With efficient growth, innovation and marquis healthcare customers like Humana - Verifiable is shaking up the multi-billion dollar provider network management category.
(PRUnderground) July 10th, 2023
Verifiable, an API-first innovator to the antiquated provider network management software category, has raised $27 million in Series B funding led by Craft Ventures to accelerate its next stage of growth and product innovation. Verifiable’s comprehensive suite of network management solutions and real-time verifications empower healthcare organizations to expedite credentialing from multiple weeks to a matter of days. For customers, these efficiency gains can directly translate into millions of dollars of cost savings and added revenue capture, while also helping mitigate compliance risk, meet audit requirements, and improve the overall provider experience.
Verifiable will use this funding to scale go-to-market teams and expand its extensive verifications infrastructure to further differentiate the company’s best-in-category provider credentialing, compliance and network management solutions. The funding will also further accelerate Verifiable’s collaboration with Salesforce. Along with Craft Ventures, Highland Capital Partners, 137 Ventures and Cooley participated in the round, as well as existing investors The Altman Fund and Struck Capital.
“Credentialing isn’t a new challenge—it’s an administrative bottleneck that’s been costing healthcare organizations billions while negatively impacting provider experience and eroding the bottom-line,” says Nick Macario, CEO of Verifiable. “What is new is Verifiable’s integrated approach that truly automates the underlying operations through real-time verifications and workflows to drive speed and efficiency. Some of our largest competitors in the space are also customers of our platform, which speaks to the unique solution and value we bring to market. This is where Verifiable is built different.”
Craft Ventures Partner and COO, Brian Murray, points out, “In today’s macro environment, the funding bar is very high. Growth alone isn’t enough—companies need to demonstrate they can grow fast without excessive burn. They must also prove they’re solving big problems for big markets, forming a new category of software in their wake. We believe Verifiable has the potential to permanently upgrade our healthcare system. We’re excited for what’s to come.”
Verifiable quickly emerged as the “go-to” credentialing solution for fast-growing, digital healthcare companies as healthcare quickly went virtual in 2020. Over the last year, Verifiable has since garnered significant traction in simplifying provider network operations for larger enterprise healthcare organizations as well.
One such leading customer is Humana, which came to Verifiable searching for technology solutions to help insource away from its previous Credential Verification Organization (CVO) vendor as Humana aimed to reduce costs, increase data quality and accelerate credentialing turnarounds to improve the provider experience. Humana chose Verifiable to insource, automate and centralize credentialing operations on the Salesforce platform. Through this work, it is currently projecting a 15% cost reduction, while improving quality and control over its previous CVO.
Over the last year, Verifiable has tripled its revenue and doubled its team, quickly becoming a fast-growing partner within Salesforce’s ISV partner ecosystem. Throughout the recent accomplishments, Macario is quick to point out that beyond the powerful technology platform, it’s really Verifiable’s people at the heart of their success, “Everyone really cares deeply about helping our healthcare customers improve the provider experience, innovate in the face of provider shortages and expand access to care.”
With funding to power further growth, Verifiable is actively hiring for a number of open roles over the coming months. Learn more at www.verifiable.com/careers.
About Verifiable
Verifiable is an API-first, provider network management platform built to help healthcare provider and payer organizations speed up network operations, save costs and streamline the provider experience. Verifiable industry-leading provider data infrastructure connects to thousands of primary sources to deliver real-time provider verification & monitoring to automate the credentialing process – resulting 78% faster turnaround times and millions in added revenue capture. Verifiable works with innovative healthcare provider and payer organizations like Humana, Lyra Health, Talkspace, Modern Health, Wheel, Grow Therapy, and many others. Verifiable is a proud Y-Combinator company whose investors include Craft Ventures, Highland Capital Partners, Tiger Global, The Altman Fund, Struck Capital, Liquid2 Ventures, 137 Ventures, Cooley and Soma Capital.
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Original Press Release.
