COLUMBUS, OH, PriorAuthNow, the leading platform for connecting the healthcare landscape using automated prior authorization solutions, today announced it has closed a $10.5 million Series A funding.
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The round was led by BIP Capital, an Atlanta-based venture firm, and included participation from NCT Ventures and Dan Gilbert-backed Detroit Venture Partners.
"This significant funding is a huge vote of confidence in our business and will fuel our next phase of growth," said Joe Anstine, CEO of PriorAuthNow. "PriorAuthNow is building a powerful solution to a multi-billion-dollar problem in healthcare. By automating prior authorizations, we help our clients improve their business processes and reduce costs, resulting in more efficient and better patient care. We're experiencing substantial revenue growth in 2018 and currently expect to triple our revenue again in 2019. Our team is obviously very proud of this growth trajectory."
With this newest round of investment, the company has added PriorAuthNow COO Mike Blackwell and BIP Capital Vice President Sarath Degala to its board of directors. Funds raised from the investment will be used to expand the PriorAuthNow team and advance operating capabilities. Over the course of 2018, the company is expected to more than double its staff.
"PriorAuthNow is a disruptive technology platform that automates a highly manual process that plagues every health system and provider in the United States. It provides an immediate ROI for hospital executives looking for improved cash flow and revenue cycle," said Degala. "PriorAuthNow CEO Joe Anstine is a dynamic leader with a unique vision and has surrounded himself with a passionate team who will continue to climb mountains in the company's evolution."
PriorAuthNow's revolutionary SaaS technology is a single resource to submit, monitor and complete prior authorizations for medical procedures and products and is used by hospitals, health systems, payers, laboratories and device manufacturers. Prior authorizations cost the United States healthcare system some $31 billion annually. It is an intensely manual process of phone calls, faxing and a myriad of payer portals that often results in unnecessary delays and denials in care. PriorAuthNow's SaaS solution is the fastest, most economical way to submit, monitor and finalize authorizations.
"PriorAuthNow has been an invaluable asset to our office. We've been able to significantly reduce the time spent completing authorizations manually, which means we can devote more time directly to delivering exceptional patient care," said Matt Brown, Physician Practice Administrator of the OhioHealth Physician Group. "The implementation with PriorAuthNow was remarkably smooth, and it's greatly improved our efficiency and our ability to manage the process from end to end."
In 2018, PriorAuthNow launched its software with large provider clients in several states. The company currently serves 39 hospitals and health systems with more than 1,600 unique active users. Additionally, PriorAuthNow has partnered with leading health insurers and utilization management companies to create powerful integrations, enabling automation and delivering true real-time authorization decisions for the first time.
Since the start of 2018, PriorAuthNow has reduced turnaround times of client authorizations by more than 25 percent. Based on Q1 data, 45 percent of requests submitted on the platform that required a decision were resolved within one business day.
PriorAuthNow, Inc. is the leading electronic prior authorization (ePA) solution that enables healthcare providers and payers to leverage a single platform to submit, monitor and complete the prior authorization process. Based in Columbus, Ohio, PriorAuthNow's powerful, secure software works with EMR systems and integrates directly with insurance carriers, making it the fastest, most economical way to handle prior authorizations. The company's platform eliminates the need for lengthy phone calls, cumbersome faxing, using a myriad of portals, and filling out many different authorization forms -- saving provider and payer teams countless administrative hours and ultimately improving patient care. For more information visit: www.priorauthnow.com | LinkedIn | Twitter | Facebook
About BIP Capital
BIP Capital is recognized as one of the most active and successful venture investors in the Southeast, serving entrepreneurs, investors and operators to grow the emerging company ecosystem. The firm applies experience and process to make investment decisions and operational recommendations, allowing its portfolio companies to achieve and stay on a glide path of growth. Areas of focus include Enterprise SaaS, Healthcare IT, Digital Media, Dev Tools and MarTech. For more information, visit www.bip-capital.com or follow BIP Capital on Twitter @BIPCapital.