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Verifiable has raised $17M in a Series A investment that will double the company’s existing staff of 26 by the end of the year. The inclusion of insurance payers in the company’s development, including provider directory verification, is the newest addition.
Verifiable, a medical credentialing and provider network software, has recently announced that it has raised $17 million in a Series A funding round led by The Altman Brothers. Other participants include David Sacks/Craft Ventures, Flexport’s Ryan Petersen, Rippling’s Parker Conrad, Front’s Mathilde Collin, Syapse’s Jonathan Hirsch, Todd Goldberg, and Rahul Vohra. The round also included participation from Tiger Global and other current investors.
Nick Macario, CEO of Verifiable, plans to utilize the additional money to double his team of 26 people by the end of the year, in addition to expanding into insurance payers. Engineers, operations, and go-to-market skills are all needed at the firm.
The Austin-based firm’s technology provides a data management infrastructure for healthcare providers that puts them at the center. Nick told TechCrunch that data powers essential processes across health institutions and insurance carriers, such as contracting, credentialing, enrollment, claims, and directories. This is currently done manually and frequently incorrectly, resulting in an annual waste of billions of dollars.
Verifiable’s infrastructure has verified hundreds of thousands of providers, and we plan to continue to double down on providers, use cases, and payers.Nick Macario, CEO of Verifiable
Verifiable’s infrastructure controls healthcare providers and automates provider data verification, allowing virtual healthcare platforms, health systems, and insurance payers to automate business operations such as credentialing, payer registration, and network management. According to Nick, it may cut credentialing turnaround times by more than 70%. Insurance payers are the newest addition to the company’s development, which also includes provider directory verification.
Nick said that he planned to secure another round of funding but that it was a good moment to start growing the team because the product had reached an inflection point and Jack Altman’s investment interest had not waned.
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. I love Verifiable 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.Jack Altman’s
Verifiable collaborates with Lyra Health, Talkspace, Modern Health, Headway, Wheel, Quartet Health, Forward, and provider networks to automate credentialing, compliance, and provider operations.