Financing will advance MCC’s development of the AI-enabled platform RemitOne™
Med Claims Compliance Corporation (MCC), a healthcare platform as a service (PaaS) company, today announced that MCC completed a $5.7 million Series A financing round from leading healthcare venture capital funds and individual investors who are dedicated to revolutionizing the way the healthcare is delivered, processed, and paid.
The financing was led by angel investors and venture capital funds including Goldlog, Inc. (Monaco), The Monaco Venture Capital Association (Monaco), The Berning Group GMBH (Dusseldorf, DE), Beaufort Europe Technology Fund (Hamburg, DE), LALUSA, LLC (Los Angeles, CA), Houseguest 1022 (Los Angeles, CA), ECOT Mgmt (Southlake, TX), McKinney PLC (Austin, TX), Future, LLC (Chicago, IL), S&J Private Equity (Middletown, DE), Sabra International (Miami, FL), Rondo Investments (Miami, FL), Diamond Pointe Investments, LLC (Dallas, TX), The Monaco SDG Foundation (Monaco), and private physicians from across the US and Europe.
The funding will expand MCC’s operational footprint and provide for the further development of the artificially intelligent (AI) platform, RemitOneTM. This includes building additional technology and AI / machine learning (ML) enhancements, further developing the platform capabilities to enhance the user experience, expanding into additional settings of care, and continuing to invest in growing the company’s team to support revolutionizing how healthcare is delivered so providers can return to focusing on patients instead of keyboards.
“We are excited to continue expanding the RemitOneTM platform into new practices, new specialties, and new settings of care. Accurate and compliant medial documentation and efficient claims processing at the point of care doesn’t have to fall on our front-line providers and it doesn’t have to be kicked to the back office. It can be addressed front and center, in a compliant fashion, with our platform. We are looking forward to MCC’s bright future where every day our change agents are fueled by witnessing the sudden relief experienced by providers who are introduced to our platform with every implementation,” said John Bright, Founder & CEO of MCC.
The MCC team of dedicated change agents works tirelessly to build our one-of-a-kind platform, RemitOne™, and deliver its supporting services. We are committed to reducing provider burden while eradicating improper payments in healthcare. RemitOne™ works at the point of care as a front-end clean claims processing technology through voice-enabled AI and ML technologies that not only capture the patient encounter but generate a structured medical record of the encounter and translate it into an electronic claim form that is submitted to the payor. RemitOne™ has been shown to reduce provider workflow burdens resulting in increased access to quality care and improved patient engagement. Results have also shown an unprecedented ability to ensure accurate and compliant coding and billing services that gets it right the first time. This reduces the need for payors to perform pre-payment reviews and post-payment reviews making intrusive audits and payment claw backs a thing of the past. When documentation and coding are accurate, complete, and reliable, the rest of the healthcare process can work far more efficiently and cost-effectively.
Due to the ever-increasing administrative burden, providers are burnt out. What’s more, administrative costs are adding to the rising cost of healthcare in the US. Studies have found that, on average, it costs healthcare provider organizations an average of $20.52 in administrative overhead to submit a primary care claim to an insurance company. Additionally, it costs the insurance company on average over $40 in administrative overhead to receive the claim and process it to payment. Between a patient’s doctor’s office and their insurance company, over $60 is spent in administrative work to generate and process a claim that on average pays approximately $80. From the payor’s perspective, every year, the Medicare Fee- for-Service program improperly pays $25B+ due to insufficient and/or incomplete documentation. This triggers post-payment review programs such as the Medicare Administrative Contractor’s (MACs) Target, Probe, and Educate (TPE) program, or worse, when plans begin down coding claims to insulate from insufficient documentation. Providers can be insulated from these programs and payors can prevent improper payments from going out with the implementation of the RemitOneTM platform at the point of care.
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