Verifiable Raises $ 17 Million For Its API That Manages Healthcare Provider Information – TechCrunch

Less than a year after your $ 3 million seed round, Verifiable secured another $ 17 million for its Healthcare Provider Accreditation API Toolkit.

The Austin-based company’s technology creates an infrastructure for healthcare provider data management that puts providers at the center. Verifiable founder Nick Macario told TechCrunch that data drives critical operations in healthcare systems and insurance companies, such as recruiting, accreditation, enrollment, claims, and directories. All of this is being done manually now, and often inaccurately, resulting in billions of dollars in annual waste.

Verifiable’s infrastructure manages healthcare providers and automates verification of provider data, enabling automation of business processes such as accreditation, payer enrollment, and network management for virtual healthcare platforms, health systems and insurance payers. It is capable of reducing credential response times by more than 70%, Macario said.

Insurance payers is the latest part of the expansion of the business that includes the verification of provider directories. For example, the information that appears when someone performs an online search on your health plan’s website to find a certain provider in your area.

The Altman brothers led the $ 17 million Series A round and were joined by David Sacks / Craft Ventures and a group of individual investors that included Ryan Petersen of Flexport, Parker Conrad of Rippling, Mathilde Collin of Front, Jonathan Hirsch of Syapse, Todd Goldberg, and Rahul Vohra. Tiger Global and existing investors also participated in the round.

Macario also planned to raise another round of funding, but said the combination of a tipping point with the product and Jack Altman’s continued investment interest made it a good time to start scaling the team.

Altman said the general healthcare tech space has potential. It is also a topic close to him: his wife is a nurse. He was talking to her about what Verifiable was working on, and she told him that there are still teams of people doing this.

“There is so much data flowing, and because healthcare is such a large part of the country’s GDP, there is a lot of potential that can be unlocked,” Altman added. “I love the positioning of Verifiable around the supplier. They are the people between the health system and the patient, so to have access to their data, patients can establish a relationship with them, which is a powerful position. “

In addition to expanding to insurance payers, Macario intends to use the new funds to double his team of 26 employees before the end of the year. The company has openings for engineers, operations, and go-to-market talent.

Verifiable works with companies like Lyra Health, Talkspace, Modern Health, Headway, Wheel, Quartet Health, Forward, and provider networks to automate provider accreditation, compliance processes, and operations.

“We have seen significant customer and user growth over the past year,” Macario said. “We are doing hundreds of thousands of one-time verifications and will continue to duplicate vendors, use cases and insurance providers.”

Leave a Reply

Your email address will not be published. Required fields are marked *