Beenext, 3one4 Capital led $4.8 M secured by healthcare SaaS startup CoverSelf
Healthcare claims and payment integrity startup in the cloud Beenext and 3one4 Capital led the $4.8 million fundraising round for CoverSelf. The startup intends to utilize this money to expand the sales, product, and technology teams in addition to scaling its business operations.
CoverSelf, a collaborative software-as-a-service (SaaS) platform for healthcare claims and payment integrity that eliminates administrative waste and duplication of work, was founded in 2021 by Rajasekhar Maddireddy and Raghavendra Pawar.
The firm wants to make it possible for medical claims to be paid precisely, rapidly, and definitively. As the healthcare business changes, the platform enables a generational architectural transition that assists users without relying on external or technical resources.
“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, and an open and collaborative platform can significantly reduce the repetitive administrative costs.” said Maddireddy.
“The payment models are becoming complicated and the pace of change is increasing, creating additional challenges for stakeholders, who in turn are finding it more difficult to understand the increasing complexity. Our efforts are towards leveraging our extensive experience to reduce complexity and administrative costs by building a unified healthcare dedicated platform,” said Pawar.
