CLEVELAND–(BUSINESS WIRE)–TPA Stream, a health insurance administration software company that developed the proprietary STREAM technology for automating health insurance administration, announced today the completion of $800,000 in series seed financing. Using STREAM technology, third-party administrators can reduce the time it takes to substantiate claims by 75 percent and revenue cycle managers can reduce 40 percent of their time managing pending claims.
The funding comes at a time when healthcare providers and third-party administrators are aggressively searching for ways to automate processes that are labor-intensive and costly. The STREAM technology offers revenue cycle managers a solution to automate manual research for pending claims, and third-party administrators ways to automate reimbursement and substantiation for pre-tax administration. Both solutions are easy to integrate within complex, legacy systems.
“Healthcare providers and TPAs (third party administrators) have been searching for a solution to lower their costs and decrease the amount of time it takes to administer claims and reimbursements,” said Jacob Sheridan, CEO, TPA Stream. “TPA Stream is the first comprehensive solution for revenue cycle managers and third-party administrators. We’re laser focused on deeply understanding our customer and how we can help them lower costs and improve efficiency.”
TPA Stream will use the new funds to continue to develop solutions to simplify healthcare administration and recruit more software developers.
The company also announced the appointment of Bruce Yule as Chief Financial Officer. Yule was the former Senior Director of Operations at Option Care, a home infusion provider. Prior to that, Yule spent 16 years at Tremco Roofing & Building Maintenance serving in various operations roles.
“We are incredibly excited for Bruce to join our team. He brings a tremendous amount of financial, industry and operations experience,” said Sheridan.
About TPA Stream
TPA Stream is a health insurance administration software company headquartered in Cleveland, OH. The company’s leadership team consists of operations and software experts with vast experience in healthcare administration. TPA Stream has over 35 enterprise customers across the United States.
TPA Stream is supported by the following incubators and support organizations: The Bit Factory (Akron, OH), BioEnterprise (Cleveland, OH), FlashStarts (Cleveland, OH), Jumpstart’s Burton D. Mentoring Program (Cleveland, OH) and Youngstown Business Incubator (Youngstown, OH).