Before Nick Macario launched Verifiable, the Austin-based company that just raised $3 million for its api toolkit that verifies healthcare credentials, he ran a series of other businesses designed to offer public credentials for professionals.
His first foray into the world of identity management services was the personal website builder, branded.me. After that company was sold, Macario launched Remote.com, an outsourced provider of human resources services that was constantly running background checks and verifying employee credentials.
That’s where Macario got the idea for Verifiable and struck on a market opportunity that’s exploding thanks to the proliferation of telemedicine and on-demand services, and the shortage of qualified medical candidates to fill positions and meet growing demand.
This boom in remote medical services is one reason why Macario, working with co-founder and chief technology officer, Vivekanand Rajkumar, was able to raise $3 million from investors including Tiger Global, Liquid2 Ventures, Struck Capital, Soma Capital, Jack Altman, Max Mullen, and Sahil Lavingia.
“We’re at an inflection point with healthcare,” said Macario. “There are large volumes of healthcare verifications and certifications that are being verified manually… and the lack of infrastructure and credentialing is a big part of the bottleneck holding healthcare back.”
Verifiable uses Dock, a blockchain based ledger company that issues digital credentials and anchors them to a public ledger.
Verifiable provides an API that connects to hundreds of primary sources to keep updated records on the 17 million licensed healthcare providers working in the U.S.
Companies like Talkspace, Sesame and Verge Health are already using the API to automate real-time verifications for more than 50,000 healthcare providers.
“From a broader scale, we’re automating credentialing processes, but specifically we’re automating licensing verification and monitoring,” Macario said.
The Verifiable chief executive estimates that several billions of dollars in revenue and fines are lost every year because healthcare providers don’t keep up with the credentialing and licensing practitioners need to work in the U.S.
“It’s not a one-and-done verification,” says Macario. “You need to check on a monthly basis to make sure that providers are compliant.”
Verifiable’s management service can range anywhere from two to ten dollars depending on how deeply a potential employer wants to dive to confirm the standing and licensing of their practitioners. The price is based on the number of verifications and the number of healthcare providers that need to be verified.
And while Verifiable is starting with a specific focus on verification, the company has much bigger vision. “Where we’re excited about going is identity and healthcare provider data. It connects to many different areas of healthcare,” Macario said.
We’re starting in a specific focus with verification.. Where we’re excited about going is identity and healthcare provider data… it connects to many different areas of healthcare.