Sanovia Coporation, which delivers savings in pharmaceutical spending through automated decision-making technology, isn’t owned by any pharmacy benefit manager, health plan or pharmaceutical manufacturer. And yet the Philadelphia-based company continues to attract attention of venture funders.
Chrysalis Ventures, a leading source of equity capital for young growth companies in the Midwest and South, led Series C financing totaling $8 million that also included Sanovia’s existing investors, HLM Venture Partners of Boston and Claritas Capital of Nashville.
“Sanovia’s best of breed technology provides a powerful means for payers to bring accuracy, efficiency, and quality to the task of controlling pharmaceutical costs, making it a strong fit for our portfolio,” says David A. Jones Jr., Managing Director of Chrysalis who joined Sanovia’s board of directors.
Founded in 2003 by a group of pharmacists and IT professionals, Sanovia has about two dozen clients like Blue Cross Blue Shield plans, large national and regional managed care plans and Medicare plans. Sanovia’s flagship product, PA-Logic, fully automates prior authorization–when physicians receive approval from a patient’s health plan to prescribe a medication–which improves efficiency, turnaround times on prior authorization requests, and appropriateness and quality of therapy.
Sanovia plans to use the funds to expand its state-of-the-art decision technology into additional areas of clinical patient management, roll out its web portal capability, enhance its fraud and abuse and medication therapy management products and develop partnerships with providers of complementary products.
“Our clinical decision-making tools not only automate workflows but also automate and simplify the increasingly complex evidence-based clinical guidelines,” says Robert Tremain, President and CEO of Sanovia.
Source: Robert Tremain, Sanovia; David A. Jones Jr., Chrysalis Ventures.
Writer: Joe Petrucci
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