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Bluespine, the New York-based AI-driven claims cost reduction startup for the self-insured employer market, has closed its Seed round at $7.2 million. The seed round was led by Team8 with co-investments from additional strategic partners. The increase in capital will enable the company to gain more speed while continuing to advance technology toward supporting the self-insured employers in reducing health care spending.
Founded by Gal Frishman, David Talinovsky, and Yossi Mansano, Bluespine is a state-of-the-art tool that uses AI to smooth the claims process as much as possible and remove as much financial risk from medical billing as possible. Bluespine has developed a platform that assists self-insured organizations, especially large enterprises and Fortune 500 companies, in recovering money from overbilling and prevention of future inflations of medical charges.
Self-insured employers must cover 100 percent of the cost of health care for their employees themselves, which is a particularly poor risk unless handled in an appropriate manner. The AI-driven platform by Bluespine solves that problem by automatically identifying and eliminating overbilling-and thereby cutting healthcare costs by millions of dollars annually from these employers and generally enhancing the financial results for employers.
This technology analyzes medical claims data to identify possible overcharging, errors in billing, and unnecessary procedures. Thus, through the process, money is saved while reducing the legal and financial risks usually associated with health plan administration. Bluespine collaborates with healthcare brokers, auditors, and other players in the healthcare ecosystem and offers its clients comprehensive support in managing and reducing their healthcare spending.
The company’s platform is already of interest to some of the largest self-insured employers in the market, which are now looking for a way to mitigate the rising healthcare costs while complying with increasingly complex regulatory requirements. Bluespine offers a scalable fully automated solution for such challenges, thereby attracting the attention of organizations that want to optimize their spending on healthcare.
This funding will allow Bluespine to scale its team and further advance its cutting-edge AI capabilities, enabling more value to be delivered to its customers. “Our objective,” the company says, “is for employers to make possible better control over health care costs and reduce the administrative burden associated with self-insured plans.” The company’s focus on claims cost reduction places it at the forefront of the rapidly-shifting health-tech landscape.
As the health environment keeps changing, Bluespine’s creative approach to handling claims may be a critical partner for self-insured employers as they try to navigate the complexities of health billing and administration. Strength in strong investors supporting Bluespine and an ever-increasing portfolio of clients solidifies its position at the forefront of innovation in transforming how organizations manage and subsequently reduce their healthcare expenditures.
