Sehatec, the Egypt-Based Health Insurtech, has Closed $850,000 in Funding
Sehatech, a prominent healthtech startup headquartered in Egypt, has successfully secured $850,000 in funding from A15 and Beltone Venture Capital, a subsidiary of Beltone Holding Company, reported Wamda.
This substantial investment aims to bolster Sehatech's mission of revolutionizing the healthcare industry by harnessing cutting-edge technology to digitalize and streamline the intricate relationship between insurance companies and healthcare service providers. This includes the optimization of processes such as claim submissions and approvals, which are commonly referred to as third-party administration (TPA) in the healthcare sector.
The conventional method of managing medical insurance policies has long been plagued by labor-intensive procedures, excessive time consumption, and a susceptibility to fraudulent activities and errors. Sehatech is poised to revolutionize this landscape by introducing efficiency into medical approvals, claims processing, and billing cycles. Leveraging a state-of-the-art rule-based engine, Sehatech's primary objective is to minimize financial losses incurred by insurers as a result of manual errors, fraudulent activities, and wasteful practices.
Furthermore, the elimination of manual procedures promises a seamless and frictionless experience for both patients and healthcare service providers.
"We are thrilled to have the support of A15 and Beltone Venture Capital in our mission to transform the healthcare industry in Egypt and the broader region," said Mohamed Elshabrawy, Founder & CEO of Sehatech. "Digitizing the TPA industry will have a significant social impact on how millions of patients consume healthcare services, making healthcare more accessible and affordable for everyone."
Sehatech's cutting-edge digital platform is set to revolutionize the healthcare landscape. With its advanced technology, it promises enhanced transparency, quicker processing, and precise claim settlements. These advancements are poised to bring about improved patient care, efficient administrative processes with prompt payments for healthcare providers, and decreased loss ratios for insurers.
"We are excited to partner with Sehatech as they bring a much-needed technological advancement to the medical insurance industry," said Bassem Raafat, Principal at A15. "Their innovative approach will not only improve the efficiency of medical insurance policies administration but also enable a better healthcare experience for patients in Egypt and beyond."
Sehatech stands on the brink of reshaping the Third-Party Administration (TPA) landscape, and this funding round will serve as a catalyst for the company's growth. It will enable Sehatech to bolster its workforce, expedite product development, and elevate customer service standards.