Veda, a Madison, Wisc.-based artificial intelligence (AI) and machine learning platform to save healthcare and administrative costs by enhancing the processing speed and accuracy of information, raised $45m in Series B funding.
The round was led by Oak HC/FT. In conjunction with the funding, Andrew Adams, managing partner and co-founder at Oak HC/FT, will join veda’s Board of Directors.
The company intends to use the funds to scale rapidly to address imminent regulatory requirements of the No Surprises Act,* as well as to expand product innovation, customer success, and go- to-market efforts.
Led by Meghan Gaffney, CEO, Veda offers an AI platform where payers can transform and ingest provider rosters rapidly, reducing turnaround times from weeks to just 24 hours. To date, the company has supported some of the country’s largest health insurance companies in their efforts to automate administrative processes.
* The No Surprises Act is a bipartisan legislation that restricts excessive out-of-pocket costs to consumers from surprise billing and balance billing. Starting January 1, 2022, the law will require that all provider directory updates be processed in under 48 hours.