Bluespine secures $7.2M to tackle healthcare overspending for self-insured employers
Bluespine secures $7.2M to tackle healthcare overspending for self-insured employers
AI solution helps firms like Mattel and DavidShield recover and prevent costly billing errors.
Bluespine, which has developed an AI-driven claims cost reduction platform for self-insured employers, announced on Wednesday that it has raised $7.2 million in a Seed funding round led by Team8.
Bluespine’s cost reduction solution helps self-insured employers to lower annual healthcare spending while mitigating financial and legal risks around plan administration. As much as 80% of medical bills are estimated to contain errors and Bluespine’s AI aids self-insured employers to identify, recover, and prevent overbilled claims at scale.
Bluespine was co-founded by CEO David Talinovsky, former COO at SecuPi, CTO Gal Frishman, who previously led a unit of 120 researchers and AI experts at IBM, and VP of R&D Yossi Mansano, former GM of Fortinet in Israel. The company was established under Team8’s Venture Creation model, led by Team8 Partner Galia Beer-Gabel.
"Bluespine is revolutionizing how self-insured employers manage their healthcare costs, comply with ERISA regulations, and fulfill their fiduciary duties," said David Talinovsky, Co-Founder and CEO of Bluespine. "Our goal is to fundamentally transform how companies approach healthcare benefits, leading to better outcomes and reduced costs for self-insured employers and employees.”
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Unlike traditional auditing methods, which typically review only 1% of high-cost claims, Bluespine's proprietary AI analyzes 100% of claims with high precision. The platform leverages multiple data sources, including summary plan documents and carrier billing guidelines, to tailor its claims reviews to each employer’s specific health plan designs and coverage terms.
In addition to attracting several large employers, such as the leading toy company Mattel and the DavidShield insurance company, Bluespine is partnering with leading brokers, including Alliant Insurance Services, to enhance their capabilities and service offerings.
