Verato, https://verato.com, a provider of cloud-based patient matching and master patient index technology has raised $10 million in series C financing. The round was led by existing investors Bessemer Venture Partners https://www.bvp.com and Columbia Capital https://colcap.com with participation from Blue Heron Capital https://blueheroncap.com and the California Health Care Foundation https://www.chcf.org.
The funding will be used to accelerate the adoption of Verato’s new technology by providers, health plans, healthcare services firms, and healthcare technology companies, so patients can have their health data linked accurately attributed to the correct patient.
Duplicate records are the result of poor patient matching which can cause many different personas for a patient throughout the health system and not provide the full picture of a patient’s health history.
On average, 18 percent of a health system’s records are duplicates, meaning almost one in five patients do not have a complete medical record. That number reduces to half of patients when trying to assemble a composite record between health systems during information exchange. Duplicate records cause a third of claims denials which costs health systems $1.5 million annually and cost roughly $2,000 per inpatient stay.
“This investment is an exciting next step for the company and a strong endorsement of the market need for a next-generation technology to solve the patient matching problem,” said Mark LaRow, CEO of Verato.
He adds, “Existing patient matching technology has not changed for almost a decade and is the root of the duplicate record crisis that is drastically affecting care quality, patient safety, and healthcare costs. We cannot continue with business as usual. It’s not good medicine for patients and it makes healthcare unnecessarily inefficient. The funding will enable Verato’s new solution to help solve this problem in healthcare.”