Veda, a healthcare data company dedicated to solving the industry’s most complex data issues, has launched Vectyr: Data Curation, the most comprehensive and accurate data to build optimal provider networks. The database is the engine behind Veda’s other products, Quantym: Data Quality Scoring and Velocity: Process Automation, and is now available to customers on-demand.
Learn more about Vectyr in our press release on HealthCare Business Today.
The most up-to-date, comprehensive, and accurate data.
Veda, a healthcare data company dedicated to solving the industry’s most complex data issues, has launched Vectyr: Data Curation, the most comprehensive and accurate data to build optimal provider networks. The database is the engine behind Veda’s other products, Quantym: Data Quality Scoring and Velocity: Process Automation, and is now available to customers on demand.
“Veda curates data from over 100,000 unique sources, optimizing results for each provider every 24 hours. Rigorous scientific validation methodology ensures that users have the most up-to-date data for every provider in the country, on-demand, every day.”
Veda curates data from over 100,000 unique sources, optimizing results for each provider every 24 hours. Rigorous scientific validation methodology ensures that users have the most up-to-date data for every provider in the country, on-demand, every day. The database provides records for physicians, nurses, allied health, behavioral health, pharmacists, and dental providers.
“Accuracy, flexibility, and efficiency are the three key elements our customers are seeking,” said Dr. Bob Lindner, Veda co-founder and Chief Science and Technology Officer. “With Vectyr, we’re pairing the most accurate and reliable data with the most flexible query options so developers can solve a wide variety of problems without the need for custom end-points.”
Vectyr features more than 50 key data elements including demographic and contact information; specialty and credentialing details; practice locations and group affiliation. Vectyr data has consistently been shown to be more than 90 percent accurate which means that users can have confidence that everything from contact information to associated specialties and plan coverage is up to date.
“Vectyr features more than 50 key data elements including demographic and contact information; specialty and credentialing details; practice locations and group affiliation.”
Health systems, health plans, pharmacies, provider groups, and other related enterprises can now efficiently and effectively access accurate data through Vectyr to fill network gaps, recruit, enhance referral networks, pre-populate credentialing, remove friction from claims processing, and more.
“The launch of Vectyr is one more way that Veda is solving the provider data needs of our customers,” said Meghan Gaffney, Veda co-founder, and CEO. “Inaccurate provider data is a significant barrier to efficient health plan operations, care-delivery, interoperability and ultimately patient satisfaction. Bringing validated, scientific solutions to the marketplace will ensure that the promise of effective data in healthcare operations is realized.”
About Veda
Veda blends science and imagination to solve healthcare’s most complex data issues. Through human-in-the-loop Smart Automation, our solutions dramatically increase productivity, enable compliance and empower healthcare businesses to focus on delivering care. Veda’s platforms are simple to use and require no technical skills or drastic system changes because we envision a future for healthcare where data isn’t a barrier—it’s an opportunity. Follow Veda on LinkedIn.
What do healthcare and the airline industry have in common? As demonstrated by the holiday traveling disaster, outdated back-office administrative systems in desperate need of an upgrade.
Check out the latest Forbes article from Veda’s Chief Science Officer Bob Lindner, PhD, and learn the three questions to ask when updating behind-the-scenes tech systems.
The key is to understand that bad data is the primary driver of disenrollment, and to create a plan to improve the quality of data.
Checkout CEO Meghan Gaffney‘s article in MedCity News.
What separates Veda from other companies promising to make sense of healthcare data? Hear from Veda’s CEO Meghan Gaffney in this MedCity News interview straight from the HLTH2022 conference floor.
Want to be a thought leader in your field? Just having an insightful message isn’t enough. You also need to get that message out.
Tapping tools that spread your ideas is the way to position yourself as the go-to person on your topic of expertise. Social media can help raise your profile in ways that didn’t exist in the pre-internet world. But you still need to communicate a powerful message.
Remember, though, that most people don’t become thought leaders by accident. You need to follow a proven system to pull it off.
Joining a tech council has given Bob Lindner an “amazing opportunity to stay on top of what other tech leaders are talking about,” he said.
Lindner is the co-founder of Veda, a provider of healthcare automation products and services. The tech council has also provided a forum for Lindner to “pressure-test new ideas about how to approach tech problems with a group of peer thought leaders.
Lindner highly recommends “finding skill or industry-specific membership organizations.”
Catch Veda’s Chief Growth Officer Chase Zaputil on the Definitively Speaking podcast from Definitive Healthcare. Chase and host Justin Steinman talk about our favorite topic: data. How to measure its quality and value, how to reduce inaccuracy, and why old data isn’t necessarily bad data.
Find the episode:
By Meghan Gaffney
Here’s something you’ve heard before—patients are now becoming “consumers” of medical care in the same way that they make informed choices in retail and other aspects of their lives. From the patients’ point of view, the healthcare system is broken, with significant issues arising around cost, access, and quality of care.
