- Cloud-based healthcare credential verification organization CredSimple has closed $14 million in Series B funding led by Questa Capital
CredSimple, a leading cloud-based healthcare credential verification organization, announced it closed $14 million in Series B funding led by Questa Capital. Existing investors including Windham Venture Partners (lead of the Series A) and Primary Ventures (co-led the seed investment) also participated in this round.
With this round of funding, the company is going to enhance the customer experience with new products and services. Plus CredSimple is going to accelerate sales and expand on its management team.
What does CredSimple do? The company is transforming the practitioner and facility credentialing into a fast, compliant, and cost-effective cloud-based service for healthcare organizations.
“CredSimple is redefining the provider credentialing process for the healthcare industry. Our CVC platform eliminates credentialing backlogs, reduces compliance risk and administrative costs, and streamlines operations — delivering customers significant improvement in credentialing turnaround times and a seamless, cutting edge experience for their providers,” said CredSimple founder and CEO Mike Simmons. “This funding will allow us to invest in our existing client relationships, as well as accelerate innovation, and expand our market reach. We are thrilled to have a partner like Questa with deep healthcare domain expertise and appreciation for our mission of streamlining such a manual process for the industry.”
Certified by The National Committee for Quality Assurance (NCQA), CredSimple’s technology-powered Credential Verification Cloud (CVC) platform gives organizations greater transparency and visibility over their provider networks by automating, streamlining, and simplifying the process of credentialing.
Plus CredSimple serves a wide range of customers from startups up to large integrated health plans, independent physician associations, telehealth companies, and healthcare organizations that manages provider networks.
“CredSimple addresses a costly recurring pain point for health plans, state agencies, and provider organizations, replacing what has historically been a labor- and resource-intensive process into an efficient, transparent and integrated credentialing solution. Health plans struggle with broader provider network management and in particular credentialing and monitoring,” added Questa Capital managing director Bradley Sloan — who has joined CredSimple’s board of directors.
Having studied the space and seen the problem up close within our healthcare portfolio over the years, we believe now is the time to invest in innovative, technology driven solutions like CredSimple to address such an immense market opportunity,” commented Brad Sloan, Managing Director at Questa Capital who has joined CredSimple’s board of directors.
