Today, MedPay is raising $ 1.2 million in healthcare in an early round of venture with two investors, and Palta will spend $ 100 million in funding on preventive health products. It also resolves the problem of unpaid healthcare bills of $ 140 billion and Embark Veterinary’s plans for $ 75 million in funding.
India’s MedPay receives $ 1.2 million to tie insurance and healthcare payments
MedPay, an Indian company that claims to use artificial intelligence to make quick payments from health insurers to providers like doctors or pharmacies, announced that it raised $ 1.2 million in an early round of ventures.
The investors are Entrepreneur First and GrowX Ventures, according to a MedPay press release.
Doctors who say “I’ll pay you a bill” don’t do it anymore
Healthcare is having a problem with $ 140 billion in unpaid bills – and it’s growing, Rectangle Health CEO Dominick Colabella said in a recent interview with Karen Webster. Every minute practitioners spend collecting these funds, the price goes up – and the amount of money that goes back to the nursing staff’s coffers goes down.
Palta in the UK receives $ 100 million to scale preventive healthcare products
Health and health technology company Palta has announced it has raised $ 100 million in a Series B round. Palta’s products provide preventive health care and provide technological solutions to a wide variety of health problems and lifestyle solutions. The company plans to develop other apps like Flo that will help women track their menstrual cycle. Other apps from the company include Simple Fasting, a diet app, and Zing Fitness Coach, a personalized fitness app.
Boston’s Embark Veterinary receives $ 75 million to scale its canine genetics offering
Canine genetics company Embark Veterinary has announced $ 75 million in Series B funding, the largest amount any pet startup has raised to date, according to a press release.
The new funding will be used to further develop the company’s discovery engine, which the press release says will help enable more discoveries for dogs in order to receive better health care. Embark’s goal, according to the press release, is to increase the life expectancy of dogs by three years within the next decade. Embark boasts that it has a canine DNA test that can be tested for more than 350 breeds and over 200 health risks.
PYMNTS DATA: 100 HEALTHCARE EXECUTIVES TALK ABOUT USING AI TO BRING DOWN FRAUD, WASTE AND ABUSE
Above: Healthcare companies lose 12 percent of their annual revenue to Fraud, Waste and Abuse (FWA), but few use Artificial Intelligence (AI) to address these issues because of cost concerns. In AI in Focus: Tackling Healthcare Fraud, Waste, and Abuse, PYMNTS surveyed 100 healthcare executives to learn how AI could actually help companies make savings by containing costly false claims and false positives.