Get All Access for $5/mo

CoverSelf Raises $4.8 Million Seed Fund The fund raised will be used to build out their platform and scaling the company operations as well as growing the sales, product, and technology teams

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

CoverSelf, a cloud platform for healthcare claims and payment integrity, raises $4.8 million Seed funding round to help reduce claims inaccuracies and reduce admin waste. The funding round was led by BEENEXT and 3one4 Capital. The fund raised will be used to build out their platform and scaling the company operations as well as growing the sales, product, and technology teams.

"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," said Rajasekhar Maddireddy, founder, CoverSelf.

The company's mission is to enable healthcare claims to be paid accurately, quickly, and conclusively. The platform 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, as per company statement.

"We are very excited to partner with team CoverSelf targeting the $4.1 trillion US healthcare industry. Estimated cost of waste in the US healthcare system is approximately 25 per cent of total health care spending. Claims and payments integrity, i.e., incorrect billing or fraud, alone accounts for over $100 billion of the problem. Now, anyone ever having worked in the US healthcare system understands its massive complexity. We believe team CoverSelf has assembled a uniquely qualified team to abstract this away and improve healthcare outcomes at reduced prices for patients in the US," Dirk Van Quaquebeke, managing partner at BEENEXT.

Founded in 2021, CoverSelf is a one-of-a-kind democratized, open, and transparent healthcare platform, built by a team of highly experienced healthcare technology and payment integrity visionaries.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

Dee Piping Goes Public: Announces Initial Public Offering

Dee Development Engineers Limited, commonly known as 'Dee Piping,' has announced its transition into a public limited company.

Business Solutions

Increase Productivity with This Microsoft 365 Subscription, Now $25 Off

It can make the entrepreneur life a lot easier.

News and Trends

Unifi Capital Launches Two New Funds at GIFT City

Rangoli India Fund and G20 Portfolio are the two new funds launched by Unifi Capital, via its subsidiary UIML in GIFT City, to expand international investment opportunities.

Business News

Apple Pay Later Is Ending. Here's What's Taking Its Place.

The program was available for less than a year.

Culture

I've Grown a High-Performing Team in Just 2 Years — Here's are 5 Growth Strategies I Learned

A team's strength lies in its people's individual skills and how they synergistically come together.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.