hi.health, an insurtech startup, aims to make invoicing and reimbursement for medical insurance policies simpler. The Vienna-based team has secured extra money to continue product development and expand into other markets.
Existing investors SpeedInvest and Calm/Storm participated in the €6 million pre-Series A funding round. The funding round also included contributions from brand-new foreign investors Haymaker Ventures, Fin VC, and Nina Capital.
The team intends to increase its staff, product, and market presence with the help of this additional cash. Along with it, the number of partner businesses will increase. Plans for Hi.health include providing its services to pharmaceutical firms or makers of doctor software.
Although having health insurance is frequently viewed as an effective approach to care for your health, there is no doubt that it can present some challenges, with bill-paying being the main issue.
High levels of bureaucracy are a common feature of insurance in general, and in the healthcare industry, this can hinder patients’ access to care and cause problems for physicians and healthcare providers.
Hi.health, founded in Vienna, intends to change that. The business has created a digital insurtech solution that makes it easier for insured customers to get reimbursed. Now that investors are interested in this profitable industry, the team has gotten new funding.
The mission of hi.health, a company founded in 2018 by Fredrik Debong and Sebastian Gruber, is to make it easier and faster for consumers to get reimbursed for medical expenses. The group has created an app that provides easy access to healthcare billing in a secure environment.
Invoices may be easily submitted digitally by users, and hi.health handles all follow-up processing, billing, and customer service to provide a smooth user experience. Users can see in plain sight which relevant digital health goods and services are covered by their insurance by using the integrated “library.”
The company initially attracted our attention in 2021 when we identified it as a Vienna-based startup to watch; since then, it has undoubtedly only become stronger.
The business has facilitated more than €50 million in reimbursements since the app’s introduction in 2019.
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“The fact that we have already been able to process several hundred thousand submissions for our users after almost three years on the market shows how great the need is for a digital solution for reimbursement for private insurance companies,” says Sebastian Gruber, co-founder and CEO of hi.health.”
Sebastian continued, “The additional funding now allows us the chance to grow our fantastic staff and, in the future, provide partner businesses and users with even more digital services from hi.health.
Additionally, there has been continuous product improvement and development; for instance, payments for purchases made in a few online stores can now be made straight through the app.
The hi.direct system has now been integrated with online pharmacies, online opticians, telemedicine providers, and suppliers of preventative courses.
“hi.health has built a unique solution for the interface between insurtech and fintech and has proved the promise of this sector over the past three years,” says Markus Lang, Partner at SpeedInvest. Therefore, we look forward to continuing to support the outstanding staff.
“No insurance is complete without paperwork, but the paperwork doesn’t have to be tiresome,” says Phin Upham, managing partner of Haymaker Ventures. hi.health is significantly enhancing the payment procedure with the aid of its technologies.
Image Credit: hi.health