Verifiable, an Austin-based company that creates an infrastructure for health care provider data management, raised $17 million, thanks to the Altman brothers and other investors.
The health care identity start-up that has verified and monitored the credentials of thousands of providers is into its next leg of the journey. The funds will be used for its health care provider credentialing application programming interface (API) toolkit. The Altmans were joined by David Sacks/Craft Ventures, Tiger Global and existing investors, and a group of individual investors including Flexport’s Ryan Petersen, Rippling’s Parker Conrad, Front’s Mathilde Collin, Syapse’s Jonathan Hirsch, Todd Goldberg and Rahul Vohra.
“So much data is flowing through, and because health care is such a massive part of the country’s GDP (gross domestic product), there is so much potential that can be unlocked,” Jack Altman, CEO and cofounder at Lattice, told TechCrunch. “I love Verifiable’s positioning around the provider. They are the people between the health care system and the patient, so to have access to their data, patients can form a relationship with them, which is a powerful position.”
Nick Macario, Verifiable founder, told TechCrunch that data fuels critical operations across health systems and insurance, which are currently being done manually, resulting in billions of dollars of annual waste. Verifiable helps to manage the data by creating infrastructure for providers.
With Verifiable’s infrastructure, the automated verification of provider data has become seamless, reducing credentialing turnaround times by more than 70%, TechCrunch reported.
Insurance payers are the latest part of the Austin-based company's expansion, which includes verifying provider directories.
