Medosync raises €1.2m in Series A round
Irish medtech start-up MedoSync has successfully closed its Series A funding round, with €1.2 million raised from backers including Enterprise Ireland and entrepreneurs and investors Jim Hannon, Michael Harding, Enrique Curran and JP Sisk. This financing will be used to support expansion of MedoSync’s technology platform, which enables secure, real-time medical billing and which is already transforming healthcare payments in Ireland.
It is estimated that hospitals lose between 6% and 9% of their revenues 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.
MedoSync provides a secure platform that integrates hospital and insurer systems enabling accurate, efficient, and real-time medical billing. Its proven solution has already been used to submit 30,000 claims in 2021 alone. The company was founded by emergency medicine consultant Dr Martin Rochford and tech industry veteran Séamus Cooley in 2019.
MedoSync’s Series A funding was raised from a number of tech investors, including Jim Hannon (Brightbill and Sweepr), Michael Harding (ex Relay), Enrique Curran (Camino Capital) and JP Sisk, who will all act as advisors to MedoSync as its development accelerates. MedoSync is part of Enterprise Ireland’s High Potential Start-up programme, who completed the Series A funding round.
“Despite the many incredible advances that have taken place in medicine over recent decades, hospital billing processes are often still paper-based, inefficient and admin heavy. This doesn’t work for anyone, not for patients, doctors, hospitals or insurers,” said MedoSync CEO Dr Martin Rochford.
“As a practising consultant, I know first-hand the frustrations shared across the hospital system with these legacy billing systems. It was this frustration that led me on the journey to establish MedoSync. Working in partnership with my co-founder Seamus, we mapped out the challenges facing hospital billing systems and designed a technology solution to help solve these problems. Our solution creates a seamless, instant process for creating and approving – or rejecting – a bill in real time. This facilitates a more efficient system that ensures hospitals are paid promptly for all procedures, and one where the money follows the patient.”
“Having taken MedoSync to this point and with over 30,000 claims submitted on the platform in 2021 alone, we felt that now was the right time to secure additional funding to enable us to accelerate our growth. We are really pleased to have closed this Series A funding round and to have so many incredible investors on board, who will also act as a team of expert advisors as we seek to scaleup in 2022 and beyond.”
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