Verato, a startup provider of what its CEO called “patient matching as a service,” disclosed Monday that it has closed on a $12.5 million round of Series B venture capital. Bessemer Venture Partners and Columbia Capital co-led the investment round.
Both investors had participated in Verato’s Series A, another $12.5 million round that closed in January 2015.
McLean, Virginia-based Verato also said Monday that it has tripled its annual recurring revenue by landing five healthcare organizations as new customers. The company did not name any of the organizations but said the group includes a large national insurance company, a multibillion-dollar integrated health system, and three health information exchanges.
CEO Mark LaRow said that 75 percent of the company’s business now comes from healthcare. While the technology helps create or augment master patient indexes at health systems, payers, and HIEs, Verato also works with the hospitality and retail industries, as well as with the federal government.
“Every company has a database of people,” LaRow said. “It’s a pervasive problem across industries.”
In healthcare, the lack of a workable master patient index has long been a hurdle to interoperability, particularly without any sort of consistent national patient identifiers. Now, according to LaRow, it has become a competitive issue.
Read More – Source: Patient-matching startup Verato raises $12.5M Series B – MedCity News
By NEIL VERSEL