Verato, Inc., a leading provider of cloud-based identity matching and Master Patient Index (MPI) solutions has raised $12.5 million in Series B funding led jointly by Bessemer Venture Partners and Columbia Capital. The McLean, VA-based company plans to utilize the funding to to support continued growth and to accelerate technology development.
In addition to the funding announcement, Verato has signed on five new healthcare organizations as customers which includes a national payer organization, three Health Information Exchanges (HIE), and a multi-billion dollar health enterprise with over 20 hospitals and a three-million-member health insurance division, tripling its annual recurring revenue. hese customers will use Verato’s cloud-based identity matching solution to better identify and unify patient records across different health systems, in situations where existing MPI technologies have under-performed.
Providers still have an average duplicate record rate of 10-20%, and face a matching error rate of 50-60% when exchanging patient information with each other. Current technologies like Master Patient Index (MPI) solutions are no longer up to the task because their patient matching algorithms are only as accurate as the underlying patient data, which is notoriously out-of-date, inaccurate, and incomplete. A new approach to matching and linking patient information is necessary.
To resolve this, Verato offers a cloud-based patient matching platform that links patient records with the industry’s highest accuracy rates—even when a patient’s demographic data is inaccurate, out-of-date, incomplete, or inconsistent across health records. Verato provides an innovative, big data approach to patient matching that is not limited by the quality of the underlying patient data it uses to match. This lets providers assemble every patient’s complete health record 15x better than current technologies—enabling providers to provide better care and eliminate the costs and risks associated with having an incomplete view of a patient’s health history.
For healthcare organizations, Verato can act as a standalone matching engine and Master Patient Index (MPI), or can be used to turbocharge the matching capabilities of existing MPI implementations. The product can be implemented in a matter of days or weeks due to its cloud-based platform, enabling organizations to rapidly clean their MPIs and dedicate 75% less manual effort to finding and resolving duplicates.
“The financing and growth is indicative of an increased demand for faster and more effective identity solutions, particularly in the healthcare market,” said Mark LaRow, CEO of Verato in a statement. “But, regardless whether you are a healthcare organization, a retailer or hospitality company, or in the public sector, there is an explosion of person data residing in different systems inside and outside of your four walls that needs to be consolidated for analytics, optimizing CRM and customer experiences, and improving operational processes. The deeper investment by Bessemer and Columbia is testament to their belief in our ability to capture this large and growing market.”