Silna Health, a company that uses AI to manage prior authorization, benefit checks and eligibility verification, announced it has raised $27 million in total funding. And the company’s $22 million Series A round was co-led by existing investors Accel and Bain Capital Ventures, with participation from notable angel investors, including the co-founders of Ramp, Opendoor, Truework and Eight Sleep. The Series A follows a previously unannounced $5 million seed round led by Accel and Bain Capital Ventures.
Millions of Americans face dangerous medical care delays due to insurance red tape, including prior authorization delays. And the American Medical Association reported that 93% of physicians noted these insurance barriers have led to patient harm. What’s more, physicians must navigate the admin burden amid staffing shortages and rising administrative costs, which account for more than 40% of total hospital expenses incurred in delivering care to patients.
Silna Health is advancing front-end revenue cycle management (RCM) in healthcare to the benefit of doctors, patients and insurers with a consolidated platform that operates in eight different insurance portals. Since launch, the platform has reduced the time required for pre-visit processes like insurance verification from 30 minutes to 30 seconds and helped more than 50,000 patients get faster access to life-changing treatments like behavioral therapy, rehabilitation, and hospice care. And Silna Health has cut insurance approval times from weeks to just four hours, maintaining a 99.8% success rate far exceeding industry standards.
The company operates nationwide and it has become an essential platform for specialty healthcare providers, including Applied Behavior Analysis (ABA) centers, occupational therapy clinics and cardiac rehabilitation facilities.
The platform’s impact extends beyond efficiency metrics. And by automating insurance approvals that typically require four or five staff members per medical practice, Silna Health helps healthcare providers redirect resources from paperwork to patient care. For patients with conditions requiring ongoing therapy, this can mean the difference between starting treatment immediately or facing dangerous delays.
KEY QUOTES:
“Every day, Americans are forced to wait weeks or months for critical medical treatments while insurance paperwork piles up on fax machines. We’re bringing modern technology to a broken system that hasn’t changed since the 1970s. Our platform is already helping patients get faster access to life-changing treatments to bring prior authorization into the modern era.”
- Jeffrey Morelli, co-founder and CEO of Silna Health
“What stood out to us about Silna Health is the team’s unique combination of expertise in financial automation and scaling high-growth companies. The founding team brings a fresh perspective to an entrenched problem in healthcare, applying proven technical approaches to streamline cumbersome processes.”
- Amit Kumar, partner at Accel
“The relationship between payors, patients and providers has been evolving for a decade: insurers want to make sure procedures are necessary, doctors are struggling to keep up with the paperwork and patients just want to afford care. We’re investing to support Silna Health’s differentiated application of artificial intelligence and automation capabilities that expedite this process, ensuring that patients get timely coverage, insurance dollars flow appropriately and doctors can focus on care.”
- Kevin Zhang, partner at Bain Capital Ventures
