Verato Secures $12.5M Series B Funding Amid Rising Demand for Cloud-Based Patient Identity Matching Platform

Recently,A U.S.-based provider ofVerato, a company offering cloud-based identity matching and patient MPI solutions, secured Series B funding from Bessemer Venture Partners and Columbia Capital.$12.5 millionFinancing.

In addition to the funding announcement, Verato has signed five new healthcare organizations as customers, including a national payer, three health information exchanges (HIEs), and a multi-billion-dollar health system. This health system operates more than 20 hospitals and maintains a health insurance division serving over three million members. These customers will leverage Verato’s cloud-based identity matching solution to better identify and unify patient records across disparate health systems, particularly in cases where existing master patient index (MPI) technologies have underperformed.

Historically, technology providers have generally adopted an average duplicate record rate of 10–20%, resulting in a matching error rate of 50–60% when exchanging medical records. Under these circumstances, legacy Master Patient Index (MPI) solutions are no longer adequate, as their patient-matching algorithms rely solely on potential patient data that is widely recognized as outdated, inaccurate, and incomplete. Therefore, a completely new approach to matching and linking is required.

To address this issue, Verato offers a cloud-based patient matching platform that links medical records with the highest accuracy in the industry. Meanwhile,Verato offers an innovative big data approach to patient matching that is not constrained by the quality of the underlying patient data used. This enables providers to achieve a 15-fold improvement in the accuracy of each patient’s complete health record compared to previous methods, allowing them to deliver better care and eliminate the costs and risks associated with incomplete views of patients’ medical histories.

For healthcare organizations, Verato’s patient matching platform can serve not only as a standalone matching engine and Master Patient Index (MPI) system, but also to enhance the matching capabilities of existing MPIs. As the product is cloud-based, it enables rapid deployment within days or weeks, allowing healthcare organizations to quickly cleanse their MPI data, thereby reducing 75% ofSearch and DuplicateManual workload.

Verato CEO Mark LaRow stated, “The successful fundraising and accelerated revenue growth indicate rising demand for effective patient identity solutions in the healthcare market.”

However, whether in healthcare institutions or pharmaceutical retailers, disparate systems each harbor substantial volumes of legacy data that require consolidated analysis to optimize CRM and customer experience, as well as to improve operational processes.

Bessemer Venture Partners and Columbia Capitalinvestment, and also proves theirVerato's endorsement, trust itCapable of capturing this vast and growing market.