Less than a year after its $3 million seed round, Verifiable snapped up another $17 million for its healthcare provider credentialing 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 fuels critical operations across health systems and insurance carriers, like contracting, credentialing, enrollment, claims and directories. All of this is being done manually now, and often inaccurately, which is leading to billions of dollars of annual waste.
Verifiable’s infrastructure manages healthcare providers and automates the verification of provider data, enabling automation of business processes like credentialing, payer enrollment and network management for virtual healthcare platforms, health systems and insurance payers. It is able to reduce credentialing turnaround times by over 70%, Macario said.
Insurance payers is the newest part of the company’s expansion that includes verifying provider directories. For example, the information that pops up when someone performs an in-network search on their healthcare plan’s website to find a certain provider in their area.
The Altman brothers led the $17 million Series A round and was joined by David Sacks/Craft Ventures and a group of individual investors including Flexport’s Ryan Petersen, Rippling’s Parker Conrad, Front’s Mathilde Collin, Syapse’s Jonathan Hirsch, Todd Goldberg and Rahul Vohra. Tiger Global and existing investors also participated in the round.
Macario was also planning to raise another round of funding, but he said the combination of an inflection 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 space of healthcare technology has potential. It is also a topic near to him — his wife is a nurse. He was speaking to her about what Verifiable was working on, and she told him that there are still teams of people doing this.
“So much data is flowing through, and because healthcare is such a massive part of the country’s GDP, there is so much potential that can be unlocked,” Altman added. “I love Verifiable’s positioning around the provider. They are the people between the healthcare system and the patient, so to have access to their data, patients can form a relationship with them, which is a powerful position.”
In addition to expanding into insurance payers, Macario intends to use the new funding to double his team of 26 employees by 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 credentialing, compliance processes and provider operations.
“We have seen significant growth from customers and users over the past year,” Macario said. “We are making hundreds of thousands of unique verifications and will continue to double down on providers, use cases and insurance providers.”