Knowing that a doctor on your hospital staff is who they say they are seems like a no-brainer, but poor access to real-time credentialing data is causing a headache for healthcare organizations.
Verifiable is automating the healthcare credentialing and compliance process, which aims to verify a provider's background information, skills and competency levels, and its development of provider network management software received a boost in Series B of $27 million.
Craft Ventures led the round and was joined by Highland Capital Partners, 137 Ventures, Cooley, and existing investors The Altman Fund and Struck Capital.
It's been a few years since its inception in Austin, raising $17 million in funds from the Serie A in 2021 and $3 million in seed funding in 2020. In total, the company has raised $47 million since it was formed in 2020.
Verifiable integrates APIs with real-time verification technology to help healthcare organizations shorten the time it takes to credential providers from weeks to days. Additionally, it automates provider network operations for both providers and payers so regulatory compliance and operational efficiencies are maintained, reducing costs.
“Entering 2023, we exceeded our revenue targets while maintaining strong capital efficiency, all in an otherwise down market. I think this speaks to the relevance, need and differentiation of Verifiable’s solution,” said co-founder and CEO Nick Macario. “This allowed us get investor interest “Which we really value and it seemed like an opportune time to double the business, continue to expand in opportune subsegments and further leverage our provider's data advantages over our competitors.”
Over the past 12 months, Verifiable has shifted its focus toward enterprise customers, gaining Humana as a customer and closing a partnership with Salesforce. The company also launched a series of enterprise network management products and modules on the Salesforce platform and expanded its supplier data and verification products, Macario said.
Additionally, Verifiable nearly doubled both its employee count and customer base, which now includes Lifestance, Zelis, Lyra Health, Modern Health, Wheel and Grow Therapy. During that same time period, the company has tripled its revenue, Macario said.
He intends to grow his team, particularly in marketing, and will expand both the partnership with Salesforce and Verifiable's product line.
“We will continue to expand our enterprise products and customer base, as well as deliver great value to a wide range of business organizations.” atención medical,” Macario said. “We are also focusing on operational efficiency and our path to profitability.”
