Verata and Blue Venture Fund Create Partnership to Solve Prior Authorization
October 13, 2020
The Blue Venture Fund invests in Verata Health’s AI platform to help patients get faster care.
MINNEAPOLIS, MN – Verata Health and the Blue Venture Fund (BVF) announced today their partnership to solve prior authorization, one of healthcare’s most significant and expensive challenges for payers, providers, and patients.
Verata Health, a leading healthcare artificial intelligence (AI) company, offers a Frictionless Prior Authorization® platform that automatically prepares prior authorizations for providers and health systems, thereby accelerating prior authorization decisions from payers and improving access to appropriate care.
“Prior authorization is a $31B problem for the U.S. healthcare system. Both providers and payers are struggling to manage high-quality and timely care for patients,” said Dr. Tom Hawes, Managing Director of the Blue Venture Fund. “This partnership is a win-win for both organizations and the large number of providers, payers, and patients that will benefit from it.”
The Blue Venture Fund is a unique collaboration between Blue Cross and Blue Shield (BCBS) companies, Blue Cross Blue Shield Association (BCBSA), and Sandbox to which thirty-six BCBS companies have committed over $800 million across four funds. The Blue Venture Fund invests in promising, emerging companies of strategic relevance and provides the portfolio with access to BCBS companies –collectively insuring one in three Americans — to deploy innovation at scale. Sandbox is an independent company that provides healthcare-related investment management exclusively for the Blue Venture Fund.
“On behalf of the Blue Venture Fund, we are proud to partner with a best-in-class technology company that is paving the way for artificial intelligence in healthcare,” said Matt Downs, Managing Director of the Blue Venture Fund. “Among the companies in this space, Verata Health leads with their proven AI and world-class team. We look forward to supporting Verata as they continue to lead the market in solving the prior authorization challenge and encourage other health plans to explore collaborative partnerships like this that truly provide large scale innovation.”
Partnerships with payers enable Verata Health to provide faster prior authorization decisions at the point-of-care. This creates a seamless experience for providers and patients while dramatically accelerating access to care. Automated utilization management driven by powerful AI creates opportunities for cost-savings and increased member satisfaction.
“We’re excited to announce our partnership with the Blue Venture Fund. By working with the BVF and other forward-thinking payers, we strengthen our commitment to helping patients get the right care at the right time,” said Dr. Jeremy Friese, CEO of Verata Health. “As we continue to grow within the provider space, we want to accelerate the parallel track we are building with executives at payer organizations and affirm our position as the only AI solution that supports patients at both ends of the fax machine.”
About Blue Venture Fund
The Blue Venture Fund is a unique collaboration between Blue Cross and Blue Shield (BCBS) companies, Blue Cross Blue Shield Association (BCBSA), and Sandbox to which thirty-six BCBS companies have committed over $800 million across four funds. The Blue Venture Fund invests in promising emerging companies of strategic relevance to BCBS companies and provides the portfolio with access to BCBS companies to deploy innovation at scale. Sandbox is an independent company that provides healthcare-related investment management exclusively for the Blue Venture Fund. For more information, visit www.BlueVentureFund.com.
About Verata Health
Verata Health removes prior authorization barriers, so patients get the right care at the right time. A physician-led company trusted by providers, health systems, and payers across the country, Verata’s artificial intelligence platform is obsoleting the fax machine with Frictionless Prior Authorization®. To learn more, visit us at www.veratahealth.com, follow us LinkedIn, or connect with us on Twitter @VerataHealth.