July 23, 2018
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Madaket Health, a cloud-based, healthcare SaaS platform solution that simplifies administrative data exchange between payers and providers, announced today that it has closed $10 million in Series B funding. The round was led by Qiming Venture Partners, with additional investor participation from Experian Ventures, The PNC Financial Services Group, and Salesforce Ventures. The funding will allow Madaket to rapidly extend its platform solution deeper into the administrative inefficiencies in the payer-provider ecosystem.
Madaket’s first two offerings—EDI Enrollment and Payer Enrollment/Credentialing—automate the manual, error-prone and redundant processes in common payer-provider transactions. EDI Enrollment streamlines Electronic Funds Transfer (EFT), Electronic Remittance Advice (ERA) and Electronic Data Interchange for Claims (EDI) on behalf of providers. To date, Madaket has processed more than 1.5 million EDI enrollments for customers who have 1.3 million providers under contract to be enrolled on the platform. Madaket’s Payer Enrollment solution automates and simplifies the process of credentialing providers with payers.
“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,” said Madaket co-founder and CEO, Jim Dougherty. “We brought our proven track record of removing waste, error, and frustration to an industry—healthcare—that spends $130 billion on unnecessary administrative tasks. Our investment partners believe in our mission to become the de facto standard for all administrative data transactions between providers and payers and want to support our growth to meet the increasing demand and accelerate product innovation.”
“When it comes to improving the healthcare industry, we know not all the solutions come from within,” said Gary Rieschel, Founding Partner, Qiming Venture Partners. “We invested in Madaket because they were founded by a team of proven SaaS leaders who know how to bring automation to complex, multi-sided markets. They bring a fresh perspective to reducing waste and friction in the healthcare industry, and they have a consistent track record of creating significant shareholder value. Their early successes are tangible and we are excited about the dynamic group of new strategic investors who will fuel the company’s next phase of innovation and growth.”
To learn more about Madaket, contact Balaji Gandhi at email@example.com.
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