Irish start-up MedoSync, which has developed a technology platform to provide real-time healthcare billing, has raised €1.2 million in investment.
Founded by emergency medicine consultant Dr Martin Rochford and tech industry veteran Séamus Cooley in 2019, the company provides a secure solution that integrates hospital and insurer systems. More than 30,000 claims have been submitted via its platform this year alone. Among the partners using its solutions are Affidea and Laya Health.
Speaking to The Irish Times, Dr Rochford said the start-up intends to use the financing to support expansion of the business.
He said that given that many hospitals are still predominantly reliant still on paper, the need for a secure system that integrates with insurers’ solutions is critical.
It is estimated that hospitals lose between 6 per cent and 9 per cent of their revenue annually through leakages in the billing process – mainly as a result of error or fraud – in a system that often remains paper-based, prone to error and admin intensive.
“Billing is a massive problem worldwide and with healthcare getting ever more complicated, it is a problem that is getting bigger,” said Dr Rochford.
“In the US alone, it is estimated that 15 cents out of every dollar spent on healthcare goes on administration. Of this, half is just for claims and billing, so there are huge savings to be made by using an integrated solution that cuts out the paperwork,” he added.
Backers
MedoSync has been backed by a number of well-known Irish business people in the new funding round, including JP Sisk, a director of the family-owned construction group and Enrique Curran, former chief executive of Shelbourne Markets.
Other backers include Jim Hannon, chief technology officer at Sweepr, Michael Harding, formerly of insurance tech company Relay Software, and Enterprise Ireland.
“MedoSync has zeroed in on a significant pain point that was hiding in plain sight in health billing and with its strong team and deep industry expertise has developed an innovative solution to address this. I am pleased to be part of the journey as MedoSync scales up its solution over the coming period – this is a global problem, and the sky is the limit for this company,” said Mr Hannon, who also previously co-founded Brite:Bill.
