Madaket Health lands $10M for automated healthcare provider enrollment platform to accelerate its growth, expand platform solutions for payer-provider collaboration.
Madaket Health, a Cambridge, MA-based healthcare SaaS platform solution that simplifies administrative data exchange between payers and provider has raised $10 million in Series B funding Qiming Venture Partners. The round also included participation from Experian Ventures, The PNC Financial Services Group, and Salesforce Ventures. The startup plans to use the latest round of funding to rapidly extend its platform solution deeper into the administrative inefficiencies in the payer-provider ecosystem.
The average healthcare provider works with 25 payers. Providers must be enrolled with payers to receive payments. Each payer requires a unique set of forms, procedures, and data to be submitted in order to enroll for Electronic Funds Transfer (EFT), Electronic Remittance Advice (ERA), Electronic Data Interchange for Claims (EDI) and other common provider-payer transactions. When providers make minor changes to their enrollment information, they must submit these forms again.
It takes months for payers to fully process provider enrollments – and months before providers start receiving correct payments. Time is wasted dealing with paper forms, correcting manual errors, and tracking down the status of enrollments.
Founded in the shared Harvard Square workspace of, and supported by, Koa Labs in 2012, Madaket automates the enrollment process. Providers fill out a simple online form once, and Madaket sends the right information to each applicable payer. Madaket’s first two offering EDI Enrollment and Payer Enrollment/Credentialing—automate the manual, error-prone and redundant processes in common payer-provider transactions. EDI Enrollment streamlines Electronic Funds Transfer (EFT), Electronic Remittance Advice (ERA) and Electronic Data Interchange for Claims (EDI) on behalf of providers. The result is less paperwork and faster payments for hospitals, health systems, and private practices.
Madaket has an exclusive partnership with TriZetto Provider Solutions to handle 100% of their enrollment business. To date, Madaket has processed more than 1.5 million EDI enrollments for customers who have 1.3 million providers under contract to be enrolled on the platform. Madaket’s Payer Enrollment solution automates and simplifies the process of credentialing providers with payers.
