Osigu has announced the first closing of its $25 million Series B funding round, saying it will use the funding to grow its healthcare revenue cycle and claims management platform in Latin America and the Caribbean.
The platform uses artificial intelligence (AI) and real-time payments to help streamline transactions between healthcare providers, payers and patients, the company said in a Thursday (Oct. 24) press release.
“By digitizing and automating payment processes, including the adoption of real-time payments, we are addressing the root problems in the industry and empowering providers and payers to focus on delivering high-quality care and efficient operations, confident that payments will be timely and accurate,” Fernando Botrán, founder and CEO of Osigu, said in the release.
With its automation and AI, Osigu’s platform connects industry players, streamlines information flow and reduces errors, according to the release. With operations in Mexico, Central America, the Dominican Republic, Colombia and Brazil, the company processed 1.5 million transactions and reached a gross merchandise value (GMV) of over $650 million in 2023.
The company’s funding round is led by IDC Ventures, with Visa participating as a strategic investor, the release said.
In addition, Visa and Osigu have signed a collaboration partnership agreement in which they will address challenges in healthcare payment processes across Latin America and the Caribbean and provide a solution that combines Visa’s payment infrastructure and technology with Osigu’s expertise in the region’s healthcare sector, per the release.
“Together we will enable an array of players in the healthcare sector, from consumers to hospitals and beyond, to overcome long standing challenges and meet the growing demand for a seamless, digital-first payment experience,” Eduardo Coello, regional president for Visa Latin America and the Caribbean, said in the release.
Inefficient payment systems threaten the financial health of healthcare organizations, according to the PYMNTS Intelligence and American Express collaboration, “Pains and Gains: Conquering Healthcare’s Payment Woes.”
The report found that 80% of healthcare organizations believe it’s critical to streamline the processing of payments and claims, but only 53% have adequately automated their workflows. A continued reliance on manual methods results in costly errors and lost revenue, per the report.
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