Verifiable Inc., a startup that’s tackling the problem of the long lag times that bedevil the process of verifying the credentials of healthcare providers, said it has raised $27 million in Series B funding, bringing its total funding to $47 million.

The company is addressing inefficiencies in healthcare administration costs, which make up about one-quarter of the estimated $4 trillion that is spent on healthcare in the U.S. each year. Lack of real-time access to data such as job histories, certifications and competency statements requires manual labor and incurs delays of between 60 and 120 days, Chief Executive Nick Macario wrote in a post on Verifiable’s blog.

For primary care providers who can bill $5,400 per day, a 60-day wait translates into $324,000 in lost revenue, he said. Automation can not only reduce costs but also mitigate compliance risk, help firms better meet audit requirements and improve the patient experience.

API-driven platform

Verifiable is building a network platform that uses application program interfaces to connect to hundreds of primary sources to automate workflows and integrate siloed processes. The company launched its first platform two years ago and last year added what it says is the first credentialing service for the Salesforce Inc. platform that is certified by the National Committee for Quality Assurance. It also claims to be the fastest-growing partner on the Salesforce AppExchange.

Over the past year, the company has focused more intensely on large enterprise customers and expanded its Salesforce relationship to include network management products. Verifiable said it nearly doubled its headcount and customer base during that time and exceeded internal revenue projections.

“We have meticulously measured and analyzed every minute spent on the process, identifying opportunities for automation and reducing credentialing timelines,” Macario wrote. “Our internal [Credentials Verification Organization] team has achieved remarkable efficiency gains of over 150% in the past two years.”

Verifiable said it intends to spend the money on improving integrations, expanding its provider network and broadening verifications across new healthcare use cases. “With the substantial capital raised in our Series B, Verifiable is well-positioned with ample resources,” Macario wrote.

Participants in this funding round include Craft Ventures LLC, Highland Capital Partners LLC, Degree Inc.’s The Altman Fund, Struck Capital Management LLC and 137 Ventures Management LLC.

Image: Verifiable