CredSimple, the a NYC-based cloud-based healthcare credential verification organization, has raised $14 million in Series B funding led by Questa Capital. The round also included participation from existing investors including Windham Venture Partners who led the company’s Series A round and Primary Ventures who co-led its seed investment.
Outdated Credentialing Process
Traditionally, credentialing has run on outdated systems, spreadsheets, and repetitive manual work that only increases work, delays, costs and potential downstream risk due to human errors. The manual work involved in healthcare credentialing typically includes:
· Reaching out to each primary source to verify information for each provider
· Retyping data into your credentialing software or spreadsheet
· Hours sorting through paper files or mining spreadsheets to prep for committee
· Long turnaround times resulting in significant time spent responding to status requests from provider relations and management
Redefining the Provider Credentialing Process in Healthcare
Founded in 2013, CredSimple is transforming practitioner and facility credentialing into a fast, compliant and cost-effective cloud-based service for healthcare organizations. Certified by The National Committee for Quality Assurance (NCQA), the company’s technology-powered Credential Verification Cloud (CVC) platform gives organizations greater transparency and visibility over their provider networks by automating, streamlining and simplifying the process of credentialing. CredSimple serves a wide range of customers from start-ups to large integrated health plans, independent physician associations, telehealth companies, and other healthcare organizations that manage provider networks.
Physician credentialing is the first step to providing members and patients with the quality of care they are seeking. It’s also the first step in the value-based care equation. The platform that allows health plans, health systems, telehealth providers and other healthcare organizations to offload the work of direct and delegated credentialing to smart technology in order to receive compliant results on thousands of files in an average of five days. Automated primary source verification reduces data entry errors and speeds up the overall credentialing process, saving your team a ton of time (as well as sparing them from tedious work that leads to burnout).
Expansion Plans
The funds will be used to enhance the customer experience with exciting new products and services, accelerate sales and expand the company’s management team.
“CredSimple is redefining the provider credentialing process for the healthcare industry. Our CVC platform eliminates credentialing backlogs, reduces compliance risk and administrative costs, and streamlines operations — delivering customers significant improvement in credentialing turnaround times and a seamless, cutting edge experience for their providers. This funding will allow us to invest in our existing client relationships, as well as accelerate innovation, and expand our market reach. We are thrilled to have a partner like Questa with deep healthcare domain expertise and appreciation for our mission of streamlining such a manual process for the industry,” said Mike Simmons, CredSimple Founder and Chief Executive Officer.
