- veda announced it closed $45 million in Series B funding. These are the details.
veda – an artificial intelligence (AI) and machine learning platform that can save healthcare payers and providers up to 90% in administrative costs by enhancing the processing speed and accuracy of information – announced recently that it closed $45 million in Series B funding led by Oak HC/FT. The funding round will enable veda to accelerate its growth and further its mission to help health plans focus on the health and well-being of its members rather than burdensome administrative processes.
So far, veda has supported some of the country’s largest health insurance companies in their efforts to automate administrative processes. This year, the company is expected to save health plans 500,000 hours in provider data processing time.
For example, veda’s leading technology enabled a Medicaid health plan to automate file processing – which reduced manual entry by 90% and reduced time spent on processing from four weeks to 24 hours.
The funding will enable veda to scale and rapidly address imminent regulatory requirements of the No Surprises Act. And the bipartisan legislation restricts excessive out-of-pocket costs to consumers from surprise billing and balance billing. Launching January 1, 2022, the law will require that all provider directory updates be processed in under 48 hours.
Veda now offers the only AI platform where payers can transform and ingest provider rosters rapidly, reducing turnaround times from weeks to just 24 hours. The announcement comes on the heels of record growth for the company in the past 1.5 years. And Veda’s customer base of health plans and partners is expected to increase 7-fold by Q4 of 2022. The funding round will immediately impact product innovation, customer success, and go-to-market efforts.
KEY QUOTES:
“There’s an urgent need for automation in healthcare to reduce inefficiencies and upwards of $1 trillion in unnecessary costs. The acceleration of health technology this past year, combined with legislative imperatives such as the No Surprises Act, are positioning veda as an indispensable partner for payers. With this new funding, we’ll be better positioned to seize new opportunities through our range of solutions and address a host of critical industry needs.”
— Meghan Gaffney, veda’s co-founder and CEO
“Veda’s technology will fundamentally change how the healthcare system operates by automating processes, increasing accuracy, and reducing costs that have existed for decades. We’re thrilled to partner with the veda team in their effort to modernize the largest sector of the U.S. economy at such a critical time.”
— Andrew Adams, managing partner and co-founder at Oak HC/FT, who will join veda’s Board of Directors
