basys.ai – a healthcare technology company co-founded by Harvard alumni Amber Nigam and Jie Sun in 2022 at Harvard University – announced the completion of its latest funding round, securing a total of $2.4 million in investments. This funding round will enable basys.ai to further its mission of empowering payers to streamline processes like prior authorization and utilization management.
Nina Capital led this funding round. And notable investors who participated in the round include Eli Lilly & Co., Mayo Clinic, Two Lanterns Venture Fund, Asset Management Ventures, and Chaac Ventures.
The company’s platform engine – trained on over 10 million patient records and claims, automates payer policy encoding through generative AI, which allows basys.ai to achieve target savings with partners up to nine months faster than its competitors.
The engine personalizes care approvals to automate up to 90% of prior authorization requests and expedite care delivery. And this drives savings on administrative and medical expenditures for health plans, flattening the cost curve for members. The platform automates answering member and provider queries with its generative AI chat feature to facilitate transparency and explainability.
By implementing objective, data-driven approvals, basys.ai aligns the incentives of key stakeholders in the prior authorization process to prioritize member interest. And basys.ai plans to utilize its funding to expand strategic partnerships with health plans.
KEY QUOTE:
“Streamlining prior authorization is fundamental to achieving optimal care delivery,” said Mr. Nigam. “basys.ai is assisting health plans in reducing administrative burden and expenditures while improving transparency for members and providers. Our solution’s dual focus on efficiency and transparency ensures health plan compliance with pending CMS, Congress, and State legislation regulating prior authorization. This funding round positions us to facilitate positive change for health plans nationwide.”
— Amber Nigam
