Humata Health, a healthcare company specialising in frictionless prior authorisation payments for payers and providers through AI and automation, has successfully raised $25m.
The funding round was led by Blue Venture Fund and LVRHealth, with additional participation from Optum Ventures, 406 Ventures, Highmark Ventures, and VentureforGood, according to InsurTech Insights.
Founded in 2023, Humata Health leverages its technology to automate the increasingly complex process of prior authorisations, which are essential for ensuring prescribed care is clinically appropriate. Currently, it serves 42,000 physicians across 225 hospitals.
The company intends to use the new funding to broaden the scope of its proprietary generative AI technologies, expand its customer base, and establish partnerships with more of the nation’s leading healthcare providers and insurers.
The Centres for Medicare and Medicaid have recently mandated that insurers provide authorisation decisions within 72 hours for urgent requests and 7 days for standard requests, increasing demand for Humata’s solutions.
Humata employs machine learning to offer informed recommendations for crucial clinical documents, thereby reducing the workload for payers.
The company also utilises multiple integrations across different document types and geographical levels, allowing for advanced automation and seamless processing.
Jeremy Friese, CEO of Humata Health, commented, “As a physician executive at Mayo Clinic, I learned both the challenging complexities and importance of the prior authorisation process. That’s why I founded Verata Health and now Humata Health to deliver a solution that combines the power of AI, automation and connectivity between payers and providers to create a frictionless process.”
“Raising this investment from strategic investors that represent some of the nation’s largest and most innovative providers and payers is a testament to our approach and rapidly accelerates our trajectory to have a positive impact for patients and the healthcare system.”
Carl Daley, CFO at Highmark Health, said, “Highmark is excited to partner with Humata to continue their work of transforming the prior authorisation process. Their solutions help providers to focus more on patient care rather than paperwork. We are excited to see how their continued innovation will further improve the process for our providers and health plan.”
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