InvAscent Invests $10 Million In Health-Tech SaaS Firm ABI Health Technologies
ClaimBook, ABI’s cloud-based revenue cycle management solution, helps hospitals to automate health insurance claims management process.
InvAscent, a private equity investor in healthcare and life sciences sector, has invested $10 million for a minority stake in ABI Health Technologies, a health-tech software-as-a-service company based in Bengaluru, through the India Life Sciences Fund IV.
ABI offers artificial intelligence-centric technology solutions for hospitals and diagnostic labs to manage their business better, including for revenue control and optimisation, smart reporting and data sciences.
ClaimBook, the company’s cloud-based revenue cycle management solution, helps medical institutions to automate health insurance claims management process, improving the revenue cycle.
“The growing use of insurance policies for payments in hospitals has brought the importance of managing the insurance claims process efficiently to the fore. ABI’s ClaimBook helps hospitals digitise the claims management process and helps them recover their dues in a timely manner,” said Anil Jagirdar, director of InvAscent.
“This investment will fuel ABI’s growth and enable it to rapidly penetrate both domestic and global markets,” Jagirdar added.
ABI also offers a digital platform for diagnostic labs, Smart Labs, which helps streamline operations, customer relationship management and patient engagement, the company said.
“Indian health-tech is always seen as a challenging space but we see this changing rapidly with increasing adoption of tech. We believe that the platforms we have created meet the needs of enterprises across the globe. The investment will be used to support growth by financing building of add-on micro-services and in expanding our presence in other geographies,” said Ajit Veerappan, managing director of ABI.
