Cloud startup for healthcare claims and payment integrity CoverSelf has raised $4.8 million in funding led by Beenext and 3one4 Capital. The startup plans to use this funding to scale the company operations as well as grow the sales, product, and technology teams.

Founded in 2021 by Rajasekhar Maddireddy and Raghavendra Pawar, CoverSelf has created a collaborative software-as-a-service (SaaS) platform for healthcare claims and payment integrity, removing administrative waste and duplication of efforts.

The company’s aim is to enable healthcare claims to be paid accurately, quickly, and conclusively. The platform enables a generational architectural shift that adapts to the nature of healthcare and helps users without technical and external dependencies as the industry evolves.

“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.