Health IT, Startups

FlexMinder raises $1.4 million to take the hassle out of healthcare claims processing

Seattle Tech Stars grad FlexMinder thinks using and managing flexible spending accounts is a pain. […]

Seattle Tech Stars grad FlexMinder thinks using and managing flexible spending accounts is a pain. The SaaS company started up to give third-party administrators of FSAs, health savings accounts and health reimbursement arrangement accounts a way to automate the reimbursement process.

It’s just gotten $1.4 million worth of validation in the form of a series AA round that saw participation from WRF Capital, Founder’s Co-op, Alliance of Angels and other angel investors. The oversubscribed round will allow FlexMinder to scale operations and broaden its national footprint with five recently hired employees, according to the company.

FlexMinder’s offering aggregates an individual’s healthcare information from multiple sources and automates the reimbursement process for their FSA healthcare claims. “It’s kind of like having a bookkeeper do your taxes and e-file on your behalf, except we do it all electronically,” CEO Lowell Ricklefs told Tech Cocktail.

For third-party administrators, it reduces their manual processes, gives them a new tool to offer customers and provides them with a new source of revenue from FlexMinder’s online store that sells thousands of items that qualify for pre-tax spending.

So far, the two-year-old startup says it is working with third-party administrators with more than 260,000 participants, but serves a potential market of more than 150 million consumers.

The video below explains how it works.

Shares0
Shares0