Link to Healthcare Business Today article
The patients aren’t wrong. Over one trillion dollars is spent each year on healthcare administration alone. Those providing and subsidizing healthcare are equally frustrated by the inefficiencies and challenges that exist on the administrative front.
Value-based care (VBC) and reimbursement models have long been hailed as the solution to these problems. However, anyone who works in healthcare knows that adoption of true risk-based models has been slow. Let’s explore why. We can start by exploring the history of VBC, shed light on the “missing ingredients” for making VBC a success, and then dive into how data–specifically advanced processing of data through automation–is the key to breeding trust and accelerating the shift away from fee-for-service.
The first VBC pilots were rolled out by Medicare well over a decade ago, yet here we are, still operating in a predominantly fee-for-service system, rather than on the other side of the transition to value as anticipated. Oftentimes, the logistics of bringing together different stakeholders and disparate systems are pinpointed as the root cause of the issue. And it’s true, to say that the logistics are complicated is an understatement at best.
But I would argue that the logistics don’t present insurmountable obstacles.What was lacking was the key ingredient to all lasting and transformative relationships– trust. For value-based contracts to operate as intended, providers and payers must have a certain level of trust in each other, as well as in the data that connects their systems and informs their mutual decision-making. The foundation of trust in financial arrangements is always data, and healthcare’s limited technological advances have prevented not only data-sharing between parties in VBC agreements, but “good” data-sharing. The result is an inability to trust that either side has the quality of data required to accurately assess cost and performance.
That’s the “bad news.” But I’m delighted to say that there’s actually quite a bit of good news. While healthcare has long been a laggard when it comes to technology adoption, the pandemic spurred accelerated adoption of AI and automation and played a critical role in moving the industry forward. The tech is ready—and now the stakeholders who truly need the tech are ready to use it.
With this in mind, let’s look at a use case that illustrates the need for technology that improves data accuracy and transparency and therefore promotes trust, the missing ingredient in VBC. In order to get their members the care they need, payers (i.e., insurance companies) have to be in constant contact with provider organizations. Provider organizations often send data updates on participating providers infrequently and equally often those files have errors. The data are also manually keyed in by associates at the payor, a process that takes weeks and tends to create duplicative or incomplete records, as well as further contributing to inaccuracy.
This exact issue derailed a VBC pilot program that my business was a part of. A state-based health plan we worked with backed out of their VBC agreement due to lack of provider data transparency. Each month the payor attempted to reconcile which claims could be attributed to VBC contracts. There were discrepancies in the participating provider rosters that slowed this process down, and eventually, ground the entire project to a halt. Data is core to establishing trust in these agreements, and illustrates how hard it is to execute them as designed in the face of poor-quality data. And remember, this is just a single use case. There are many more.
That annual trillion dollars in administrative spend in healthcare is a major issue negatively impacting all parties involved. In a VBC or any kind of contract, the goal should always be to provide patients with the best care possible while decreasing costs. Right now, a huge driver of administrative spend is the cost of manually processing data and the downstream waste that happens when data is inaccurate. A huge step forward is ensuring there’s data transparency so that inaccuracies can be identified and addressed.
So, what does transparency look like from a technology standpoint? What should payers be looking for when shopping for solutions to automate their data? Provider groups and their payor partners need a solid foundation of data to measure performance for VBC agreements, and they also need to understand how these measurements are made. Vendors that offer data solutions should always be ready to walk their clients through their processes and make clear how accurate data is obtained, maintained, and measured. Some technology vendors even build accuracy guarantees right into their contracts.
This level of transparency in vendor-payer relationships eliminates any potential mistrust in the tech itself, which has been a driving factor in AI’s relationship to VBC. In the event something does go wrong, there is a pre-established measurement system that both parties understand and that can be used to easily identify where the error occurred.
I think so, yes, but with an important caveat–the AI vendors need to build trust, too. I’ve seen first-hand within my company and from industry peers the power that data automation tech solutions have when they’re a part of contracts built on trust in the tech and the people behind it. Understanding that trust is the missing ingredient with provider-payer relationships—and by extension, other key relationships such as those with technology vendors—is key to making inroads with future partnerships.
The pandemic spurred increased health tech adoption at the same time that patients were paying much more attention to their health and engaging with medical services as savvy consumers. These factors have moved the industry to a point where it is truly ready to accelerate VBC.
Veda is getting patients the information they need and directing them to the right type of care.
In this episode of Bite the Orange, Meghan Gaffney, CEO and co-founder of Veda Data, talks about how she’s working to innovate healthcare data infrastructure and make it work better for providers and patients. Thanks to outdated databases, finding providers on your health plan can be a difficult process, causing delays and driving up costs in healthcare. Meghan explains how Veda Data has two different offerings, Velocity and Quantym, for health plans to improve speed and efficiency in their data infrastructure so their members have access to complete, built-out networks. She discusses three case studies around automation and accuracy improving data quality, user experience, compliance, and cost savings, which can be found on Veda’s website.
