NEW YORK – Careviso, a startup offering a technology platform to automate prior authorization for diagnostic testing, said Wednesday that it has closed a $17.4 million Series B funding round. Ballast Point Ventures led the round, with participation from existing investors Mercury and Lytical Ventures.
Falls Church, Virginia-based Careviso — formerly known as CMT Solutions — will use the new funding to expand its technology platform to provide patients with information about the cost of diagnostics, including molecular testing.
"Through this latest fundraise, Careviso will grow beyond its core focus on physicians as we pivot toward a broader part of the diagnostic testing process to solve the growing challenges for patients — reducing complexity and providing a clear picture of costs," Cofounder and CEO Andrew Mignatti said in a statement. "Despite the evolution of our healthcare system, one of the largest challenges continues to exist around prior authorizations and transparency around costs, plaguing both physicians and patients alike."
The company, founded in 2017, has built a software platform called SeeQer to automate prior authorization and deliver real-time cost estimates based on plan-specific insurance rules to laboratories, hospitals, and physician practices. SeeQer has been designed to help customers conform to the No Surprises Act, a US law that took effect at the beginning of 2022 calling for clarity in medical billing.
Since its inception, Careviso has focused on the Ob/Gyn and oncology markets but said that it is looking to expand into therapeutic areas including radiology and endoscopy.