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
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.