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Bluespine Raises $7.2M to Help Self-Insured Employers Fight Medical Overbilling
- Bluespine raises $7.2M to help self-insured employers fight medical overbilling.
- Bluespine is an AI-driven claims cost reduction solution that helps self-insured employers discover, recover, and prevent medical overbilling.
- Bluespine’s evidence-based approach leverages proprietary AI to analyze 100% of claims with pinpoint accuracy.
- Bluespine’s technology examines every claim submission using LLMs to integrate and analyze health plan contracts, Summary Plan Documents, Machine-Readable Files, and billing guidelines to ensure accuracy.
- With an estimated 80% of medical bills containing errors, there’s a significant opportunity for cost recovery.
- The company’s business model aligns with client interests through a contingency-based fee structure.
- Bluespine’s platform is focused on self-insured employers and delivers comprehensive claims auditing to combat widespread medical overbilling.
- Bluespine is partnering with leading brokers, including Alliant Insurance Services, to enhance their capabilities and service offerings.
- Bluespine’s platform is the first of its kind to combine data from health plan contracts, Summary Plan Documents, Machine-Readable Files, and plan billing guidelines to conduct comprehensive audits that are uniquely tailored to the specific coverage terms of each employer.
- The problem of medical overbilling – a symptom of fraud, waste, and abuse, costs self-insured employers an estimated $300B annually.
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