North Coast Ventures recently made a seed-stage investment in Itiliti Health, a Minnesota-based healthcare technology solutions company that helps health insurance payers streamline their prior authorization (PA) processes.
Prior authorization is the process by which health insurance companies ensure that care provided to members is medically necessary and appropriate.
Currently, the industry has archaic systems for communicating whether medications or services require prior authorization, which leads to time waste and administrative burden. We see a need for a solution that enables real-time collaboration between payers and providers, and Itiliti Health delivers that.
Itiliti Health’s platform addresses the lack of modernized processes and management of PA for payers by using cutting-edge AI technology and analytics to accelerate communication between providers and payers. This helps ensure the right medical policies are applied and the right procedures are authorized quickly, securely and cost-effectively.
The company is unique in their focus on the payer side, and works to combine their tech and analytics with a deep understanding of user experience in order to offer a platform that eases administrative friction and integrates with current workflows for plan administrators and physicians.
The team possesses extensive industry experience and relationships with insurance companies, which NCV sees as Itiliti Health’s unfair advantage. We believe their ability to tap into these connections with typically risk-averse organizations will help improve the Itiliti Health solution and put them in a position to scale quickly.
North Coast Ventures was impressed with the company’s backing by strategic, industry-oriented investors like Excelerate Health Ventures and Altitude Ventures.
We believe Itiliti Health holds a robust roadmap to solve additional payer challenges for interoperability and transparency, and is well-positioned to bring more efficiency, value and customer satisfaction to the U.S. healthcare system.
About North Coast Ventures
North Coast Ventures (NCV) is a Cleveland-based early-stage venture capital firm primarily investing in B2B, SaaS companies. With over 400 member investors, NCV is the largest, single-chapter investor group in the country. Since 2006, NCV and its member investors have deployed more than $90M into 67 high-potential ventures.
For more information about North Coast Ventures and its portfolio, visit northcoast.vc.