Verifiable Company Profile

Background

Verifiable, founded in 2019 and headquartered in Austin, Texas, is a healthcare technology company specializing in automating provider credentialing and network management. The company's mission is to drive efficiency, quality, and compliance across the healthcare system by building a modern infrastructure for managing provider networks. Verifiable's API-first platform connects directly to hundreds of primary sources, automating provider data verifications to expedite credentialing, simplify provider management, and help organizations scale their networks more efficiently.

Key Strategic Focus

Verifiable's strategic focus centers on:

Automating Credentialing Processes: By integrating with thousands of primary sources, Verifiable delivers real-time provider verification and monitoring, resulting in 78% faster turnaround times and significant cost savings.

Enhancing Compliance and Efficiency: The platform ensures NCQA-compliant workflows and documents, enabling organizations to maintain always-on compliance and proactively monitor their provider networks.

Scalable Solutions: Verifiable's flexible, API-first platform is designed to accommodate provider networks ranging from 100 to over a million providers, offering scalability to meet diverse organizational needs.

Financials and Funding

Verifiable has secured a total of $47 million in funding over multiple rounds:

Seed Round (October 2020): Raised $2.94 million.

Series A (August 2021): Secured $17 million.

Series B (June 2023): Obtained $27 million.

Notable investors include Craft Ventures, Highland Capital Partners, 137 Ventures, Cooley, The Altman Fund, Struck Capital, and Tiger Global Management. The capital raised is intended to accelerate product innovation and expand Verifiable's market presence.

Technological Platform and Innovation

Verifiable's platform is distinguished by:

Real-Time Primary Source Verifications: Direct integration with over 3,000 primary sources, including the DEA, NPDB, and CAQH, enables instant verification results.

API-First Architecture: The platform's API-first design allows seamless integration with existing systems and workflows, facilitating automation across the entire provider journey.

NCQA-Certified CVO Services: Verifiable offers NCQA-certified Credentialing Verification Organization (CVO) services, ensuring compliance and reliability in credentialing operations.

Leadership Team

Nick Macario: Co-Founder & CEO. Formerly Co-Founder & CEO of Remote.

Vivekanand Rajkumar: Co-Founder & CTO. Previously CTO at MaidSafe.

Rehan Mirza: Chief Growth Officer. Former Senior Director of Product Marketing at Zenefits.

Lucas Iannaccone: Head of Product. Former Director of Product Development at SeekMedicare.

Janan Dave: VP of Operations. Former Head of Patient Operations at Tomorrow Health.

Ryan Basch: VP of Sales. Former Senior Director of Enterprise, Mid-Market, and SMB Sales at Modern Health.

Competitor Profile

Market Insights and Dynamics

The credential verification services market is highly competitive, with numerous players offering similar solutions. As of 2023, there are over 100 companies globally providing credential verification services, leading to increased price competition and high customer bargaining power.

Competitor Analysis

Key competitors include:

HireRight: Holds approximately 20% market share, generating around $780 million in revenue in 2022.

Checkr: Accounts for about 15% market share, with $585 million in revenue in 2022.

Sterling: Holds roughly 10% market share, generating $390 million in revenue in 2022.

These competitors offer comprehensive background check and credential verification services, necessitating continuous innovation and differentiation for Verifiable to maintain a competitive edge.

Strategic Collaborations and Partnerships

Verifiable collaborates with innovative healthcare organizations such as Humana, Lyra Health, Talkspace, Modern Health, Wheel, and Grow Therapy. These partnerships enhance Verifiable's market position and expand its capabilities in delivering efficient credentialing solutions.

Operational Insights

Verifiable's competitive advantages include:

Speed and Efficiency: The platform's automation capabilities result in 78% faster credentialing turnaround times.

Compliance and Reliability: NCQA-certified workflows and real-time monitoring ensure continuous compliance and reduce operational risks.

Scalability: The API-first architecture allows organizations to scale their provider networks efficiently, accommodating varying sizes and complexities.

Strategic Opportunities and Future Directions

Verifiable aims to:

Expand Market Reach: Leverage recent funding to penetrate new markets and sectors within the healthcare industry.

Enhance Product Offerings: Invest in product innovation to introduce new features and capabilities that address evolving customer needs.

Strengthen Partnerships: Forge strategic alliances with additional healthcare organizations to broaden service offerings and enhance value delivery.