Med Claims Compliance Corporation has secured $5.7 million in Series A funding for their artificial intelligence platform, Remit One, from leading healthcare venture capital funds and investors, including three from the Principality.
Despite having been around for quite some time, to most people artificial intelligence (AI) still sounds incredibly high-tech and futuristic, but it is a field that is growing every day, especially in the medical arena.
Artificial intelligence in medicine is described as a scientific speciality relating to research studies, projects, and applications that support decision-based medical tasks through knowledge and/or data-intensive computer-based solutions that aim to support and improve the performance of a human care provider.
Now, with the help of three Monaco angel investors and venture capital funds, Med Claims Compliance Corporation (MCC), a healthcare platform as a service company, has announced that they have completed a $5.7 million (€5.05 million) Series A financing round to transform the way healthcare is delivered, processed and paid.
Funding will give MCC the chance to expand and further develop their AI platform, Remit One, and will include building more AL and machine learning (ML) enhancements whilst continuing to develop the platform capabilities for better end user experiences. It will also allow for expansion into additional care settings and overall company growth.
“We are excited to continue expanding the RemitOneTM platform into new practices, new specialties, and new settings of care,” said John Bright, Founder and CEO of MCC. “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 centre, in a compliant fashion, with our platform. We are looking forward to MCC’s bright future where every day our change agents are fuelled by witnessing the sudden relief experienced by providers who are introduced to our platform with every implementation.”
The intended end result is that healthcare providers can focus on patients rather than paperwork. It also hopes to eliminate errors and make claims processing more streamlined and efficient, lessening headaches on both the patient and medical team sides.
Monaco investors Goldlog, Inc., The Monaco Venture Capital Association, and The Monaco SDG Foundation were joined in this venture by The Berning Group GMBH out of Dusseldorf, Beaufort Europe Technology Fund from Hamburg, LALUSA, LLC from Los Angeles, Houseguest 1022, also from Los Angeles, CA, ECOT Mgmt out of Southlake, Texas, McKinney PLC from Austin, Texas, Future, LLC from Chicago, S&J Private Equity from Middletown, Delaware, Sabra International and Rondo Investments out of Miami, Diamond Pointe Investments, LLC  from Dallas, and private physicians from across the US and Europe.