Introduction of Company
Coverself is a cloud-based startup for healthcare, which was founded in the year 2021 by Rajasekhar Maddireddy and Raghavendra Pawar. Coverself, the company which raised $4.8 million, uses a software-as-a-service (SaaS) Platform for healthcare claims and the integrity of payment so that they can create a change in the healthcare industry. The company is aiming to pay healthcare claims accurately and timely. They are planning to reinvent the framework to remove administrative waste and duplication of efforts. The company is based in San Francisco, United States.
The platform, coverself, and their team would ensure that their system is regularly updated with all the details about regulations so that all the bills are prepared according to the evolved legal landscape.
Funding Details
The company has raised $4.8 million led by Beenext and 3one4 Capital. The funds will be utilized in the company so that the operation of the company scale faster and also to grow the sales, product, and technology teams. The funding would be utilized to grow the presence of business in the united states. Beenext, the company which has given the funding to Coverself, is a venture capital business founded in 2015, and this company funds early-stage technology companies from India, Southeast Asia, Japan, and the United States.
Official Statement
‘The payment models are becoming more complicated and the pace of change is increasing, creating additional challenges for stakeholders, who in turn are finding it more difficult than ever to understand the increasing complexity (of the claims accuracy and payment integrity sector). Our efforts are driven towards leveraging our extensive experience to reduce complexity and administrative costs by building a unified healthcare dedicated platform’ This was stated by the co-founder of the company, Raghavendra Pawar.
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“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.” This was stated by the co-founder of the company, Rajasekhar Maddireddy.
