorization (PAs) workflows.
CoverMyTest is the only PA service provider solely focused on assisting laboratories offering genetic and genomic testing. This PA software comes at a critical time in the advancement of precision medicine, with an average of eight to 10 new genetic and molecular diagnostics tests introduced every day.
The Journal of the American Board of Family Medicine calculates that the time spent figuring out insurance coverage for genetic and molecular testing costs a physician between $2,000 to over $3,000 annually, just for time alone. “New rules requiring care providers and labs to complete the PA process have created a substantial administrative and financial burden for many genetic and molecular diagnostics,” said CoverMyTest co-founder Andrew Mignatti. “Our solution reduces that burden, increases reimbursements and frees clinicians to focus on providing care.”
The CoverMyTest web-based platform provides a hub-service model that determines when a PA is required, conducts patient eligibility checks and delivers electronic PAs for physicians. The platform also provides insurance verification, documentation gathering, PA submission, and deductible management functions.
CoverMyTest has the potential to immediately boost efficiency as Inova advances its precision medicine capabilities. Inova Health System orders thousands of genetic and molecular diagnostics tests each year, driven largely by abdominal transplant, oncology, high-risk pregnancy and genomics activities.
