Verisys Corporation: Comprehensive Company Profile

Background

Overview

Founded in 1992, Verisys Corporation is a leading provider of comprehensive healthcare data and technology solutions. The company specializes in screening, verifying, monitoring, and credentialing healthcare professionals and entities, ensuring compliance and enhancing patient safety. Verisys serves a diverse clientele, including some of the largest health systems in the United States, retail pharmacies, payers, and hospitals.

Mission and Vision

Verisys is dedicated to protecting healthcare consumers by enforcing competency and regulatory compliance, thereby ensuring system integrity and patient safety through transparency.

Key Strategic Focus

Core Objectives

Provider Data Management: Delivering accurate and secure information to credential providers, improve data quality, and publish compliant provider directories.

Compliance Assurance: Ensuring healthcare organizations remain in compliance with regulatory, accreditation, and standards requirements.

Areas of Specialization

Credentialing and Enrollment Solutions: Offering enterprise-wide solutions that streamline the credentialing process.

Sanction Screening: Utilizing the FACIS® database to screen and monitor healthcare providers for sanctions and disciplinary actions.

Key Technologies Utilized

FACIS® (Fraud and Abuse Control Information System): A comprehensive database used for sanction screening in the process of verifying credentials.

CheckMedic®: A cloud-based platform designed to streamline credentialing processes.

Primary Markets Targeted

Healthcare Systems: Including hospitals, clinics, and health networks.

Retail Pharmacies: Ensuring compliance and credentialing of pharmacy staff.

Payers: Assisting insurance companies in provider verification and compliance.

Financials and Funding

Funding History

March 2017: Verisys received an undisclosed amount in venture funding from Spectrum Equity.

July 2021: Stone Point Capital acquired Verisys Corporation, marking a significant investment in the company's growth and expansion.

Revenue

Estimates of Verisys's annual revenue vary:

Approximately $87.1 million per year.

Around $63 million.

Approximately $15.4 million.

Utilization of Capital

The capital raised has been directed towards expanding operations, enhancing technological platforms, and broadening service offerings to meet the evolving needs of the healthcare industry.

Pipeline Development

Verisys focuses on continuous improvement and expansion of its existing platforms, such as FACIS® and CheckMedic®, to enhance data accuracy, compliance monitoring, and credentialing processes. The company is also exploring the integration of advanced technologies to further streamline healthcare compliance and provider data management.

Technological Platform and Innovation

Proprietary Technologies

FACIS®: A comprehensive database for sanction screening, aiding in the verification of healthcare provider credentials.

CheckMedic®: A cloud-based platform that streamlines the credentialing process, enhancing efficiency and compliance.

Scientific Methodologies

Verisys employs advanced data analytics and machine learning algorithms to continuously monitor and verify healthcare provider information, ensuring up-to-date and accurate data for clients.

Leadership Team

Key Executives

Charlie Falcone: Chief Executive Officer

John P. Benson: Co-Founder

John O’Shaughnessy: Co-Founder

Professional Backgrounds

Charlie Falcone: Brings extensive experience in healthcare technology and leadership, focusing on driving innovation and growth within the company.

John P. Benson and John O’Shaughnessy: As co-founders, they have been instrumental in establishing Verisys's mission and guiding its strategic direction.

Leadership Changes

In July 2021, Verisys Corporation underwent a significant change in ownership when it was acquired by Stone Point Capital. This acquisition marked a new phase in the company's growth and strategic direction.

Competitor Profile

Market Insights and Dynamics

The healthcare compliance and credentialing market is characterized by a growing emphasis on data accuracy, regulatory compliance, and the need for efficient provider management solutions. The market is competitive, with several key players offering a range of services aimed at ensuring healthcare provider compliance and data integrity.

Competitor Analysis

Symplr: Founded in 2006, Symplr provides healthcare governance, risk management, and compliance solutions. It has a larger workforce compared to Verisys and offers a broad suite of services.

DataFlow: Established in 2005, DataFlow specializes in primary source verification and background screening services, operating primarily in the Middle East and Asia. It generates higher revenue than Verisys, indicating a strong market presence.

Vistar Technologies: Founded in 1997, Vistar offers credentialing and provider management solutions, focusing on database management within the healthcare sector. It has a smaller team compared to Verisys but competes in similar service areas.

Strategic Collaborations and Partnerships

Verisys has engaged in strategic acquisitions to enhance its service offerings:

July 2021: Acquired MedAdvantage LLC, a credentials verification organization, to expand its credentialing capabilities.

July 2021: Merged with Aperture Health, Inc., further strengthening its position in the healthcare compliance and credentialing market.

Operational Insights

Verisys operates with a global workforce of over 600 employees, with offices in Louisville, KY (corporate headquarters), Leawood, KS, South Jordan, UT, Alexandria, VA, and Hyderabad, India. The expansion into Hyderabad in 2022 underscores the company's commitment to leveraging global talent to maintain its market leadership.

Strategic Opportunities and Future Directions

Verisys is poised to capitalize on the increasing demand for comprehensive healthcare compliance and credentialing solutions. By continuing to innovate its technological platforms and expanding its global footprint, the company aims to enhance its service offerings and strengthen its position in the healthcare data management industry.