Osigu partners with Visa to create a healthcare payments infrastructure in Latin America and the Caribbean
MIAMI, FL / ACCESSWIRE / October 24, 2024 / Osigu, a leading AI-powered healthcare revenue cycle and claims management platform in Latin America and the Caribbean, has secured funding in the first closing of its US$25M Series B round, led by IDC Ventures, with Visa participating as a strategic investor. This investment will drive Osigu's mission to revolutionize healthcare payments across Latin America and the Caribbean by streamlining transactions between healthcare providers, payers, and patients through innovative technology and real-time payments.
The healthcare sector in Latin America and the Caribbean, much like in other regions, is challenged by inefficiencies that result in delayed payments, high administrative costs, and limited financial transparency. In the U.S., despite a more advanced infrastructure, the estimated total annual costs of waste including inefficiencies in payments and claims were $760 billion to $935 billion, according to a 2019 report by the Journal of the American Medical Association. These challenges have only intensified post-pandemic, especially in regions like Latin America, where reliance on legacy systems makes the impact even more significant. Addressing these inefficiencies presents an enormous opportunity to reduce waste, improve financial transparency, and enhance the overall efficiency of healthcare payments in the region.
Visa's strategic investment in Osigu's first closing of its recent equity funding round signals a long-term commitment to driving innovation in Latin America and the Caribbean's healthcare sector. In addition, the two companies have signed a collaboration partnership agreement that looks to address persistent challenges in healthcare payment processes across the region. Their work together will combine Visa's robust payment infrastructure and technology with Osigu's deep expertise in the LATAM healthcare sector, providing a solution designed to streamline and automate healthcare payments in real time.
"Our partnership with Visa is a game-changer for the healthcare sector in Latin America. By digitizing and automating payment processes, including the adoption of real-time payments, we are addressing the root problems in the industry and empowering providers and payers to focus on delivering high-quality care and efficient operations, confident that payments will be timely and accurate," said Fernando Botrán, Founder and CEO of Osigu.
"Visa is committed to developing innovative digital payments solutions to help improve people's daily lives and enable businesses to operate with greater ease and efficiency. This partnership with Osigu is a testament to this commitment and we are thrilled to transform how payments happen in the healthcare industry in our region," said Eduardo Coello, Regional President for Visa Latin America and the Caribbean. "Together we will enable an array of players in the healthcare sector, from consumers to hospitals and beyond, to overcome long standing challenges and meet the growing demand for a seamless, digital-first payment experience."
This partnership will introduce innovative payment solutions designed to support real-time payments, reducing the financial stress on healthcare providers by ensuring timely and accurate reimbursements. Providers will now be able to access payment data, understand payment timelines, and improve cash flow through automated processes, all while reducing errors and administrative costs.
Headquartered in Miami, Osigu is the first fully digital, AI-powered, end-to-end revenue cycle and claims management platform in Latin America. Over the past decade, the company has built a robust infrastructure that connects key industry players, streamlining information flow and reducing errors through automation and AI. This approach has fueled its rapid expansion across key markets in the region, including Mexico, Central America, the Dominican Republic, Colombia, and recently, Brazil. In 2023 alone, Osigu processed 1.5 million transactions, reaching a GMV of over US$650 million.
About Osigu:
Osigu is the first fully digital, AI-powered end-to-end revenue cycle management platform in Latin America. Osigu is bridging the gap between healthcare and fintech, revolutionizing healthcare payments across the region. Leveraging its advanced cloud-based technology, Osigu seamlessly connects healthcare providers, payers, and patients. Its platform fosters collaboration in a simple, reliable, and secure manner, addressing key industry challenges such as financial and operational inefficiencies, lack of standardization, and traceability. For more info, visit www.osigu.com.
About Visa:
Visa is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
Press Contact:
Catalina Arango
carango@osigu.com
SOURCE: Osigu
View the original press release on accesswire.com
