MedoSync, a medical billing company, raises €1.1 million from investors.
MedoSync, a medical billing start-up founded by A&E doctor Martin Rochford, has successfully raised €1.1 million in the first phase of its funding round to support its expansion into the European market. The company, which aims to raise an additional €1 million later in the year through the Government’s Employment Investment Incentive Scheme (EIIS), has its sights set on the lucrative German healthcare market. MedoSync participated in a German accelerator program focused on improving payments in the health insurance sector, paving the way for its entry into Germany’s €400 billion healthcare market.
Notable investors in the recent funding round include Enrique Curran, owner of Camino Capital, and JP Sisk, director of the Sisk construction group, both of whom had previously invested in the company. The second phase of the funding round, scheduled for October to December, will specifically target medical consultants and other industry investors.
MedoSync’s CEO, Martin Rochford, expressed satisfaction with the completion of the first part of the 2023 funding round, highlighting the involvement of both new and existing investors. The funds raised will be used to prepare for the European market expansion while continuing to enhance services in Ireland. Rochford emphasized the strategic approach, intending to reopen the funding round later in 2023, specifically targeting investors with industry expertise, such as medical consultants who face challenges associated with outdated, paper-based billing systems.
By automating various tasks and identifying bottlenecks and stoppages in the billing process, MedoSync aims to create efficiencies for claims teams, reduce payment delays, and unlock capacity, allowing administrative teams to focus on higher-value work.
Founded in 2019 by Dr. Rochford and tech industry expert Séamus Cooley, now serving as the company’s Chief Technology Officer, MedoSync has developed a platform that consolidates patient treatment information within hospitals, expediting insurance payments and minimising wastage by generating real-time invoices.
Since its launch in 2021, MedoSync has issued tens of thousands of invoices and estimates that it can help hospitals save 6-9% of their revenue lost due to billing system inefficiencies. This funding round follows an initial raise of €1.2 million in 2021, which involved support from various investors, including Enterprise Ireland.