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.”
Andreessen Horowitz, one of the most well-known venture capital firms in Silicon Valley, having made notable exits including Airbnb, Facebook, Box and Slack, is often at the precipice of significant software trends, including those signifying industry disruption. The firm is taking some of its focus on the rapid innovation occurring within the digital health space.
For example, Julie Yoo, general partner at Andreesen Horowitz, recently issued a report defining “The New Tech Stack For Virtual First Care.” In the report, Yoo says API-first solutions are, and will continue, helping telehealth companies rapidly build more scalable, efficient operations.
Digital Healthcare Surges As the World Focuses On Patient Care
For obvious reasons the recent growth in the overall digital health market has been explosive. Yoo points out that 2020 was a record-breaking year in the number of digital health companies that got started and funded, as well as the extensive growth these platforms achieved in both patient utilization and revenue. In her analysis, more than 1,000 full-stack digital health companies began in the past three years.
“We’re truly entering into a new golden era for healthcare technology,” she noted in her report.
Legacy Healthcare IT Fails Digital Health
New virtual care companies require much of the same back-end infrastructure as traditional healthcare providers; however, legacy healthcare IT solutions lack flexibility, interoperability, and scale required. Many digital health companies are trying to build their tech stacks or outsource manual operations — either approach is a mistake.
(Image source from “New Tech Stack of Virtual Care Delivery,” Andreessen Horowitz)
The “New Tech Stack For Virtual First Care”
Yoo point out that “in the same way that Plaid, Stripe and AWS abstracted out entire layers of infrastructure and dramatically reduced the cost and time to stand up a new tech business, these health-tech companies are now allowing digital health startups to accelerate their time to market and really focus on the higher-order elements of their products and services to deliver game-changing care to patients.”