New York health startup Vericred has raised a seed round of $1.125 million that will help it launch a provider credential monitor, which seeks to reduce the “stop and start methodology” currently employed by CMS and insurers that leads to inconsistencies and redundancy.
The seed round was raised through the sale of preferred stock to accredited but as yet unnamed investors, according to Vericred, which started in March this year and has a current team of six employees.
By making the credentialing process simpler, Vericred is looking to ensure providers remain accurately compensated by payers through the use of data sharing
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“Provider data is central to a variety of insurance, patient safety, risk management, compliance and regulatory functions,” the company says. “However, the collection and verification of this information is highly fragmented, costly and inefficient. Vericred’s solutions enable healthcare providers, facilities and insurers to improve health care delivery while reducing administrative burden and cost.”
The capital will be used to launch the Vericred’s first product and to expand its healthcare provider data repository. It’s led by co-founder and CEO Michael W. Levin
