Madaket Health Reports Multi-Million Dollar Capital Raise, Million Dollar Contracts, and One Million Transactions
CAMBRIDGE, Mass., Dec. 4, 2017 /PRNewswire-iReach/ -- Madaket Health, an innovative multi-application SaaS platform for automating healthcare provider data management processes, has experienced significant market validation and growth in 2017 highlighted by several important developments that signal major disruption for the healthcare industry.
In 2012, Madaket was founded by a team of veteran software entrepreneurs to build software that would automate the manual, redundant and error-prone processes associated with sharing administrative data between healthcare providers and payers. "After analyzing provider-payer administrative data processes, we decided to build software and services to attack the problems of inefficiency and inaccuracy head on," said Madaket co-founder and CEO, Jim Dougherty. Madaket's approach was unique for the healthcare industry, building upon the founders' prior experience automating transactions in the financial services industry. The approach has proven successful, attracting relevant industry players including Madaket's first enterprise customer, Trizetto Provider Solutions, one of the largest healthcare Electronic Data Interchange (EDI) and clearinghouse service providers.
Madaket's first app, EDI Enrollment, dramatically improves the process of enrolling providers for EDI, Electronic Funds Transfer (EFT), Electronic Remittance Advice (ERA) and other common provider-payer transactions. Currently, these processes are highly-manual and contribute to hundreds of millions of dollars in waste. In 2017, the company achieved several important milestones:
- Successful Capital Raise – In April, Madaket completed a Series A investment round with proceeds supporting customer growth and product development activities. To date, Madaket has raised just over $10 million from institutional investors that include Allen & Company LLC, F-Prime Capital Partners, Lux Capital and Waterline Ventures.
- 1.2 Million Providers on Madaket Platform – In early 2017, the number of providers under customer contracts for EDI Enrollment reached 1.2 Million.
- One Millionth Provider Enrollment – After launching EDI Enrollment in 2015, the company processed its 1 millionth provider enrollment transaction in September.
- Seven-Figure Enrollment Customer – Also in September, Madaket signed its first-seven figure contract with a single entity, for its EDI Enrollment app.
- Seven-Figure Credentialing Contract – In October 2017, Madaket signed a seven-figure contract with an anchor enterprise customer to launch and utilize its second app, Provider Credentialing.
About Madaket
Madaket is a SaaS company focused on automating healthcare provider data management, ripping cost out of wasteful processes. The first two applications on the Madaket platform address provider enrollment for electronic transactions with payers and credentialing. The company was founded in 2012 and based in Cambridge, Massachusetts with additional resources in Pune, India. For more information, please visit http://www.madakethealth.com
Media Contact:
Jim Dougherty, Madaket Health, (617) 932-7577, [email protected]
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