The Dogpatch Labs-based start-up founded in 2019 wants to eliminate waste and promote efficiency in the medical billing process for hospitals and insurers.
Irish insurtech start-up MedoSync has raised €1.1m in funding to expand its medical billing platform in key European markets.
In an announcement today (10 July), MedoSync said it closed the follow-on funding round comes following an earlier Series A round in late 2021.
A former Start-up of the Week, MedoSync is a digital platform that integrates hospital and insurer systems to enable more accurate and real-time medical billing. It was founded by tech entrepreneur Séamus Cooley and emergency medicine consultant Dr Martin Rochford in 2019.
Backed by returning investors Enrique Curran and JP Sisk, the investment will help the start-up expand its current products in operation with the €400bn German healthcare market as a primary target.
The Dogpatch Labs-based start-up won the prestigious German accelerator GKV Impulse last November, giving MedoSync access to the service provider’s network of health insurers covering more than 25m Germans.
Rochford said that the latest fundraise will give the start-up a new focus on a European expansion while continuing its Irish growth and creates potential for further fundraising later this year.
“This strategic approach will enable us to reopen the funding round later in 2023 to investors with industry expertise such as medical consultants, a key target audience affected by issues related to outdated, paper-based billing,” Rochford explained.
“By integrating with provider and insurers systems, we are able to automate a number of tasks creating efficiencies for claims teams. Bottlenecks and stoppages are quickly identified to reduce payment delays which unlocks capacity, giving administrative teams the space and opportunity to focus on higher value work.”
Rochford told SiliconRepublic.com earlier this year that while MedoSync is engaging with private hospitals and health insurance providers in Ireland, it also sees 2023 as a year of expansion – with plans to take its platform to the UK and Germany – Europe’s largest market.
Since its product launch in 2021, he said at the time that MedoSync’s platform has been used to submit more than 100,000 claims valued more than €20m – with more in the pipeline.
“Our mission is to eliminate this waste in the medical billing process for hospitals and insurers alike, focusing on what needs to be done to connect all teams in the billing process, ensuring that hospitals are reimbursed fully and efficiently for their work.”
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