Verifiable Secures $17M to Revolutionize Healthcare Provider Data Management

Verifiable Secures $17 Million Series A Funding

Just under a year following a $3 million seed funding round, Verifiable has successfully raised $17 million to further develop its API toolkit for healthcare provider credentialing.

Centralizing Healthcare Provider Data

Based in Austin, Verifiable’s core technology establishes an infrastructure designed for healthcare provider data management, prioritizing the provider’s role. Founder Nick Macario explained to TechCrunch that data is fundamental to key operations within health systems and insurance companies, including contracting, credentialing, enrollment, claims processing, and directory maintenance.

Currently, these processes are largely performed manually, frequently resulting in inaccuracies and contributing to billions of dollars in annual financial losses.

Automating Key Processes with Verifiable

Verifiable’s infrastructure streamlines healthcare provider management and automates the verification of provider data. This automation extends to crucial business processes such as credentialing, payer enrollment, and network management for virtual healthcare platforms, health systems, and insurance payers.

According to Macario, the platform can decrease credentialing completion times by more than 70%.

Expanding into Payer Verification

A recent expansion for the company involves verifying provider directories. This includes ensuring the accuracy of information displayed when individuals search for in-network providers on their healthcare plan’s website.

Investment Details

The $17 million Series A round was spearheaded by the Altman brothers, with participation from David Sacks/Craft Ventures and a collective of individual investors.

Notable investors include 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 contributed to this funding round.

Strategic Timing for Scaling

Macario had initially considered pursuing another funding round, but the convergence of a significant product milestone and continued interest from Jack Altman prompted a decision to accelerate team expansion.

The Potential of Healthcare Technology

Altman highlighted the substantial potential within the broader healthcare technology landscape. He noted the personal relevance of the topic, as his wife works as a nurse.

Conversations with his wife revealed that numerous teams continue to perform these tasks manually.

“Given the immense flow of data and healthcare’s significant contribution to the nation’s GDP, there’s considerable untapped potential,” Altman stated. “Verifiable’s focus on the provider is particularly compelling. They serve as the crucial link between the healthcare system and the patient, and access to their data fosters stronger patient-provider relationships.”

Future Plans and Team Growth

Macario plans to utilize the new funding to double the company’s current team of 26 employees by year-end. Current hiring focuses on engineers, operations personnel, and go-to-market specialists.

Current Clients and Infrastructure Capacity

Verifiable currently collaborates with companies such as Lyra Health, Talkspace, Modern Health, Headway, Wheel, Quartet Health, Forward, and various provider networks to automate credentialing, ensure compliance, and optimize provider operations.

“Our infrastructure has successfully verified hundreds of thousands of providers, and we are committed to further expanding our capabilities in provider data, use cases, and payer integrations,” Macario concluded.