Certification raises $40 million to advance healthcare provider data infrastructure
The company announced Thursday that provider data intelligence company Celedify has received $40 million in Series B funding, with its total funding so far being $69 million.
The New York City-based company serves health planning and digital health companies and is working to simplify access to provider data, whether it is a provider directory or medical claims. Its AI platform combines provider data from sources such as national boards, certification bodies and national liquidated housing, as well as self-report data from providers. Its services targeting health programs and digital health companies include provider certificates, licensing, monitoring and roster management.
“Provider data is an invisible backbone of healthcare – now, it’s broken,” Anshul Rathi, founder and CEO of Certify, said in an email. “Providers are required to fill in the same 40-page application over and over in a disconnected system. And, health plans have their own orphan database. It should be a common basis that has become the source of billions of dollars in wasted spending, reducing access to care – for example, due to inaccurate directories and delayed payments to providers.”
The $40 million round is led by Transformation Capital, which includes general catalysts, up-term venture capital and Sempervirens backed.
“Certified health program market penetration and strong network effects make it unique in the healthcare data infrastructure space,” Scott Rosen, partner at Transformation Capital said in a statement. “Their team is modernizing provider data management by improving the fundamental layer of healthcare operations. The opportunities for the future – unified, simplified and scaled provider operations across the industry – are huge.”
Rathi said with the help of funds, the company will invest in products, engineering and its launch engines.
The company now has 17 health plan clients including Oscar, Karen, University of Utah Health Plan, SelectHealth, Alignment Health and Centene.
Certified financing comes at a time when health systems spend nearly $3 billion a year to manually update provider catalogs, while about 43% of doctors deal with at least one burnout symptom. Additionally, starting July 1, the new NCQA credentials standard will take effect, requiring health plans to verify credentials faster and monitor license expiration monthly. Rathi notes that the healthcare industry will have to operate with more current and accurate provider data.
“The vision of certification is to create a real source for provider data – provider data is frictionless, accessible through one API and only requires providers to update their information in one place rather than dozens of systems,” Rathi said. “This will eliminate the need for each payer, health plan or health system individual license and certificate provider, thus providing the industry-wide administrative costs and gaining better experience for providers and patients.”
Images: Feodora Chiosea, Getty Images
