SOUTHBOROUGH, Mass.–(BUSINESS WIRE)–In 2018, RxAdvance established a separate company called nirvanaHealth, LLC, to build a Payer platform. For the last two and a half years, nirvanaHealth LLC worked to complete building such cloud-native Payer platform. RxAdvance has now combined both its PBM and Payer platform assets under a newly formed independent holding company, nirvanaHealth, Inc. “The nirvanaHealth name more adequately captures the scope of our healthcare reach and mission as we expand into the Payer market,” shares founder and CEO, Ravi Ika.
nirvanaHealth uses their deep healthcare domain expertise to build platforms that use robotic process automation (RPA), machine learning (ML), and artificial intelligence (AI) to deploy a digital workforce across the Payer and PBM industries with the launch Aria: the most expansive Payer & PBM platform in the healthcare industry.
With the demonstrated success of the Collaborative PBM Cloud™ platform under their belts, nirvanaHealth seeks to further address the $900+ billion of waste that plagues the $4 trillion annual healthcare spend in the United States. The majority of this waste is a result of the lack of modern platforms that effectively manage the multitude of transactional functions fulfilled by the entities in the space, and that support the right medical risk models. Post healthcare reform, several Payers implemented innovative risk sharing models that demonstrated reductions in the overall cost of care. However, existing platform functionalities did not develop in conjunction with such evolution. nirvanaHealth recognized the need to overhaul existing platforms in the Payer and PBM industries and leverage current technologies such as RPA, ML, and AI. Such platforms empower Payers to distribute risk via innovative risk contracting with physicians/hospitals, IPAs, ACO, and Bundled Payment Initiatives and helps these entities manage the risk. With this goal in mind, nirvanaHealth built Aria: the robotic process automation cloud for healthcare.
Ika says: “Aria was built from the ground-up to employ RPA across Payer and PBM enterprises and to facilitate the 3,500+ functions typically performed by Payers and PBMs all within one single platform. Aria deploys plug & play RPA modules optimized with ML and AI features, creating a digital workforce that performs core business functions and drives automation. Aria facilitates risk mitigation among payers and care delivery entities and helps them manage cost and improve quality. This results in lower operating costs, reductions in avoidable medical costs, improved accuracy, and system-driven compliance. The Aria Platform modules meet over 75% of Payer, and 100% of PBM functional automation needs.”
“This platform-driven strategy pioneers the way for healthcare automation and affords a high quality of care at lower costs by improving efficiencies and allowing for innovative risk models” former Apple CEO and current nirvanaHealth Chairperson, John Sculley, stated. “The efficiencies offered, and risk models supported by Aria can significantly reduce administrative and medical costs through enterprise healthcare automation. nirvanaHealth is eager to continue to innovate and deploy Aria and to significantly reduce costs, improve consumer experience, and pioneer the way for healthcare automation.”
About nirvanaHealth
nirvanaHealth is an innovative Payer and pharmacy benefit manager (PBM) platform provider that leverages their robotic process automation (RPA) cloud platforms to manage integrated medical, pharmacy and behavioral services that reduce overall administrative and medical costs and improve quality. nirvanaHealth offers the first cloud-native Payer and PBM integrated platform in the industry. nirvanaHealth pioneers healthcare automation by uniquely combining deep healthcare domain expertise with proven platform-building experience to deploy RPA across the Payer and PBM industries.
Contacts
Elizabeth Thomas, Director of Strategy