Health IT Startup: Verato

Image result for verato logoVerato enables organizations to rapidly improve patient matching or customer matching through two cloud-based products that are powered by referential matching.

Verato has invested four years, millions of dollars and hundreds of thousands of hours of data science, data engineering, algorithmic, and cloud-services expertise to build the most precise matching technology on the market. The company has built their solutions in the cloud, so organizations can quickly, easily, and cost-effectively gain the power of referential matching to make their patient or customer matching much better, to dramatically reduce their duplicate records, and to significantly reduce the costs associated with manual data stewardship processes.

Verato leaders represent industry experts in big data, analytics, master data management (MDM), and privacy. With a proven track record of building businesses, delivering results for global clients and brands, and developing award-winning products, they are committed to revolutionizing the way our clients manage and match their patient or customer data.

Marketing/promotion strategy

Since Verato is the first patient matching or customer matching technology to use the power of referential matching in the cloud, they use a variety of channels to educate the market on the groundbreaking nature of this new technology. Typically, Verato works with other thought leaders in the industry to produce webinars, bylined articles and other speaking sessions and promote these pieces through social media and traditional media approaches.

Market opportunity

Despite years of investment in master patient index (MPI) matching technology, according to the Office of the National Coordinator for Health Information Technology (ONC), healthcare organizations still suffer from poor patient matching, with matching errors occurring in one out of five patients within a hospital system. What’s worse is that matching errors increase to about 50 percent when exchanging medical records between hospitals.

In fact, the College of Healthcare Information Management Executives (CHIME) sponsored a $1 million patient matching challenge and the ONC also launched a $75,000 “Patient Matching Algorithm Challenge” in 2017. Both contests looked at traditional matching technologies and both failed to show any real change in matching success rates.

Verato has developed a powerful new matching technology called referential matching. It uses a massive reference database of identities curated from commercially available sources that embody a 30-year history of demographics for everyone in the U.S. This database serves as an “answer key” for patient matching, allowing it to see through errors and changes over time.

Who are your competitors?

Verato is the only company to offer a referential matching technology purpose-built in the cloud. Other companies that sell patient matching technology use older probabilistic matching approaches and do not offer technology built reliably in the cloud.

How your company differentiates itself from the competition and what differentiates Verato?

Verato offers a cloud-based matching platform that links and matches identities across disparate databases or organizations with the highest accuracy rates in the industry. Verato leverages an extensive self-learning database of U.S. identities as a reference, or universal answer key. And because it is cloud-based, the Verato platform is less expensive, faster to implement, and more scalable than traditional matching technology. In benchmark tests, Verato Referential Matching can achieve match accuracy rates of 98 percent where the best probabilistic matching can only achieve 70 percent.

Business model

Verato has a B2B business model. Because the Verato technology is cloud-based and software as a service (SaaS), it is much less expensive, much faster to implement and more scalable than other matching technology.

Current needs

Verato is always looking for talented individuals with a passion for healthcare and technology. They are currently looking for customer success engineers, field developers, web UI develops, business development representatives and software engineers.

When founded

2014

Number of full-time employees

60

Headquarters

McLean, VA

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