Veda is on a mission to accelerate the ability to access the care patients need, reduce financial loss in the healthcare system, and create efficiencies that drive healthcare innovation. Pulse 2.0 interviewed Veda CEO and co-founder Meghan Gaffney to learn more about the company.
Meghan Gaffney’s Background
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What is Meghan Gaffney’s background? Gaffney said:
“During my time working on Capitol Hill during the development of the Affordable Care Act, I had a unique opportunity to hear diverse perspectives on the future of healthcare from hospital executives, plans and patient advocates. Data was a central theme in many of the challenges patients faced when accessing care, yet it wasn’t the focus of any proposed solutions. As a mom searching for care for my kids, I personally felt the same provider data gap that Veda solves today. My professional and personal experiences pointed to a desperately needed solution: patients need accurate information to make healthcare truly accessible. This led me to co-found Veda in 2015.”
Formation Of Veda
How did the idea for the company come together? Gaffney shared:
“The idea for Veda came from a combination of professional insight and personal experience. While working on Capitol Hill and experiencing the gaps in provider data firsthand, I realized the need for accurate healthcare information. A colleague introduced me to my co-founder, Bob Lindner, an astronomer skilled in AI tools for data processing. Together, we entered and won a hackathon, which focused on correcting errors in provider directories. This success led us to leave our previous fields and build Veda, addressing the critical need for accurate provider data in healthcare.”
“Today, we blend science and imagination to solve health care’s most complex data issues. Its solutions increase productivity, enable compliance and empower health care businesses to focus on delivering care. Veda’s platform requires no technical skills or system changes because the team envisions a future for health care where data isn’t a barrier — it’s an opportunity.”
Favorite Memory
What has been Gaffney’s favorite moment working for the company so far? Gaffney reflected:
“One of my favorite moments at Veda has been our all-company meeting, VeDays. As a remote-first company, it’s incredible to bring together our diverse team, which ranges from former Fortune 500 executives to theatre performers. The energy and creativity in these gatherings are inspiring and highlight the unique blend of talent we have at Veda. Witnessing the collaboration and innovation that come from such diverse backgrounds is truly rewarding.”
Core Products
What are the company’s core products and features? Gaffney explained:
“Veda specializes in providing comprehensive provider data solutions through three core products:
1.) Velocity: This product is our automated roster intake system. It ensures that incoming data from provider rosters is accurately standardized and verified before integration into health plan systems. Velocity acts as a filter, maintaining high data quality by preventing inaccurate data from entering the system.
2.) Quantym: Our Quantym engine uses supervised machine learning to screen and correct provider data in real-time. It has been trained with highly curated data to offer the highest accuracy in the industry. Quantym enables health plans to see errors, gaps, and missing information in their provider directories and claims systems, providing a robust diagnostic tool.
3.) Vectyr: Vectyr enhances provider profiles by adding critical details, such as specialties and accepted insurance plans. This tool goes beyond basic information to offer comprehensive profiles that improve care navigation for health plan members. It helps health plans provide more detailed and useful information to their members, ensuring better access to care.
Challenges Faced
What challenges have Gaffney and the team faced in building the company? Gaffney acknowledged:
“Clarifying the role of AI: The ambiguity surrounding AI’s role in healthcare has been a major hurdle. To address this, we have consistently communicated the tangible benefits and applications of our AI solutions. By sharing detailed case studies and publishing our methods through studies like the one performed with Erdos Institute, we have provided transparency and demonstrated the real-world effectiveness of our technology.”
”Leading from the patient perspective: At Veda, we prioritize the patient in every aspect of our work. This patient-centric approach ensures that our AI solutions enhance safety and security, which are paramount in healthcare. By focusing on how our technology improves patient outcomes and streamlines access to care, we build trust with both providers and health plans. This emphasis on patient safety and security helps alleviate concerns about the reliability and ethical implications of AI.”
“Ensuring usable, quality data: One of the biggest challenges in healthcare is not just collecting data but ensuring it is accurate and usable. We have overcome this by integrating a “human in the loop” approach in our AI processes. This means that at every stage, human oversight is involved to check for biases and ensure quality. Our Quantym engine, for example, uses supervised machine learning to provide highly accurate data that health plans can rely on for decision-making.”
