MedTech startup MedoSync has closed its Series A funding round, with €1.2m raised from backers including Enterprise Ireland and investors Jim Hannon, Michael Harding, Enrique Curran and JP Sisk.

This company said the financing will be used to support expansion of MedoSync’s technology platform, which enables secure, real-time medical billing.

It is estimated that hospitals lose c.6% of their revenues annually through leakages in the billing process, mainly as a result of error or fraud. The MedoSync platform integrates hospital and insurer systems and has been used to submit 30,000 claims this year.

The company was founded in 2019 by emergency medicine consultant Dr Martin Rochford, the company's CEO, and CTO  Séamus Cooley.

According to Rochford: “Hospital billing processes are often still paper-based, inefficient and admin heavy. This doesn’t work for anyone, not for patients, doctors, hospitals or insurers.

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“Working in partnership with my co-founder Seamus, we mapped out the challenges facing hospital billing systems and designed a technology solution to help solve these problems. Our solution creates a seamless, instant process for creating and approving – or rejecting – a bill in real time. This ensures hospitals are paid promptly for all procedures, and one where the money follows the patient.”

Investor Jim Hannon stated: “MedoSync has zeroed in on a significant pain point that was hiding in plain sight. This is a global problem, and the sky is the limit for this company.”

Photo: Séamus Cooley (left) and Martin Rochford. (Pic: Chris Bellew /Fennell)