We are pleased to welcome Atlanta-based Mitivate into the RevUp portfolio!
Mitivate is a healthcare analytics company that helps health insurance companies evaluate patient data, claims and clinical data to identify inefficiencies and fraud. Mitivate’s AI-enabled platform offers customers an easy to deploy, cost efficient strategy for improving claims analysis.
Founder Aaron Petty went full time on the venture in late 2018 when taking the company through the ATDC Program based at Georgia Tech (fun fact: RevUp Partner Allan Tear’s first company was an ATDC company ~20 years ago). Mitivate began actively selling in January 2019.
The U.S. federal government estimates that inaccurate provider claim submissions totaled between 3% and 10% of annual healthcare spend. Health Insurers already invest heavily into this problem but report that current solutions are high-cost, slow moving, inaccurate and involved off-shore human effort. Mitivate automates these processes by applying AI and NLP technologies to unstructured data within medical data and machine learning to intake this data in a streamlined fashion. While there are large vendors in this space, they operate at a high price point, and are human intensive, with little to offer in terms of technological innovation.
Today, Mitivate is used for claims analysis. The platform consumes the visit notes, analyzes them using AI, and compares them to the diagnostic codes provided to the provider for reimbursement. It is able to identify questionable claims 90% of the time, reducing the human oversight to validation and investigation/action. As they move deeper into the market, Mitivate is able to also offer its customers additional support where translation errors introduce costs and inefficiencies.
Expecting great things from the Mitivate team. Stay tuned for updates!
More About RevUp Capital
RevUp Capital invests in B2B and B2C companies that are revenue-driven and ready to double down on growth. We deploy cash and capacity to help companies grow from $1-3M to $10-30M, quickly and efficiently, using a non-equity, revenue-based model. Since 2016, we have used our battle-tested cash and capacity model to move companies up the growth curve, and together, break free from the constraints of equity-only funding.
Companies enter our portfolio with $500K-$3M in revenue, a strong growth rate, and a team that’s ready to scale.
Our typical investment range is $300K-$500K. We invest into a company's market-facing activity using a cash and capacity model. We pair our cash investment with 12-months of dedicated support from the RevUp Growth Platform: a powerful resource to build a data-driven growth engine, delivered by people who get the work done. Rather than take equity, companies return investment through a small percentage of revenue over time.