BOSTON—nirvanaHealth fonder and CEO Ravi Ika’s mission is to transform the $4.5 trillion US healthcare industry. How? By address systemic waste in healthcare, which amounts to over $1 trillion in avoidable medical costs and unnecessary administrative costs annually.
Mr. Ika is a serial entrepreneur and innovator, known for disrupting legacy business processes and modernizing the healthcare industry.
On Nov. 15, he will be honored with the Leadership in Business & Entrepreneurship award at the annual New England Choice Awards gala at Burlington Marriott Hotel in Burlington, MA. Over 400 business and community leaders will attend the event. To buy your tickets, please click here.
To watch an exclusive video interview with Mr. Ika about his journey from India to US, please click here, or on the image below.
Over the years, healthcare industry leaders have come to rely on his vision and talent for creating enterprise platforms that radically disrupt legacy business paradigms and deliver significant value. In 2013, Mr. Ika founded RxAdvance to transform the Pharmacy Benefit Management (PBM) industry that manages over $800 billion drug spend for insurers. He served as President and CEO of RxAdvance.
Following the success of RxAdvance, Mr. Ika set out to continue transforming the $4.5 trillion U.S. healthcare industry. In 2018, Ika founded nirvanaHealth to address systemic waste in healthcare, which amounts to over $1 trillion in avoidable medical costs and unnecessary administrative costs annually.
nirvanaHealth offers Payers & PBMs the first integrated enterprise cloud platform necessary to manage their multitude of complex functions end-to-end. Since Payers & PBMs manage nearly all of the United States healthcare spend, nirvanaHealth addresses healthcare administrative waste at its core, rather than through point solutions, while also allowing for innovative medical risk models that could reduce total cost of care by 20%. Ika currently serves as the President & CEO of nirvanaHealth. During the growth phase, nirvanaHealth raised over $500 million in both primary and secondary funding.
Over twenty years ago, Ika began his healthcare transformation journey and founded ikaSystems, whose platform reduced administrative costs for many health insurers by up to 50% and significantly reduced avoidable medical costs. It was this vision that disrupted long-standing industry paradigms, raising over $120 million from Providence Equity and Essex Woodland Ventures. He holds a Master of Science degree in Environmental Engineering from Old Dominion University and previously worked as a research scientist at Harvard University before embarking on his entrepreneurial journey.
