Opkit, a health insurance verification platform for telehealth providers and virtual medical clinics, has launched with $1 million in funding.
The startup participated Y Combinator, a Silicon Valley accelerator program, and has raised investment from Global Founders Capital, Socially Financed, Y Combinator, Mischief and Rex Salisbury, formerly a partner at Andreessen Horowitz.
The New York-based company offers a platform with two main components: a web dashboard where users can manually enter, verify and track a patient’s insurance coverage, and an API that engineering teams can use to programmatically verify coverage. The program automatically rechecks patient return insurance coverage before each visit.
“Telehealth is a completely new business model designed to make healthcare more inclusive, affordable and accessible. But providers need updated tools built for the virtual care environment. That’s why we built Opkit to reduce the administrative burden for this next generation of healthcare. suppliers,” Opkit co-founder and CTO Justin Koh said in a statement.
THE BIGGER TREND
It Most health care consumers have used telemedicine in their lifetime, and most insurance companies cover some form of telehealth service, although this may vary by state.
Another company that offers a health insurance verification tool is medical booking platform ZocDoc. With its Insurance Checker, patients can choose their plan, check their insurance information and share it with a doctor when they make an appointment.
Wendy Paul and Kyle Longhurst will provide more detail in their HIMSS23 session, “Using Machine Learning to Reduce Dispensed Medication Errors.” It is scheduled for Thursday, April 20th from 2:30 – 3:30 pm CT in the South Building, Level 4, Room S401.