COLUMBUS, Ohio, Aug. 29, 2017 /PRNewswire/ -- PriorAuthNow (www.priorauthnow.com), a platform for connecting the healthcare landscape using prior authorization (PA) automation, today announced that it has closed a $3.6 million investment funding round led by NCT Ventures and with participation from Detroit Venture Partners (DVP).
PriorAuthNow is disrupting the $31 billion PA industry by providing powerful, secure software to simplify how providers connect with insurance carriers. The PriorAuthNow platform is the fastest, most economical way to submit, monitor and finalize PAs.
"Few words cause more frustration with physicians and their staff than 'prior authorization'," said Joe Anstine, co-founder & CEO of PriorAuthNow. "PriorAuthNow's mission is to alleviate this frustration by simplifying the prior authorization process. By removing the inefficiencies and the fragmented experience of the current process, we're able to save both providers and individuals time and money."
On average, a single provider spends 20 hours per week and $65,000 per year on PAs. Forty percent of these PAs are abandoned due to complex approval policies.
"PriorAuthNow is a quantum leap forward in the way healthcare providers manage prior authorizations," said Jared Stasik, Partner at DVP. "We look forward to supporting them as they solve this problem for hospital systems around the nation."
Funds raised from this investment round will be used to expand the PriorAuthNow team and expedite the roll out of the PriorAuthNow platform to some of the largest hospital systems in the US.
"We look for innovative companies that are addressing real pain points in the market," said Michael Butler, Partner, NCT Ventures. "We're excited to bring this platform to market and look forward to helping the company grow."
Based in Columbus, Ohio, PriorAuthNow's powerful, secure software works with EHR systems and connects directly with insurance carriers, making it the fastest, most economical way to submit, monitor and complete prior authorizations. The company's platform eliminates the need for lengthy phone calls, going to many different payer sites, and filling out the many different authorization forms - saving providers and their staff countless administrative hours. For more information visit: www.priorauthnow.com.
About Detroit Venture Partners
Detroit Venture Partners backs seed and early stage startup teams with the grit, creativity, and passion to tackle and mold opportunity. We look for founders who are creative, disciplined, and trustworthy. We offer unrivaled mentorship and connections throughout the Quicken Loans Family of Companies and the broader businesses and leaders committed to seeing Detroit's entrepreneurs succeed.
About NCT Ventures
NCT Ventures is a Columbus-based venture capital firm dedicated to providing a platform for entrepreneurs to succeed in turning their ideas into profitable business models through hands-on operational support. Over the last 20 years, NCT has helped build many successful companies across a variety of industries. With a focus on the Midwest, NCT empowers entrepreneurs to develop disruptive technologies that improve market efficiencies. For more information, visit http://www.nctventures.com/.