CoreCare, a provider of revenue management services for healthcare companies dealing with public health benefit providers, has raised $3 million in a seed financing round. The company, which uses machine learning, automates large swaths of billing and revenue cycle management to reduce the burden on hospitals, according to chief executive, Dennis Antonelos. Already, companies like Creative Solutions in Healthcare, a nursing facility operator in Texas that operates nearly 80 locations has signed up for the service.
Antonelos started the company in January, had the first product up by March and was accepted to Y Combinator in April. It now boasts over a dozen customers in Texas. With the new $3 million in hand from investors including Primetime Partners, Goat Capital, Funders Club and Liquid2Ventures, Antonelos said the company would look to expand its sales and marketing and product capabilities.
CoreCare automates processing of billing and paperwork and clinical notes by linking electronic health records and medicare and medicaid information services and payers. “We’re going through the organization and eliminating administrative waste so the organization can invest newly found resources into patient care,” Antonelos said.
The company uses a standard software-as-a-service payment model and charges somewhere between $300 to $500 per facility, per month, according to Antonelos. “These initial results are outstanding,” said Gary Blake, president, and co-founder of Creative Solutions in Healthcare and one of CoreCare’s early customers. “In only a matter of months working with CoreCare’s CoreAccess software, we’ve seen a notable impact on our financial position. It has truly exceeded our expectations. CoreCare has changed the way we work with Managed Care, from top to bottom. We have been able to streamline our entire billing process, reduce admin costs, shorten the number of accounts receivable (AR) days and free up cash for growth. Every healthcare provider that works with managed care should work with CoreCare.”