TPA Stream, a leader in healthcare benefits automation, today announced it has closed a $1.4 million seed funding round, led by North Coast Angel Fund (NCAF). The investment will be used to strengthen sales and marketing efforts as TPA Stream moves into its next stage of growth. Additional investors include JumpStart, Plug and Play, Tamiami Angels and individual angel investors.
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. 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 Jacob Sheridan, the company’s co-founder and CEO. “We are grateful for the support of our investors in our technology and team.”
TPA Stream uses proprietary technology to streamline healthcare administration activities, 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. 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. TPA Stream is currently being used by 75 companies across the country.
TPA Stream is tackling the rising costs and complexities associated with healthcare benefits. TPA benefits administrators are the experts in claims processing; however, they often struggle to assimilate the hundreds of different backend systems in use. TPA Stream simplifies this process and provides the necessary integration administrators need to deliver optimal benefits and a transparent claims process for both employers and their employees.
“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,” said Todd Federman, managing director of NCAF. “We are excited to partner with them to help build another great healthcare IT company in Cleveland.”
“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,” said John Opdycke, 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.”
Both TPA Stream and North Coast Angel Fund are located in the Global Center for Health Innovation in downtown Cleveland, a uniquely healthcare-focused innovation hub. The Global Center community is made up of leading healthcare institutions, health IT and medical device startups, corporate partners, investors, advisors, accelerators and more.
About TPA Stream
TPA Stream is a health insurance administration software company headquartered in Cleveland, Ohio. Founded in 2014, TPA Stream’s web-based platform services third party administrators, health plans and financial institutions to streamline efficiencies across all aspects of healthcare administration. Company solutions include EOB Harvesting, Billing, and Integration Solutions that readily integrate into an organization’s Benefit Administration System, saving time, improving accuracy and ensuring easier access to employee health benefits. Learn more at tpastream.com.
About North Coast Angel Fund
North Coast Angel Fund (NCAF) is the nation’s fifth-largest angel group consisting of 250+ investors, entrepreneurs, and business leaders who are dedicated to accelerating early-stage ventures. NCAF and its member investors have deployed over $60M into 53 companies. For more information, visit northcoastangelfund.com.
About JumpStart, Inc.
JumpStart is a nationally recognized investing, entrepreneurial support and economic development organization dedicated to unlocking the full potential of diverse and ambitious entrepreneurs to economically transform entire communities. For more information, follow @JumpStartInc on Twitter.