The investment was led by Northzone, with participation from Inspired Capital, Eniac Ventures, and Surface Ventures.
Nirvana’s platform aims to bring unprecedented transparency to the complex world of healthcare benefits. By harnessing AI technology, Nirvana provides instant insurance verification and highly accurate cost estimates for both providers and patients. This innovation helps patients avoid unexpected bills and allows providers to save time and reduce costs.
Founded by Akshay Venkitasubramanian, Urvish Parikh, and Kelvin Chan, Nirvana was created in response to the financial challenges patients and providers face due to insurance eligibility complexities. The founders saw an opportunity to leverage AI to address these issues and improve the healthcare experience. Nirvana’s AI model continuously adapts to the unique insurance nuances across various healthcare specialties by analyzing millions of eligibility checks each month.
Nirvana’s innovative technology transforms outdated insurance data structure, originally designed in the 1970s for specialized billers and lengthy phone calls, into a modern verification standard. “This antiquated standard is no longer compatible with today’s digital healthcare environment. Therefore, we’re developing our own,” explained Urvish Parikh, CTO.
According to reports, the insurtech’s platform enhances patient experience by enabling upfront payments at the time of the visit, which simplifies the appointment booking process. For providers, this approach significantly reduces claim denials and streamlines financial and revenue cycle management.
The company offers its services through direct API integration, EHR/EMR integration, or its user-friendly web/mobile OneVerify application. Nirvana’s Discover technology retrieves comprehensive eligibility information using minimal data—name, date of birth, and zip code. It provides accurate results even with data entry errors, making it a valuable tool for practice management.
Initially developed for behavioral health, Nirvana’s technology has expanded to various sectors, including physical therapy, intensive outpatient care, and primary care. The company continues to grow and is poised to revolutionize insurance verification across the healthcare industry, improving patient experience and operational efficiency for healthcare providers.
“Healthcare providers and patients alike have suffered from the opaque and inefficient insurance verification process for far too long,” adds Akshay Venkitasubramanian, CEO of Nirvana. “With this new funding, we’re poised to supercharge our expansion into more specialties, helping more providers streamline their operations and offer patients the cost transparency they deserve. We’re building the eligibility management platform that will transform how payments are made in the healthcare industry.”
Wendy Xiao, Partner at Northzone, commented: “Nirvana is addressing a critical pain point in healthcare administration with a truly innovative approach. Their AI-powered solution not only improves operational efficiency for providers but also enhances the patient experience through greater transparency.”
She added: “We believe Nirvana has the potential to become a category-defining company in the healthtech space, and we’re excited to support their mission to transform healthcare administration.”
