Opkit Raises Over $1M in Funding

Opkit, a New York-based provider of a health insurance verification platform, raised over $1M in funding.

The round was led by Global Founders Capital, Mischief (Plaid founder Zach Perret’s fund), Socially Financed, Y Combinator and Rex Salisbury.

The company intends to use the funds to accelerate growth, expand operations and its business reach.

Led by CEO Sherwood Callaway, and CTO Justin Ko, Opkit leverages a streamlined interface, automation, and APIs to allow telehealth companies to quickly verify patients’ insurance and fetch relevant benefits, including copays and deductibles.

The platform consists of two main components: 

  • A web dashboard that allows users to load-in, verify and track patient insurance coverage manually
  • A documented JSON REST API that can be used by engineering teams to perform insurance verification programmatically

The dashboard allows telehealth employees to perform eligibility checks, or inquiries to insurance companies about specific patients’ plans. A range of eligibility-related features have been automated, including determining whether a patient’s insurance plan is active, in- or out-of-network, and whether it includes benefits such as copays and deductibles. This information is used by staff to determine if a patient’s insurance will cover some or all of the cost of services.

Opkit is a Y Combinator startup.