As company scales, it adds two members to its board of directors
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. 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.
“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.”
“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.