Madaket Health, a Cambridge, MA-based cloud-based healthcare solution, closed $10m in Series B funding.
The round was led by Qiming Venture Partners, with additional investor participation from Experian Ventures, The PNC Financial Services Group, and Salesforce Ventures.
The funding will allow Madaket to extend its platform solution.
Led by co-founder and CEO Jim Dougherty, Madaket Health provides a cloud-based, healthcare SaaS platform solution that simplifies administrative data exchange between payers and providers. The company’s two offerings—EDI Enrollment and Payer Enrollment/Credentialing, automate the manual, error-prone and redundant processes in common payer-provider transactions.
EDI Enrollment streamlines Electronic Funds Transfer (EFT), Electronic Remittance Advice (ERA) and Electronic Data Interchange for Claims (EDI) on behalf of providers. To date, the company 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.
Madaket’s Payer Enrollment solution automates and simplifies the process of credentialing providers with payers.