Healthtech platform CoverSelf has announced US$3.4m in additional investment in the business – extending its seed funding round to US$8.2m. New investment in CoverSelf was funded by existing investors BEENEXT and 3One4 Capital, with additional funding coming from new investor Z21 Ventures.
CoverSelf is an insurtech for healthcare claims and payment integrity, based in San Francisco, which was founded in 2020.
BEENEXT is a venture capital firm based in Singapore, which was founded in 2015. “CoverSelf’s vision is to democratise the healthcare claims and payment integrity industry with a fully open and transparent solution built with a spirit of collaboration,” said Dirk Van Quaquebeke, Managing Partner.
3One4 Capital is a venture capital firm based in Bangalore, India.
“As payers start using CoverSelf, they will progressively need fewer external payment integrity vendors,” said Sonal Saldanha, Vice President at 3one4 Capital. “Ultimately, CoverSelf aims to be the dominant payment integrity platform for insurance companies.”
CoverSelf: Addressing the growing cost of healthcare
Founded to democratise the healthcare claims and payment integrity industry, CoverSelf has developed a solution aimed at empowering integrity teams in health insurance companies to resolve health claims with hospitals and other medical practices in a transparent way.
With over US$4.1trn spent on healthcare in the US alone, CoverSelf aims to reduce costs, particularly on the administrative side, which account for one-quarter of all healthcare costs in the US.
“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,” said CoverSelf Founder Rajasekhar Maddireddy. “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.”
Deploying its services at two new partners in recent months, CoverSelf has helped its clients process 25 times more claims in the same time window than was done previously.
“One platform, one configuration, one team – our solution offers multiple points of integration and intervention for all pre and post-pay payment integrity, effectively reducing waste,” said Raghavendra Pawar, Co-founder of CoverSelf. “CoverSelf empowers subject matter experts (SMEs) with a modern UX/UI that’s super easy to work with and aids them by eliminating technical dependencies, maximising efficiency and fostering rapid innovation. Speed to release has shifted from weeks to mere hours, thanks to our collaborative approach and operational efficiency.”