MedoSync, a start-up in the healthcare sector, has successfully raised €1.1m in its initial funding round as it sets its sights on entering the European market.
The company’s primary goal is to streamline and automate medical claims, thereby reducing the strain on the healthcare system and increasing its capacity.
The funds secured will be utilized to target healthcare providers, clinicians, and insurers across various European markets, with a specific focus on the lucrative German healthcare market, valued at €400bn.
MedoSync aims to identify and address bottlenecks and delays in the payment process, ultimately minimizing payment delays and unlocking additional capacity within the system.
In its pursuit of further funding, the company anticipates raising an additional €1m through the Employment Investment Incentive Scheme (EIIS), which offers tax relief of up to 40% for investors.
Notably, returning investors Enrique Curran and JP Sisk have contributed to MedoSync’s latest fundraising endeavor.
What is MedoSync?
MedoSync is an organization that focuses on automating medical claims in order to enter European markets and address bottlenecks and stoppages in the healthcare system to reduce payment delays and unlock capacity. By utilizing technology, MedoSync aims to streamline the process of medical claims, freeing up valuable resources within the healthcare system.
With the recent funding of €1.1m, MedoSync plans to target healthcare providers, clinicians, and insurers in European markets, with a primary focus on the €400bn German healthcare market. The organization aims to identify and eliminate bottlenecks and stoppages that contribute to payment delays, ultimately improving efficiency and increasing capacity.
MedoSync expects to raise an additional €1m in a second funding round under the Employment Investment Incentive Scheme (EIIS), allowing investors to claim up to 40% back in tax relief. The recent contributions from returning investors Enrique Curran and JP Sisk highlight their confidence in MedoSync’s mission.
Benefits of MedoSync
One potential advantage of implementing an automated system for processing medical claims is the potential to reduce payment delays and increase the overall capacity of the healthcare system.
Manual processing of medical claims can be time-consuming and prone to errors, leading to delays in payments to healthcare providers. By automating this process, MedoSync aims to identify bottlenecks and stoppages, streamlining the claims process and reducing payment delays.
This, in turn, can free up capacity within the healthcare system, allowing providers to focus on delivering quality care rather than administrative tasks. Additionally, an automated system can improve efficiency and accuracy, minimizing errors and reducing the need for manual intervention.
Overall, the implementation of MedoSync’s automated system has the potential to enhance the effectiveness and productivity of healthcare providers, clinicians, and insurers in European markets.
Target Market and Expansion
The target market for the automated system is the healthcare industry, specifically healthcare providers, clinicians, and insurers in European markets, with a primary focus on the German healthcare market which is valued at €400bn.
MedoSync aims to address the bottlenecks and stoppages in the medical claim process, reducing payment delays and unlocking capacity in the healthcare system. By automating medical claims, MedoSync seeks to free up resources and improve efficiency in the industry.
The funding raised, totaling €1.1m in the first part of the funding round, will be used to penetrate the European market and expand MedoSync’s reach. The second funding round, expected to raise an additional €1m, will be conducted under the Employment Investment Incentive Scheme (EIIS), offering tax relief to investors.
The support from returning investors, Enrique Curran and JP Sisk, further strengthens MedoSync’s position in entering the European market.
