A Kentucky startup raised an $11.4 million Series A to address a major headache in the medical community: verifying patient benefits.
eBlu is an electronic workflow solution that streamlines the prior authorization of expensive infusion-based specialty medications. Medical practices can verify a patient’s benefits and coverage information, along with track potential manufacturer copay program options.
The round was led by Chicago-based OCA Ventures. Cleveland’s Mutual Capital Partners and Nashville-based FCA Venture Partners also joined the round.
The eBlu founders, all Louisville area locals, bring “different skill sets to the table and we’ve been able to build a solution in a market space that has traditionally been fragmented and manual,” CEO Mark Murphy told Hypepotamus.
That fragmentation has typically come from a lack of resources, particularly for patients going through infusion-based medical treatments and those requiring high-cost medical treatment.
The platform has processed over 750,000 benefit verifications to date and has seen a less than 1% appeals rate, according to the startup’s website.
Murphy says the Series A funding will go towards expanding eBlu’s presence within other medical specialties. “We know our solution can make a difference in the medical practice and help streamline the patient’s journey to treatment.”
Andy Patton, Executive in Residence at FCA, added that “electronic prior authorization software has received substantial interest from investors over the last few years. eBlu occupies a unique position in the industry.”
eBlu is one of several Kentucky HealthTech startups popping up in the city’s growing entrepreneurial scene. “There’s been a strong movement over the last several years around entrepreneurship in general and also within the healthcare space,” Murphy added.