MedoSync will now see if its platform can be used to improve billing processes in the German healthcare system.
Irish start-up MedoSync has emerged victorious in a German accelerator programme that focused on improving payments tech in the health insurance sector.
One of nine European start-ups that took part in the GKV Impulse Accelerator, MedoSync has developed a platform that integrates hospital and insurer systems to enable more accurate and real-time medical billing.
It was founded in 2019 by emergency medicine consultant Dr Martin Rochford and tech entrepreneur Séamus Cooley.
Based in Dublin’s Dogpatch Labs, the company launched its platform last year and this has since been used to submit more than 100,000 claims valued at more than €20m.
MedoSync raised €1.2m from Enterprise Ireland and individual investors last December to expand its platform.
“Our ambition is to bring our solution to a global audience and winning the Bitmarck accelerator challenge demonstrates that there is a place for MedoSync in a country with a healthcare market worth nearly €400bn,” said Rochford, who is the company’s chief executive.
“This is an important milestone for our solution, our company and for our growth trajectory in 2023 and beyond.”
The GKV Impulse Accelerator was focused on start-ups working to build digital tools for processing payments more efficiently or helping health insurance companies increase the use of their existing offers.
It was hosted by Bitmarck, an IT and managed services provider that works with statutory health insurers.
MedoSync is led by a team of people with experience in the healthcare and tech industries. Its platform’s proof of concept was run in conjunction with the Laya Urgent Care centres early last year, and the tech was subsequently adopted by Affidea.
Following its accelerator win, MedoSync will engage with Bitmarck on the potential to adapt its medical billing tech to the service provider’s network of health insurers covering more than 25m Germans.
“By participating in Bitmarck’s virtual accelerator, MedoSync has proven that start-ups can successfully adapt to the technical and regulatory requirements of another country despite time constraints and language barriers,” said Bitmarck innovation manager Gordon Beese.
“For the team at Bitmarck, it is now time to see how we can work together with MedoSync to improve billing processes in the German healthcare system.”
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