Cambridge, MA (PRWEB) September 23, 2015
Madaket Health today announced the public availability of its cloud-based payer enrollment service for healthcare providers, including hospitals, health systems, and private practices. The Madaket portal lets providers enroll in various electronic services—including Electronic Funds Transfer (EFT), Electronic Remittance Advice (ERA), and Electronic Data Interchange for Claims (EDI)—with the over 3,000 payers in the US with a few clicks. By simplifying the millions of disparate network communications and shrinking the time it takes to correctly submit an enrollment from months to minutes, Madaket significantly reduces non-strategic administrative waste for major stakeholders in the healthcare industry.
“Healthcare regulations are spurring both medical professionals and insurers to reduce inefficiencies in a massive two-sided network, so we built a solution to fix payer enrollment—a long-standing and complex communication problem,” said Madaket CEO and Co-founder, Jim Dougherty. “Last year, there were over 7 million provider enrollments with payers in the US, and each one can take up to six to eight weeks to process. That means doctors waited months to get paid after seeing patients, and payers devoted too many resources to fielding inquiries from providers. The status quo is bad for everyone.”
A SaaS-based, secure solution built around the needs of providers, Madaket delivers real-time access to thousands of up-to-date payer enrollment forms and procedures. From the Madaket portal, a provider simply chooses the services and payers they wish to enroll with—from a list of all available payers in the US—and then sends the correct provider data in one go. Unlike with current manual processes, doctors and medical assistants using Madaket no longer have to spend time coordinating with payers individually.
"At Reliant Medical Group, administrative tasks with payers were a real challenge,” said Eric Buehrens, who served as COO of Reliant Medical Group and Beth Israel Deaconess Medical Center. “Having a solution like Madaket Health has helped lower overhead and speed up payments to providers. It's a win-win for everyone."
Redefining Payer-Provider Relationships
For more than three years, Madaket has been designing a solution that reduces non-strategic administrative waste and improves the expensive-to-maintain relationships between providers and payers. Working with large healthcare intermediaries, the company currently has 300,000 providers in its system and an additional 325,000 providers under contract on their way into the service. Madaket is becoming the organizing principle behind complex healthcare industry communications.
“Without Madaket, medical staff spends days finding the correct payer enrollment forms; understanding the unique requirements of each payer; and then manually faxing, emailing, or mailing stacks of paper,” said Ted Achtem, Chief Product Officer and Co-founder. “Twenty percent of these submissions are rejected due to errors—problems providers only learn of after calling payers about delayed reimbursements. And the current situation is bad for payers, too. They spend a fifth of their call center time answering questions about enrollments. Madaket’s automated solution is a dramatic improvement.”
A Proven Team
Madaket was founded by the same team that successfully built IntraLinks, the first full web-based platform SaaS subscription service in the financial services industry that became the market standard for complex communications in industry transactions. As momentum for change in the healthcare industry grew following the passage of the Affordable Care Act, the core team reconvened to apply an already-proven methodology and process to a new problem in a different industry. By drawing on some of the world’s best healthcare and engineering talent in Cambridge, MA, Madaket is poised to become the standard for provider-payer data exchange.
Madaket Health automates US healthcare provider enrollments with payers. With its SaaS offering, Madaket ensures that enrollments are processed much more quickly than the manual, error-prone processes now used by most companies. Through channel partners, Madaket currently has 300,000 providers in its system and an additional 325,000 providers under contract on their way into the service. Madaket also supports more than 3,000 payers. Founded in 2012 and based in Cambridge, MA, Madaket’s team includes seasoned enterprise software engineers and entrepreneurs, and is funded by investments from Fidelity Biosciences, Lux Capital, Allen & Company LLC, and Waterline Ventures, as well as prominent angel investors. For more information about Madaket, visit madakethealth.com.
Qi Zhai, 617-631-9004