The funding round was led by Nina Capital and included investors such as Eli Lilly (Lilly Ventures), Mayo Clinic, Two Lanterns Venture Partners, Asset Management Ventures, and Chaac Ventures. Basys.ai, which initially sold to providers, has pivoted its business model to sell to health insurance companies. The company is also working on capturing patient outcomes through reducing readmission rates and determining if the progression of the patient’s disease has stopped or slowed down.
Key takeaways:
- The Centers for Medicare & Medicaid Services (CMS) issued a proposal to digitize the burdensome process of prior authorization in healthcare.
- Basys.ai, a company founded in 2022, is leveraging AI to automate up to 90% of prior authorization requests for drugs and procedures, reducing the typical integration time from a year to weeks.
- Basys.ai has secured $2.4 million in pre-seed funding and is making its commercial launch. It is now initiating pilots with two large payers in Massachusetts and Minnesota.
- The company is also working on capturing patient outcomes through reducing readmission rates and determining if the progression of the patient’s disease has stopped or slowed down.