Cambridge, Massachusetts-based Madaket Health, a health IT company tackling the enrollment and payment processes in the payer-provider landscape, has scooped up $10 million in Series B funding.
Qiming Venture Partners led the round, and Salesforce Ventures, Experian Ventures and The PNC Financial Services Group participated.
Behavioral Health, Interoperability and eConsent: Meeting the Demands of CMS Final Rule Compliance
In a webinar on April 16 at 1pm ET, Aneesh Chopra will moderate a discussion with executives from DocuSign, Velatura, and behavioral health providers on eConsent, health information exchange and compliance with the CMS Final Rule on interoperability.
The startup’s goal is to work on resolving administrative inefficiencies related to payers and providers. Its SaaS platform makes data exchange easier for these two groups.
Providers work with various payers and must be enrolled with each insurer to receive payments. However, each individual payer has its own set of forms and data that have to be submitted as part of the enrollment, and providers have to resubmit forms if they need to make a change. The process can be time-consuming and is prone to errors.
Madaket simplifies the procedure and automates provider enrollment. Its offerings include EDI Enrollment and Payer Enrollment/Credentialing, which simplify the redundant parts of these transactions.
The Cambridge company will use the fresh capital to expand its platform as it works to solve more issues related to payer-provider negotiations.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
“Our platform is a game changer as it eliminates administrative burdens placed on providers, enabling them to focus on delivering high-quality, patient-centric care,” Madaket Health co-founder and CEO Jim Dougherty said in a statement. “We brought our proven track record of removing waste, error and frustration to an industry — healthcare — that spends $130 billion on unnecessary administrative tasks.”
The startup was founded by the same team that built IntraLinks, a cloud subscription tool for the financial services industry, in the early 2000s.
After three years of being in stealth mode, Madaket emerged in 2015. It spent a decent portion of time in stealth learning about the problem from a provider’s perspective.
“A lot of errors come from two sources: the complexity of the payer forms and illegibility of responses,” Madaket co-founder and chief product officer Ted Achtem said in a 2015 email interview. “We’ve dramatically simplified and standardized data entry from a user perspective and are able to intelligently map this data to forms and fields.”
Photo: aurielaki, Getty Images
