Irish start-up MedoSync, which operates out of Dogpatch Labs’ hub in Dublin, has raised €1.2m in Series A funding.
MedoSync was founded by emergency medicine consultant Dr Martin Rochford and tech industry veteran Séamus Cooley in 2019. It will use the funding to support the expansion of its technology platform, which enables secure, real-time medical payments in Ireland.
Its backers in this round included Enterprise Ireland as well as tech entrepreneurs and investors Jim Hannon, Michael Harding, Enrique Curran and JP Sisk.
The start-up’s management team includes senior executives with healthcare, technology, finance and commercialisation backgrounds. They will now be joined by Hannon, Harding, Curran and Sisk, who are coming on board as advisers.
It is estimated that hospitals lose between 6pc and 9pc of their revenues annually through leakages in the billing process, mainly from error or fraud.
MedoSync aims to provide a secure platform that integrates hospital and insurer systems, enabling real-time medical billing. It was set up to relieve hospital staff of the admin-intensive tasks associated with paper billing, and the system has already been used to submit 30,000 claims in 2021.
“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,” said Rochford. “This doesn’t work for anyone, not for patients, doctors, hospitals or insurers.”
He added that as a practising consultant, he knew first-hand the “frustrations shared across the hospital system with these legacy billing systems”.
“Working in partnership with my co-founder Séamus, we mapped out the challenges facing hospital billing systems and designed a technology solution to help solve these problems,” Rochford said, mentioning his business partner who previously held tech roles at Facebook and Microsoft.
MedoSync is part of Enterprise Ireland’s High Potential Start-up programme. It counts health providers such as Laya Healthcare and Affidea ExpressCare among its clients.
Investor and entrepreneur Hannon said, “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.”
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