Osigu is the most trusted real-time claims and e-prescription platform for Latin America. It announced today that it has secured $7.5 Million in a new round led by IDC Ventures. Jose Vargas, cofounder of Healthcare.com (a leading digital insurance company), was also involved. This funding will allow Osigu to expand into Colombian markets and improve its ML algorithms, AI features, as well as expand Osigu’s reach.
Osigu has created a cutting-edge technology that allows for electronic payments and data exchanges between payers and providers. Osigu’s API infrastructure facilitates communication between providers and payers to speed up claims and get real-time answers without the need for human interaction. The company aims to reduce the number of tedious phone calls, paper forms and compliance with multiple payer’s websites. Payers and providers can reduce administrative and back-office expenses, decrease fraud, and patients have timely access to care.
Osigu serves clients in Mexico and Guatemala. The company plans to expand its presence on the Colombian market with the latest financing round. It has a TAM in USD $12 billion and targets the over 650M claims that are manually processed each year.
We see huge opportunities in emerging markets like LATAM’s healthcare and insurance sector. Most medical transactions are paper-based and there is a lot of fragmentation in the healthcare and insurance ecosystems. There are also many small and mid-sized companies that don’t use data standardization. Latam is now implementing what happened in developed healthcare systems 15-20 years ago. This huge healthcare problem is a major challenge that we feel passionately and responsible for solving. Fernando Botran, CEO of Osigu and co-founder, states that our solutions have many benefits for payers and providers but, most importantly, they improve the patient experience all around.”
Bobby Aitkenhead (Managing Partner at IDC Ventures) said that Osigu is an exciting partner for IDC Ventures. Latin America’s technology adoption is slow, especially in the healthcare sector. This presents Osigu with an enormous opportunity to address a major problem and improve the delivery of healthcare in the region.
Jose Vargas, cofounder of Healthcare.com, stated, “I believe in the use of technology to improve healthcare delivery and patient experience, as well as healthcare costs. Osigu is positioned for change across Latin America and the World.” “I am honored to be a part of Osigu’s mission to improve healthcare ecosystem,” said Vargas.
Jose Vargas (MD and former CEO of a leading Colombian health insurance company for over 14 years) has joined the Osigu board.