The healthcare administration company, Veda announced it has closed a $ 45 million Series B funding led by Oak HC/FT for its artificial intelligence (AI) and machine learning (ML) platform that offers healthcare payers and providers up to 90 percent in administrative cost savings.

Meghan Gaffney, Veda’s co-founder, and CEO said, “There’s an urgent need for automation in healthcare to reduce inefficiencies and upwards of $1 trillion in unnecessary costs. The acceleration of health technology this past year, combined with legislative imperatives such as the No Surprises Act, are positioning Veda as an indispensable partner for payers. With this new funding, we’ll be better positioned to seize new opportunities through our range of solutions and address a host of critical industry needs.”

With the funding, Veda will be able to expand its mission to help health plans focus on members’ health and well-being rather than on unnecessary administrative paperwork. Veda has contributed to the automation of administrative processes at a number of leading health insurance companies. The company expects to save health plans 500,000 hours in provider data processing in 2021. As an example, Veda’s technology allowed a Medicaid health plan to automate file processing, resulting in a 90 percent reduction in manual entry and a 24-hour reduction in processing time.

Andrew Adams, managing partner, and co-founder at Oak HC/FT, who will join Veda’s Board of Directors, said, “Veda’s technology will fundamentally change how the healthcare system operates by automating processes, increasing accuracy, and reducing costs that have existed for decades. We’re thrilled to partner with the Veda team in their effort to modernize the largest sector of the U.S. economy at such a critical time.”

With this funding, Veda will be able to address the No Surprise Act’s imminent regulatory requirements immediately and rapidly. Consumers are protected from surprise bills and balance-billing costs by bipartisan legislation. With Veda, payers can automate provider rosters transformation and ingesting rapidly, reducing turnaround time from weeks to simply 24 hours.