I am excited to announce Verifiable’s recent $27 million Series B fundraise, with Craft Ventures leading the round. This milestone is a testament to the incredible work of our dedicated team and our commitment to serving our valued customers such as Humana, Lyra Health, Talkspace, Modern Health, Wheel, Spring Health, Headway, Grow Therapy and many other rapidly growing provider networks in the healthcare industry.
Tackling the Costly and Complex Challenges of Credentialing in Healthcare
Research shows that administration costs can account for up to 25% of total healthcare costs in the US - with credentialing contributing to these totals. In addition to upfront manual costs (roughly $7.6k per provider), credentialing delays result in missed revenue as providers wait on the bench with turnarounds taking anywhere from 60 to 120 days. For a primary care provider who can bill on $5.4k a day those 60 days can represent $324k in lost revenue for just one provider. This pain can compound as healthcare organizations scale and credentialing backlogs grow.
At Verifiable, we have devoted considerable time to understanding and addressing these challenges, recognizing the need for efficiency and innovation. By working closely with our internal NCQA-Certified CVO Credentialing team, we have meticulously measured and analyzed every minute spent on the process, identifying opportunities for automation and reducing credentialing timelines. Beyond building best-in-class credentialing software and the most comprehensive verifications & monitoring engine - our internal CVO team has achieved remarkable efficiency gains of over 150% in the past two years, thanks to this close collaboration with our product and engineering teams.
These efficiency gains and best practices translate directly into cost efficiency and revenue acceleration for our customers. By significantly reducing the time and effort required for credentialing, we help healthcare organizations save valuable resources and get providers serving patients faster - with multi-million dollar impact to their bottom line. This all in addition to simultaneously helping healthcare organizations mitigate compliance risk, meet audit requirements and improve the overall provider experience.
An Integrated Approach to Automation at Scale
From the very beginning, we recognized that an integrated approach is the key to successful automation. That's why we take pride in being the only solution in the market with a truly API-first approach. Every solution we bring to market is foundationally designed with integration in mind, starting with our robust API. By eliminating fragmentation and manual efforts associated with standalone solutions, we enable seamless integration and empower our customers to streamline their operations.
Rapidly Becoming a 'Go-To' Partner in the Salesforce Ecosystem
Our innovative approach has resulted in Verifiable becoming one of the fastest growing ISV partner within the Salesforce ecosystem. Looking ahead, we are committed to doubling down on our integration-first strategy, further expanding our provider network management solutions and further integrating Verifiable’s provider verifications across new healthcare use cases. These exciting developments will enable our customers to further automate credentialing and seamlessly centralize provider network operations - leveraging the same platform they already use to manage numerous operational processes.
Strength in a Challenging Market
It’s a challenging time in the economy and particularly for startups raising capital, but our team has remained focused, resourceful and obsessed on executing for our customers - which put us in a great position to raise capital from an incredible group of investors. Huge thank you to Craft Ventures, Highland Capital Partners, The Altman Fund, Struck Capital and 137 Ventures for backing us with conviction in a time when most investors are hesitant to invest in startups.
Excitement Surrounding Our Board and Future
I am particularly excited about the expertise and experience our board brings to Verifiable. With individuals such as Jack Altman, CEO of Lattice, a multi-billion dollar HR platform, Brian Murray, partner at Craft Ventures, a leading SaaS-focused firm, and Will Su, partner at Highland Capital Partners and one of the earliest investors in RLDatix, one of the more notable success stories in our industry, our board possesses a wealth of knowledge and a well-rounded perspective to help Verifiable achieve our ambitious goals.
Now, with the substantial capital raised in our Series B, Verifiable is well-positioned with ample resources to invest in our exceptional team and the organizations we serve. The future of Verifiable is filled with promise and opportunity, and I couldn't be more excited about what lies ahead.
Request a demo to learn how Verifiable can help you speed up credentialing, streamline the provider experience and simplify network management.