Health IT Startup: Verato
Verato 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.
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.
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.