KLAIM, the healthcare solutions provider (claims management system), has raised $1.6 million in a pre-series A investment round, led by the Saudi Mad’a Investment Company.
The startup was able to attract other prominent names to participate in the financing round, such as: “Arzan Ventures Capital”, “Wealth Well”, as well as an investment from “Tech Stars” investment company, which opened the initial funding round for the startup last December, in addition to The contribution of strategic angel investors to the development of the start-up company, allowing its penetration into the Saudi and American markets.
Previously in March of this year, the Emirati startup had secured $1 million in a seed funding round.
KLAIM plans to use the funding to accelerate its growth in Saudi Arabia, by digitizing the processing of medical bills and payments, for healthcare providers, as well as providing them with the liquidity they need.
The healthcare system in the Kingdom of Saudi Arabia is witnessing a digital transformation through the process of submitting to national standards, through NPHIES, which represents the national platform for health information exchange services, as the government is committed to developing a new and effective model for managing financial flows associated with health insurance in the country.
KLAIM adds value to the medical and healthcare services sector, by enabling hospitals and clinics to better manage their cash flow.
In this context, Karim Dokki, co-founder and CEO of KLAIM, said: “Using our company’s own technologies as a claims management platform for financial solutions in the healthcare sector, service providers no longer have to worry about pending payment requests, as the platform services allow access to liquidity in advance, for service providers, With the aim of prioritizing high-quality medical care and developing their practices,” Dokki added, commenting: “We believe in the importance of spending on healthcare development, simply because it affects everyone, and therefore we believe that it is time for innovative technology solutions that challenge the status quo, to better serve leaders healthcare professionals.”
Insurance companies usually delay payments to healthcare providers, as according to data released by the startup company, it takes an average of 113 days for insurance companies to start paying 90% of the payments owed to health service providers, while the remaining 10% takes more than a year, or even not fully paid, within the UAE alone, which represents a major problem threatening this sector.
Ghafoor Ahmed, co-founder, and chief revenue officer of the startup, said: “We have delivered a remarkable innovation that makes our technology platform extremely useful in relation to the needs of healthcare providers, and we are excited to help medical professionals, giving them the ability to focus on the health of their patients. While we are handling their pending medical payment requests.”