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CoverSelf, a cloud platform for healthcare claims and payment integrity, raised a $4.8 million seed round to help reduce claims inaccuracy and reduce administrative waste. The round was led by BEENEXT and 3one4 Capital. The funds raised will be used to build their platform, expand the company’s operations, and grow sales, product and technical teams.
“The current claims integrity system is very complex and the technology deployed is outdated. Significant software innovation is required to address the current broken system that is causing runaway healthcare costs and waste. Piecing together software solutions has led to fragmentation,” said Rajasekhar Maddireddy, founder of CoverSelf :
The company’s mission is to enable healthcare claims to be paid with accuracy, speed and certainty. According to a company statement, the platform enables a generational architectural shift that adapts to the dynamic nature of healthcare and empowers users as the industry evolves without the need for technology and external dependencies.
“We are delighted to be working with the CoverSelf team on the $4.1 trillion U.S. healthcare industry. The estimated wasted cost to the U.S. healthcare system is approximately 25% of total healthcare spending. Integrity of claims and payments, i.e. incorrect accounting fees or fraud, and that alone has caused over $100 billion in problems. Anyone who has worked in the U.S. healthcare system by now understands the enormous complexity. We believe the CoverSelf team has assembled a uniquely qualified team to abstract this problem and improve health care outcomes for patients at lower prices in the United States,” Dirk Van Quaquebeke, Managing Partner, BEENEXT.
Founded in 2021, CoverSelf is a unique democratized, open and transparent healthcare platform built by a team of seasoned healthcare technology and payment integrity visionaries.