–News Direct–
CoverSelf, a unified platform for healthcare claims and payment integrity, is today announcing the appointment of Ashish Singh, Advisory Partner at Bain & Company, as Board Director. This development comes on the heels of the companys recent close of a $8.2 million seed round.
Ashish is a well-known and deeply respected Bain & Company leader. He led Bains global Healthcare and Life Sciences (HLS) practice from 2012 to 2018 and served two terms on Bains global Board of Directors in the same time period. Ashish also founded Bain & Companys India office and was at its helm as Managing Director (2005-2011) and Chairman (2011-2014). Over the years, he also co-founded Bains Enterprise Software, Media & Entertainment, Pharmaceutical and Payer practices.
Ashishs expertise lies in corporate and BU strategies, market entry strategies, operational improvement, organisational effectiveness, M&A, healthcare IT, and large-scale corporate transformation programs.
We are thrilled to welcome Ashish onboard as our Board Director. He is a veteran in this space and brings invaluable experience in formulating overall strategy and US GTM strategy, as well as in-depth knowledge of the US healthcare system and health plans. Not to mention, his broad network of relationships across the industry will benefit us in the long term, said Rajasekhar Maddireddy, Co-founder of CoverSelf.
Weve been busy since our funding announcement. We are already live as the secondary editor in three health plans, with an expansion to another four over the next six months in the works. We are in full-scale implementation with a top 10 health plan, and executing a PoC with a Top 5 health plan. These are showing remarkable results, wherein the platform is processing 25 times more claims in the same time window than was done earlier. We will soon start initial moves into markets adjacent to the payment integrity (PI) space via collaboration with a focused set of partners to bring broader integrated solutions to our clients.
CoverSelf was founded in 2021 by US healthcare domain experts Rajasekhar Maddireddy and Raghavendra Pawar to tackle the ever-increasing claims inaccuracies and waste. The company aims to democratize the healthcare claims and payment integrity industry by creating a first-of-its-kind, fully open and transparent solution that empowers payment integrity teams in health insurance companies (payers) to transparently resolve health claims with hospitals and medical practices (providers).
CoverSelfs purpose-built platform utilizes multiple approaches, including the smart use of GenAI, to reduce waste while identifying new savings opportunities. The platform empowers payers to adapt to claims and payment inaccuracies by enabling them to configure their policies and logic in simple English-like language or use simple policy-specific templates, overcoming the fear of losing IP and fostering innovation and new concept releases without technical dependencies.
According to recent reports, the $9 billion PI industry has grown at around 7% CAGR in recent years. This just shows the inherent complexity of the billing processes. The truth is, over the years, there has been a perceptible negative impact on providers' experience with payments, and trust in payers has taken a significant hit. This has resulted in ballooning waste and improper payments. Given this scenario, Im glad to lend a helping hand to CoverSelfs mission, said Ashish Singh, Board Director of CoverSelf.
I will work closely with the co-founders and top management to increase Coverself's visibility amongst healthcare payers and technology partners and also bring my expertise to assist them in corporate and market strategy. What we are doing in CoverSelf is not just building a product that is looking to solve a few pain points; we are on a once-in-a-lifetime mission to truly democratize healthcare claims and payment integrity and restore faith in the USs healthcare ecosystem!
About CoverSelf
CoverSelf is a generational leap forward in healthcare claims and Payment Integrity architecture, built from the ground up for healthcare-specific use by passionate domain experts and strong technology professionals with decades of experience in addressing the pain points faced by Providers and Payers when dealing with the latest technological advancements.
Founded in 2021, CoverSelfs Payment Integrity Platform engages modern technologies to address payment leakage & claims inaccuracies while remaining transparent & accessible to Payers. The platform empowers payers to prevent and adapt to the ever-evolving claims & payment inaccuracies. We also help you reduce complexity and administrative costs with our unified healthcare dedicated platform.
Contact Details
CoverSelf
Bilal Mahmood
+44 7714 007257
b.mahmood@stockwoodstrategy.com
Company Website
View source version on newsdirect.com: https://newsdirect.com/news/coverself-appoints-ashish-singh-advisory-partner-at-bain-and-company-as-board-director-849622080
CoverSelf
COMTEX_450883578/2655/2024-04-15T13:04:24
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Current Hue journalist was involved in the writing and production of this article.