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Banjo Health Quarterly Update – Q4 2019


Have questions for Banjo Health? Contact us.


What is Banjo Health?

Banjo Health provides a prior authorization decision support platform for health plans and pharmacy benefit managers (collectively “payers”). We leverage artificial intelligence and machine learning to customize the platform to each payer’s specific prior authorization criteria. Through our integration with the provider’s electronic health records, we are able to directly draw from the prescribers notes to drive accurate decisions while reducing the administrative burden on the payer’s and provider’s staff. This effectively reduces the time-to-decision by up-to 80%, improving member satisfaction and clinical & cost outcomes.


A Message from CEO, Saar Mahna:

Hello and welcome to the first edition of the Banjo Health Quarterly! When we founded this company in May of this year, we could not have anticipated the level of support and progress we would have gotten over the last eight months. This would not have been possible without our investors, advisors, and employees. We have grown the team to seven employees who have all worked very diligently to bring our mission and vision to life. Through our partnership with our first client, our team is now in a position to launch our first product within first quarter of next year. 2020 is shaping up to be an even more exciting year and we are looking forward to sharing our progress with you in future quarterly updates.


If you have any question or would like to learn more about Banjo, please contact me.


Company Updates

Time is flying by these past few months and nearing the end of the year there are a lot of things in motion that are ramping up just in time to make 2020 a very important one.


Q4 Achievements:


  • Banjo is dedicated to ensuring top-notch data security and integrity standards. This quarter, there has been continued progress with our partnership with a large PBM by completing their prerequisite security requirements;

  • Banjo was featured at the Future of Health Event by CB Insights and the strong, forward momentum from this event is being carried into the new year. For a newcomer in the market, the inbound interest is growing fast as there has been good validation all round that there is an immense need for a fully integrated Artificial Intelligence PA solution.


Q4 Product Milestones:


  • A large percentage of pharmacy and medical prior authorizations are still received via fax. Banjo Health has developed an OCR/ICR tool that leverages machine learning to extract and validate data from faxes, pdfs, etc. to aid in automated PA entry;

  • AI models for two PA criteria, including Atopic Dermatitis and Synagis, have been developed in a test environment using dummy data modeled after information that would be collected from the actual faxed PA forms. With an accuracy of 100% for Atopic Dermatitis and 95% for Synagis, Banjo is thrilled about the prospect of reducing clinician time spent reviewing PAs which can lead to enormous improvements in member experience and additional cost savings for our clients;

  • Initial development has been completed for our proprietary PA Management Platform, with a built-in OCR/ICR tool combined and an AI model for PA approval/denial recommendations. While making continual improvements to the platform, Banjo believes that even today the solution is a large improvement over the existing offerings in the market. Combining both clinical knowledge from in-house pharmacist, Farzana Rahman, as well as development expertise led by co-founder and CTO, James Rollins, Banjo Health is primed to meet and surpass both compliance and clinical standards in the marketplace.

The team is looking forward to the new opportunities and challenges that will arise in 2020. To finish this year, a quote by Byron Pulsifer really encapsulates our mission:


“Dedication is belief transitioned into action which is transformed into change”

In 8 months of existence, the heart of what makes Banjo a future leader in the marketplace is Banjo’s progress and dedication to create market-leading change in the effort to eradicate PA struggles and inefficiencies and to also transform the very way PAs are handled.


Banjo Health is a set of hard-working, creative, and passionate professionals working collectively to make a large impact by creating a world-class product. We are always looking for ways to strengthen our culture and explore new ideas to enable our mission & vision. If you have any are interested in learning more about what we are doing at Banjo Health or how we can collaborate, feel free to contact us.


Market Prospective


As 2020 approaches, the main question to ask is “What does the Future Hold for the Company?” This is a broad question but the fifth installment of the sheds some light on that question.


Some key insights from that report include:


  • Educating providers on time as well as cost savings through implementation of ePA platforms will help aid in adoption of ePA. At Banjo, the goal is to go beyond simplistic ePA decisions by using a proprietary AI technology to simplify even the most complex of PAs;

  • ePA solutions have the potential to benefit patient health due to the freeing of the provider’s time and ability to provide valuable care;

  • Adoption of ePA correlates to the reduction in time to therapy and an increase in medication adherence of patients;

  • Faxes and phone calls still make up more than half of all PA volume signaling the market is ripe for increases in efficiencies and new technologies;

  • Of the 11% of Rx claims that are rejected at the pharmacy, 66% require a PA. Of those, 37% prescriptions are abandoned showing how critical it is to account for complex PA processes with the use of AI;

  • By 2020, it is projected that 9/10 of the top drugs by revenue will be specialty drugs all while the amount of specialty PA requests are increasing continually;

  • 96% of players in the market are committed to an ePA solution.


The 40% therapy abandonment rate due to the challenges related to PAs* is direct evidence of the fact that the time is right for a simple yet efficient tool such as one that leverages Artificial Intelligence in evaluating PA decisions. Such a tool will most likely increase the quality of patient care, speed of service, boost medication adherence, and simplify the complex healthcare marketplace. Although the National Scoreboard report focused on Pharmacy Prior Authorization, similar challenges exist in Medical Prior Authorization process as well. It is an exciting time for digital healthcare and Banjo is looking forward to becoming a market-leading player focused on delivering a proprietary AI-driven PA platform that helps patients experience the highest quality of care.


For questions about Banjo’s perspective on the market, please contact us.


Sources:

1. http://www.parxsolutions.com/challenge

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