Verifiable – an API-first innovator in the provider network management software category space – announced it has raised $27 million in Series B funding led by Craft Ventures to accelerate its next growth stage. Highland Capital Partners, 137 Ventures, Cooley, and existing investors The Altman Fund and Struck Capital also participated in the round.
The company’s comprehensive network management solutions and real-time verifications empower healthcare organizations to expedite credentialing from multiple weeks to a matter of days. Verifiable plans to use this funding to scale go-to-market teams and expand its extensive verifications infrastructure to differentiate further the company’s provider credentialing, compliance, and network management solutions. The funding will also accelerate Verifiable’s collaboration with Salesforce.
These efficiency gains help customers save millions of dollars and see added revenue capture while also offering to mitigate compliance risk, meet audit requirements, and improve the overall provider experience.
Verifiable quickly emerged as a go-to credentialing solution for fast-growing, digital healthcare companies as healthcare quickly went virtual in 2020. And over the last year, Verifiable has since garnered significant traction in simplifying provider network operations for larger enterprise healthcare organizations as well.
One leading customer is Humana – which came to Verifiable looking for technology solutions to help insource away from its previous Credential Verification Organization (CVO) vendor as Humana aimed to reduce costs, increase data quality and accelerate credentialing turnarounds to improve the provider experience. Humana selected Verifiable to insource, automate and centralize credentialing operations on the Salesforce platform. Through this work, it is currently projecting a 15% cost reduction while improving quality and control over its previous CVO.
Over the last year, Verifiable tripled its revenue and doubled its team, quickly becoming a fast-growing partner within Salesforce’s ISV partner ecosystem. Throughout the recent accomplishments, Macario is quick to point out that beyond the powerful technology platform, it’s really Verifiable’s people at the heart of their success,
“Credentialing isn’t a new challenge—it’s an administrative bottleneck that’s been costing healthcare organizations billions while negatively impacting provider experience and eroding the bottom-line. What is new is Verifiable’s integrated approach that truly automates the underlying operations through real-time verifications and workflows to drive speed and efficiency. Some of our largest competitors in the space are also customers of our platform, which speaks to the unique solution and value we bring to market. This is where Verifiable is built different.”
— Nick Macario, CEO of Verifiable
“In today’s macro environment, the funding bar is very high. Growth alone isn’t enough—companies need to demonstrate they can grow fast without excessive burn. They must also prove they’re solving big problems for big markets, forming a new category of software in their wake. We believe Verifiable has the potential to permanently upgrade our healthcare system. We’re excited for what’s to come.”
— Craft Ventures Partner and COO Brian Murray