Madaket Health provides a cloud-based SaaS platform that simplifies and automates administrative data exchange between payers and providers. Its first two offerings—EDI Enrollment and Payer Enrollment/Credentialing—automate manual, error-prone, and redundant payer-provider transactions, including EFT, ERA and EDI claims enrollments and payer credentialing. To date Madaket has processed more than 1.5 million EDI enrollments for customers who have 1.3 million providers under contract to be enrolled on the platform. The company says its technology targets billions of dollars in administrative waste in healthcare with the goal of reinvesting savings into care delivery. The new funding is intended to let Madaket extend its platform deeper into administrative inefficiencies and accelerate product innovation. Madaket was founded in 2012 in a shared Harvard Square workspace and is led by co-founder and CEO Jim Dougherty. Madaket Health provides an automated service that lets providers update and transmit enrollment and electronic-service information to multiple payers through a single, standardized form. The product simplifies and standardizes data entry, intelligently maps entries to payer-specific fields, stores provider data for reuse, and aims to eliminate handwritten responses that lead to processing errors. The company spent three years in stealth engaging providers to design the user experience and is now coming out of stealth. Providers pay for Madaket’s service on a monthly basis. Madaket has raised $5 million from angel and venture capital investors in New York and Boston. The company cites industry metrics from the article — more than 7 million enrollments in the U.S. last year, providers typically work with about 25 payers, and roughly 20% of forms are rejected due to errors — as the problem it addresses.

Total raised

$15M

Funding rounds

2

Latest round

Series B

Latest activity

Jul 2018