The healthtech startup CoverSelf, based in San Francisco and Bengaluru, announced that BEENEXT and 3one4 Capital had invested $4.8 million (or roughly Rs 37 crore) as seed funding.
The platform intends to use the additional funds to increase its presence in the US by stepping up operations and growing its sales, product, and technical teams.
CoverSelf, a Software-as-a-Service startup for healthcare claims and payment integrity, was established in 2021 by Raghavendra Pawar and Rajasekhar Maddireddy.
“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. Administrative complexity costs billions annually, an open and collaborative platform can significantly reduce the repetitive administrative costs,” Rajasekhar Maddireddy, founder of CoverSelf, said.
CoverSelf is a generational leap forward in healthcare payment integrity architecture.
“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,” said Dirk Van Quaquebeke, Managing Partner at BEENEXT.
CoverSelf is a NEXT-GEN cloud-native platform that empowers payers to ideate & execute their payment integrity programs.
CoverSelf empowers payers with a truly NEXT-GEN cloud-native, holistic & customizable platform preventing and adapting to the ever-evolving claims & payment inaccuracies. Reduce complexity and administrative costs with a unified healthcare dedicated platform.
Built from the ground up for healthcare-specific use by passionate domain experts and strong technology professionals with decades of experience, addressing pain points faced by the payers with the latest technological advancements.