Nirvana, a health tech company that uses ML/AI to offer radical transparency to eligibility and insurance verification, announced it had raised $24.2 million in Series A funding. Northzone led the round, including Inspired Capital, Eniac Ventures, and Surface Ventures.
Using AI, Nirvana offers instant insurance verification and highly accurate cost estimates to providers and their patients. As a result, Nirvana enables a world in which patients can seek care confidently without fear of surprise bills while providers save time and money.
The company founders Akshay Venkitasubramanian, Urvish Parikh, and Kelvin Chan launched Nirvana after observing patients’ and providers’ significant financial burdens due to insurance eligibility complexities. With the potential of AI to address this issue, they embarked on a mission to revolutionize the healthcare landscape. And Nirvana recognizes patterns across its millions of monthly eligibility checks to adapt its AI model to the unique insurance nuances within various healthcare specialties.
Nirvana’s platform also improves the patient experience by allowing patients to pay confidently upfront during the visit, simplifying the appointment booking experience. For providers, this also substantially reduces claim denials for their finance and RCM teams.
Nirvana’s technology transforms an outdated insurance data structure designed in the 1970s for specialized billers and lengthy phone calls into a modern verification standard.
Nirvana is available through direct API integration, EHR/EMR integration, or the always-accessible web/mobile OneVerify application. Nirvana’s Discover technology can retrieve complete eligibility information on a patient’s insurance plans using only the most basic data – name, date of birth, and zip code. This system can retrieve accurate results even when faced with data entry or quality errors, making it the most innovative practice management tool for eligibility on the market. The Discover product has generated substantial traction with direct-to-consumer healthcare companies as it replaces the existing cumbersome signup process and dramatically improves the patient experience.
Nirvana’s technology was also created specifically for behavioral health but has made significant strides across multiple sectors, demonstrating its potential to revolutionize insurance verification across the entire healthcare industry. Nirvana expansion partners in physical therapy, intensive outpatient, and primary care have already improved patient experience and workflows utilizing Nirvana’s technology. And the company is continuing to grow across many new specialties facing similar pain points. Nirvana enables patients to book healthcare appointments with full cost transparency while allowing healthcare practices to improve their financial health and revenue cycle management.
KEY QUOTES:
“Healthcare providers and patients alike have suffered from the opaque and inefficient insurance verification process for far too long. With this new funding, we’re poised to supercharge our expansion into more specialties, helping more providers streamline their operations and offer patients the cost transparency they deserve. We’re building the eligibility management platform that will transform how payments are made in the healthcare industry.”
-Akshay Venkitasubramanian, CEO of Nirvana
“Nirvana is addressing a critical pain point in healthcare administration with a truly innovative approach. Their AI-powered solution not only improves operational efficiency for providers but also enhances the patient experience through greater transparency. We believe Nirvana has the potential to become a category-defining company in the healthtech space, and we’re excited to support their mission to transform healthcare administration.”
-Wendy Xiao, Partner at Northzone
“This antiquated standard is no longer compatible with today’s digital healthcare environment. Therefore, we’re developing our own.”
-Urvish Parikh, CTO
