UAE: KLAIM, a UAE-based factoring, and medical claim management SaaS platform, has secured a $1M Seed funding round from Techstars and a group of strategic regional investors.
KLAIM is a Fintech platform that helps healthcare providers who are losing cash every day due to delayed and rejected payments from insurance companies. KLAIM intends to minimize revenue loss and predict cash flows by streamlining the medical billing processes healthcare providers have to go through to get paid.
Founded by Karim Dakki, Ghafoor Ahmad, and Meriem Tamarzizt, their vision is to build an easy-to-use technology that fits into the workflow of providers, meets the regulatory mandates healthcare organizations work under, and win the favor of physicians, clinicians, and healthcare organizations.
The startup aims to become the leading one-stop-shop specialized healthcare payment network or the Stripe/Paypal of healthcare.
Karim Dakki, Founder and CEO of KLAIM commented, “It is fairly shocking to see that healthcare providers have to wait up to 6 months to get paid for the services they deliver to us. COVID-19 has put enormous stress on the healthcare system globally. Claim rejections and payment delays are further threatening the financial stability of clinics, hospitals, and pharmacies.
“When healthcare providers are limited by unpredictable cash flow they are unable to pay highly qualified professionals, reducing the quality of the medical care we all receive. Yes, it’s impacting the providers, but indirectly it’s impacting every one of us. Essentially, by helping healthcare providers manage their claims and get paid faster, our goal is to improve the quality of the medical care you are receiving.”
KLAIM aims to use the new funds to grow its presence in the UAE and expand its operations into Saudi Arabia by H1 2021.