Harvard Startup basys.ai Taking on Congress and CMS' Top Healthcare Challenge — Prior Authorization — With Generative AI is now Backed by Industry Giants

CAMBRIDGE, Mass., Aug. 15, 2023 /PRNewswire/ -- basys.ai, a healthcare technology company co-founded by Harvard alumni Amber Nigam and Jie Sun in 2022 at Harvard University, is excited to announce the successful completion of its latest funding round, securing a total of $2.4 million in investments. This funding will enable basys.ai to further its mission of empowering payers to streamline processes like prior authorization and utilization management.

The funding round was led by Nina Capital, a specialized venture capital firm with deep expertise at the intersection of healthcare and technology. Notable investors who also participated in the round include Eli Lilly & Co., Mayo Clinic, Two Lanterns Venture Fund, Asset Management Ventures, and Chaac Ventures.

basys.ai'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. This drives savings on both administrative and medical expenditures for health plans, flattening the cost curve for members. Additionally, to facilitate transparency and explainability, the platform automates answering member and provider queries with its generative AI chat feature.

"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."

By implementing objective, data-driven approvals, basys.ai aligns the incentives of key stakeholders in the prior authorization process to prioritize member interest. basys.ai plans to leverage its funding to expand strategic partnerships with health plans.

About basys.ai:

basys.ai is a healthcare platform that leverages generative AI to streamline prior authorization and utilization management. Through its platform, basys.ai enables greater transparency and fosters collaboration among healthcare insurers, providers, and other key stakeholders, with the ultimate aim of driving positive change, reducing administrative and medical costs, and improving healthcare outcomes. For more information, please visit our website and watch our TEDx Talk.

SOURCE basys.ai

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