- Healthcare benefits automation leader TPA Stream announced it raised $1.4 million in seed funding led by North Coast Angel Fund
TPA Stream — a leader in healthcare benefits automation — announced it has raised $1.4 million in a seed round of funding led by North Coast Angel Fund (NCAF). Additional investors include JumpStart, Plug and Play, Tamiami Angels, and individual angel investors. The investment will be used to strengthen sales and marketing efforts as TPA Stream moves into a next stage of growth.
It’s also worth mentioning that TPA Stream was also named to VentureOhio’s annual “Top 50 Startups to Watch” list — which is compiled via a competitive nomination process and selected by a panel of judges consisting of more than 25 venture capitalists, entrepreneurs, and technologists. And the company was one of only 12 Ohio companies named to the list that are in the seed stage.
“To close this new seed funding round and to be named to such a prestigious list are major milestones in the growth of TPA Stream,” said TPA Stream co-founder and CEO Jacob Sheridan. “We are grateful for the support of our investors in our technology and team.”
What TPA Stream does is that it uses proprietary technology to streamline healthcare administration activities thus helping to bridge the gap between disparate data sources and reduce both time and cost for third-party administrators (TPAs), health plans, financial institutions, and payroll vendors. And the company’s explanation of benefits (EOB) harvesting, billing and integration apps work together to simplify data collection, billing, reimbursement, reporting and other administrative tasks associated with benefits processing. Currently, TPA Stream is being used by 75 companies across the country.
“The TPA Stream team delivers a great balance of industry expertise and startup know-how in addressing a critical challenge for today’s healthcare administrators,” stated Todd Federman, a managing director of NCAF. “We are excited to partner with them to help build another great healthcare IT company in Cleveland.”
TPA Stream is taking on the rising costs and complexities associated with healthcare benefits. As TPA benefits administrators are experts in claims processing, the company is helping assimilate the hundreds of different backend systems in use. TPA Stream essentially provides the necessary integration administrators need to deliver optimal benefits and a transparent claims process for both employers and their employees.
“TPA Stream has the opportunity to become a significant market leader in the healthcare business management space and we are pleased to be supporting their efforts,” noted John Opdycke, a Venture Partner at JumpStart. “The team has built a proven solution solving real customer pain points while establishing significant industry partnerships to expand their presence in the health data automation market.”
TPA Stream and North Coast Angel Fund are located at the Global Center for Health Innovation in downtown Cleveland. The Global Center community is made up of leading healthcare institutions, health IT and medical device startups, corporate partners, investors, advisors, accelerators, etc.
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