“Taking a role in advocacy: Recognizing the need for clear spokespeople in the AI healthcare space, we have taken an active role in industry advocacy. By participating in regulatory discussions around AI and provider directory accuracy, we are helping shape the future of AI in healthcare. This involvement not only positions us as leaders but also helps drive broader industry acceptance of AI technologies.”
Evolution Of Veda’s Technology
How has the company’s technology evolved since launching? Gaffney noted:
“As healthcare evolves, so do the data needs. For example, the rise of telemedicine required us to adapt our technology to ensure data quality for virtual care providers. We’ve also integrated cultural competency into our models, recognizing the diverse needs of patients. Our continuous innovation keeps us ahead of industry demands.”
Significant Milestones
What have been some of the company’s most significant milestones? Gaffney cited:
“Strategic partnership with Humana: Our partnership with Humana has significantly improved the accuracy of provider information for their Medicare Advantage customers. By enhancing the precision of provider data, we have improved care navigation and reduced administrative burdens, directly benefiting Humana’s members.”
“Validating our data science: Collaborating with the Erdos Institute, which includes academic scientists from research universities across the United States, validated our approach to provider data accuracy, demonstrating that our system could achieve high levels of accuracy without requiring provider outreach, reinforcing the robustness and reliability of our solutions.”
“Earning eight AI patents, with an additional 20 pending: Our commitment to innovation in AI and machine learning is protected by eight granted patents, with 20 more pending worldwide. These patents cover our unique methods and technologies for automating and improving provider data accuracy, underscoring our leadership in the market.”
“Investments: Confidence and investment from Humana highlights our ability to revolutionize provider directory management.”
Customer Success Stories
When asking Gaffney about customer success stories, she highlighted:
“One notable success story is with Humana. By increasing the accuracy of provider information for all Humana Medicare Advantage customers, we improved their care navigation and reduced administrative burden. Our solutions delivered rapid, accurate updates, greatly enhancing the member experience.”
Revenue
When asking Gaffney about the company’s funding details, she revealed:
Since our founding in 2015, Veda has raised $63 million in investment capital, including a $45 million Series B round by Oak HC/FT. Veda’s revenue growth over the last year has been fueled by our dedication to solving complex provider data issues.
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Gaffney assessed:
“Veda is addressing a U.S. market characterized by trillions of dollars in administrative waste. Our solutions target health plans, health systems, and other healthcare organizations, aiming to streamline processes, reduce costs, and improve data accuracy across the industry.”
Differentiation From The Competition
What differentiates the company from its competition? Gaffney affirmed:
“Quality Guarantees: Unlike other vendors, Veda is willing to put its fees at risk by offering quality guarantees. This commitment ensures that health plans receive quality data, and Veda is held accountable for the quality of its services.”
“Speed Guarantees: Veda also offers speed guarantees, ensuring that the provider network and individual roster files are updated within a 24-hour turnaround time. This rapid response helps health plans stay compliant with regulatory requirements and maintain up-to-date information.”
“Human in the Loop Automation: Veda’s approach to AI includes human oversight at every stage of the process. This “human in the loop” method ensures that data is continuously monitored for accuracy and bias, providing an additional layer of quality control that fully automated systems lack.”
“Customer Support: Veda’s customer support team is highly regarded for their ability to work closely with clients to integrate Veda’s solutions into existing systems. This collaborative approach ensures that health plans can effectively use Veda’s tools to improve their provider data.”
“Patented Technology: Veda holds eight patents for its AI and machine learning technologies, with more pending. This demonstrates the company’s commitment to innovation and its leading position in the market for provider data solutions.”
Future Company Goals
What are some of the company’s future company goals? Gaffney emphasized:
“Our future goals include expanding our network-building capabilities to cover all individuals needing care, enhancing features and functionality to improve provider networks, and continuing to drive innovation in healthcare data solutions.”
Additional Thoughts
Any other topics you would like to discuss? Gaffney concluded:
“Regulators are catching up to public expectations regarding data accuracy and transparency. Veda is leading in government-sponsored business in Medicare and Medicaid because we think through the lens of the member. Better information leads to better care, and we are proud to set the standard in this space.”
