Health insurance administration software company TPA Stream has completed an $800,000 seed financing round.
Ohio-based TPA Stream is a health insurance administration software company developer that helps companies to automate claims management. The technology enables revenue cycle managers to automate the research into pending claims, automate reimbursement and substantiation for pre-tax administration.
The company can help to reduce claims processes by 75 per cent and revenue recycle manages can lower research time by 40 per cent, according to the company.
Equity from the round will go towards that development of solutions and for the recruitment of more software developers to its team.
TPA Stream CEO Jacob Sheridan said, ?Healthcare providers and TPAs (third party administrators) have been searching for a solution to lower their costs and decrease the amount of time it takes to administer claims and reimbursements. TPA Stream is the first comprehensive solution for revenue cycle managers and third-party administrators.p>
Alongside this new funding, the company has named Option Care former senior director of operations Bruce Yale as its new CFO.
Earlier in the year, health insurance marketplace Connecture was acquired by Francisco Partners and Chrysalis Ventures. The company offers consumers a personalised experience for purchasing policies, based on preferences.
Last year, 62 per cent of the investments made into InsurTech companies went to the North American market, with Asia being the next biggest market.
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