New York Patent of the Month – December 2021

If you have ever submitted an insurance claim, you know just how stressful and confusing the process is. You might be dealing with multiple insurance policies with varying coverage for different claims. Often each policy has their own set of specific details that need to be known to have a successful claim. Unless you’re an expert in the field, most of us do not have the required information to make these submissions with ease. In an effort to reduce that stress, Nayya Health, Inc. has developed an AI based data analysis system.

Their machine-learning driven system performs analysis of data in real-time. This analysis can be used to determine the likelihood of the user being reimbursed through the insurance, even when working with multiple policies. The system has been trained to analyse:

• policy information for the associated policies
• Insurance claims information filed on behalf of the user
• Prescription information

This information is then used to predict the likelihood of one or a combination of these policies paying a claim. This system could help users optimise their insurance use as well as guide them through the claim itself.

Nayya was founded when the co-founders, who were previously working with the actuarial, underwriting, and data science teams of the country’s largest insurers, encountered the remarkably poor consumer experience that most Americans have when making insurance and employee benefits decisions. Through their AI systems, they intend to improve on this experience by aiding users throughout their claim.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

R&D Tax Credit Preparation Services

Swanson Reed is one of the only companies in the United States to exclusively focus on R&D tax credit preparation. Swanson Reed provides state and federal R&D tax credit preparation and audit services to all 50 states.

If you have any questions or need further assistance, please call or email our CEO, Damian Smyth on (800) 986-4725.
Feel free to book a quick teleconference with one of our national R&D tax credit specialists at a time that is convenient for you.

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Swanson Reed offers R&D tax credit preparation and audit services at our hourly rates of between $195 – $395 per hour. We are also able offer fixed fees and success fees in special circumstances. Learn more at https://www.swansonreed.com/about-us/research-tax-credit-consulting/our-fees/