CoreCare, a firm specializing in financial services for healthcare organizations that collaborate with government-funded health programs, has secured $3 million in initial funding. The company leverages machine learning to streamline and automate significant portions of the billing and revenue collection process, lessening the administrative load on healthcare providers, as explained by CEO Dennis Antonelos. Currently, organizations such as Creative Solutions in Healthcare, a Texas-based operator of approximately 80 nursing facilities, are utilizing their services.

Antonelos launched the business in January, released its first product in March, and joined the Y Combinator program in April. The company presently serves more than ten clients within the state of Texas. With this recent $3 million investment from firms including Primetime Partners, Goat Capital, Funders Club, and Liquid2Ventures, Antonelos stated that the company intends to broaden its sales and marketing efforts, as well as enhance its product offerings.

CoreCare’s system automates the handling of billing details, documentation, and patient records by connecting electronic health records with data from Medicare, Medicaid, and various insurance providers. “Our focus is on identifying and removing unnecessary administrative tasks within organizations, allowing them to redirect those resources toward enhancing patient care,” Antonelos stated.

The company operates on a typical software-as-a-service subscription basis, with pricing ranging from $300 to $500 per healthcare facility each month, according to Antonelos. “The early outcomes have been remarkably positive,” commented Gary Blake, President and Co-founder of Creative Solutions in Healthcare, and a first adopter of CoreCare’s services. “Within just a few months of implementing CoreCare’s CoreAccess software, we’ve observed a significant improvement in our financial performance. It has surpassed our initial projections. CoreCare has fundamentally altered our approach to Managed Care, improving efficiency across the board. We’ve been able to simplify our billing procedures, lower administrative expenses, decrease the time it takes to collect payments (AR days), and generate additional capital for expansion. Any healthcare provider engaging with managed care should consider partnering with CoreCare.”