Texas’s AUSTIN, July 10, 2023 To speed its subsequent growth and product innovation stage, Verifiable, an API-first innovator to the dated provider network management software sector, has acquired USD 27 million in Series B funding, led by Craft Ventures. With the help of Verifiable extensive range of network management solutions and real-time verifications, healthcare organizations can reduce the time it takes to obtain credentials from several weeks to just a few days. These efficiency improvements can result in cost savings of millions of dollars for clients and increased revenue capture. They can also be used to reduce compliance risk, satisfy audit requirements, and enhance the overall provider experience.
With this funding, Verifiable will grow its go-to-market teams and extend its robust verifications infrastructure to distinguish further its industry-leading provider credentialing, compliance, and network management products. Additionally, the money will hasten Verifiable’s cooperation with Salesforce. The Altman Fund and Struck Capital and new investors Craft Ventures, Highland Capital Partners, 137 Ventures, and Cooley took part in the round.
Nick Macario, CEO of Verifiable, said, “Credentialing is not a new challenge; it is an administrative bottleneck that has been costing healthcare organizations billions while adversely affecting provider experience and eroding the bottom line.” What’s innovative is the comprehensive approach taken by Verifiable, which truly automates the underlying procedures through real-time verifications and workflows to boost speed and efficiency. Customers of our platform include some of our biggest rivals in the market, highlighting the unique product and value we offer. Verifiable is built differently in this regard.
Brian Murray, a partner and COO of Craft Ventures notes that the investment hurdle is exceedingly high in the macro context. Growth is insufficient; businesses must show they can expand quickly without suffering undue burn. A new category of software must be created in their wake as proof that they are solving significant challenges for significant markets. Verifiable can significantly improve our healthcare system. We are anticipating what is ahead.
As healthcare quickly went virtual in 2020, verifiable promptly became the “go-to” credentialing option for quickly expanding digital healthcare firms. Verifiable has gained much traction in the past year in terms of making provider network operations more straightforward for more prominent enterprise healthcare organizations as well.
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