Knowing that a doctor on your hospital staff is who they say they are would seem 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 got a $27 million Series B boost.
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 we’ve covered the Austin-based company, which raised $17 million in Series A funding in 2021 and $3 million in seed funding in 2020. In total, the company has raised $47 million since forming 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. In addition, it automates provider network operations for both providers and payers so that regulatory compliance and operational efficiencies are maintained, thus reducing costs.
“Going into 2023, we exceeded our revenue targets while maintaining strong capital efficiency — all in an otherwise down market. I think this speaks to the relevance, necessity and differentiation of Verifiable’s solution,” co-founder and CEO Nick Macario told TechCrunch via email. “This enabled us to garner interest from investors we really valued and it felt an opportune time to double down into the business, continue expanding into opportune subsegments and to further supercharge our provider data advantages over our competitors.”
During the past 12 months, Verifiable has shifted its focus to enterprise customers, gaining Humana as a client, and has a partnership with Salesforce. The company also released a number of enterprise network management products and modules on the Salesforce platform, and expanded its verification and provider data products, Macario said.
In addition, Verifiable nearly doubled both its employee count and its customer base, which now includes Lifestance, Zelis, Lyra Health, Modern Health, Wheel and Grow Therapy. During that same period of time, the company has tripled its revenue, Macario said.
He intends to grow his team, particularly in go-to-market and will expand both the Salesforce partnership and Verifiable’s product line.
“We will continue to expand our enterprise products and customer base as well as delivering strong value for a wide range of healthcare organizations,” Macario said. “We are also focusing on operational efficiency and our path to profitability.”