CoverSelf, cloud platform for healthcare claims and payment integrity, has raised $4.8m in seed funding.
The round was led by BEENEXT and 3one4 Capital.
Founded in 2021, CoverSelf is a an open and transparent healthcare platform, built by a team of experienced healthcare technology and payment integrity visionaries.
CoverSelf has created a collaborative and comprehensive SaaS platform for all stakeholders, purpose-built for healthcare claims and payment integrity, providing a solid foundation for innovation while removing administrative waste and duplication of efforts.
The company’s mission is to enable healthcare claims to be paid accurately, quickly, and conclusively. The platform, CoverSelf said, enables a generational architectural shift that adapts to the dynamic nature of healthcare and empowers users without technical and external dependencies as the industry evolves.
One of the long-standing critical challenges that the US healthcare claims and payment integrity has faced, according to CoverSelf, is the lack of an open system that allows collaboration between and among payers, vendors, and providers, without data and workflow silos and “black box” constraints.
The CoverSelf platform aims to empower all stakeholders in the healthcare payment integrity and revenue cycle ecosystems with faster, easier, and more accurate processes, as well as faster innovation and releases. T
The company said this plugs revenue leakages and eventually reduces healthcare costs by a substantial margin.
Rajasekhar Maddireddy, Founder of CoverSelf, said, “The current claims integrity systems are very complex, and the deployed technologies are antiquated. Significant software innovation is needed to address the broken system that is currently creating out-of-control healthcare costs and waste.
“The cobbled-together software solutions result in scattered data and the inability to make real-time business decisions. Administrative complexity costs billions annually, an open and collaborative platform can significantly reduce the repetitive administrative costs.”
Earlier this year, Spot, a startup offering on-demand injury insurance in the US, raised $33m in fundingcomprising $25m in equity and $8m in debt.
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