Tune in to this episode to learn how Meghan’s work at Veda is helping health plans innovate and improve their data infrastructure to provide better care.
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As a part of our interview series called “5 Things I Wish Someone Told Me Before I Became A Founder”, I had the pleasure of interviewing Meghan Gaffney.
Meghan Gaffney is Co-Founder and CEO of Veda, a company that blends science and imagination to solve healthcare’s most complex data issues with human-in-the-loop Smart Automation. Meghan has over 15 years of experience working with elected officials and impact organizations, as well as consulting on technology opportunities. She is a passionate advocate for artificial intelligence and machine learning and believes these technologies will create unprecedented economic opportunities for the United States and the world.
Thank you so much for joining us in this interview series! Can you tell us a story about what brought you to this specific career path?
I stumbled into this career after having built a first career for myself in politics and policy. I worked in D.C. around the time the Affordable Care Act was being legislated, and that was actually what inspired me to focus specifically on healthcare. I kept hearing about all the administrative waste in the industry and the lack of solutions to address it–and I knew this was going to become my mission.
Can you tell us a story about the hard times that you faced when you first started your journey?
When I was working to take Veda from an idea to a reality, it was one of the most challenging periods of my life. As a woman in a male-dominated space, who had never worked directly in the actual industry I was trying to disrupt, it took a long time to feel the confidence I projected outwardly during all those early business pitches.
I immediately felt a sense of imposter syndrome when Veda landed its first customer, and I began our investor search.
Where did you get the drive to continue even though things were so hard?
When I was navigating the healthcare industry as a single mom, I was frustrated by the amount of time I put into things I felt should be simple–like finding an in-network doctor for my son. Not to mention how much time I spent in waiting rooms filling out paperwork instead of being with my kids. I took that frustration and turned it into a conviction to develop technology that could give people back their time and allow them to turn their attention to the things they care about. That applies as much to mothers and fathers as it does to providers and insurers.
So, how are things going today? How did grit and resilience lead to your eventual success?
Things are going exceedingly well. It’s been an exciting time, particularly since the pandemic, which accelerated our business but, of course, took a lot of grit and resilience. One step I took was focusing on building a strong executive team. This allowed me to have my role shift from exclusively driving to also listening, learning, and taking in the skills and lessons that my executive team has to offer. I’m always learning, and it makes my job exciting because I’m seeing how to elevate the company by listening to people who have done this before. Grit doesn’t just have to come from within–I’ve learned it’s ok, it’s actually beneficial, to lean on others.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
If I think back to the early days, there are many I could mention. One that will always stand out came about when we were ready to sign one of our first big potential contracts with a large national health plan. We were excited about finalizing the contract, but we quickly realized that our business couldn’t operate out of my co-founder’s basement! We needed an actual business address to execute this contract and everyone after that. There were so many logistical things we hadn’t dealt with yet because our business was growing so quickly. Of course, with this contract, we quickly secured office space and a secure network, and that really elevated our team’s morale, in addition to the practical aspects!
What do you think makes your company stand out? Can you share a story?
One of the things that has remained consistent within our company from the very first day until today is that while we have a very technical product, when it comes to our culture, we have kept the focus on our people. One of the first examples I think of is earlier on, during the COVID-19 pandemic, I realized that we wouldn’t be seeing our colleagues in the office any time soon. So, I drove to every one of our employees’ houses and took a walk with them, just to check in with everyone and ensure we continued to build our relationships. Whether it’s virtual or in-person lunches with teams across the company or going for a walk, we are still doing that today and I believe it’s key to making our business thrive.
Which tips would you recommend to your colleagues in your industry to help them to thrive and not “burn out”?
The biggest piece that has been so helpful for me is building a team that is full of smart, hardworking, and trustworthy people. When you have a great team, you’re able to take a step back when you need to. It’s so reassuring to know that when you take a vacation, you have a team you fully trust, and that business will continue as usual. In fact, I think the test for any new founder is if they able to take a vacation. That’s how you know you’re doing things right!
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story?
I will always be so grateful to my co-founder and partner, Dr. Bob Lindner. We met in 2015 through a mutual friend and connected over our shared vision of creating real impact for people. He was an astrophysicist who agreed to come along on this wild ride of transforming healthcare with me, and he’s supported me in my founder’s journey from the beginning. After a pitch presentation that truly knocked down my confidence, Bob took me aside and said to me, “I see you.” He meant that he could see how much of myself I’d poured into Veda and how hard I’d worked. “I see you” became a mantra for me, that reminded me that I was enough, and I could build this company, whenever I started to falter.
How have you used your success to bring goodness to the world?
Most of the technological solutions being built today in healthcare are focused on improving the patient experience — which is a dire need. But the industry can’t fully deliver on the promise of patient-centered care until all the problems and inefficiencies within its infrastructure are addressed, like its estimated $1 trillion in administrative spend. In 2021, we saved health plans thousands of hours of processing time and countless dollars, and those insurers gained time and resources to focus where they are passionate — keeping members healthy.
What are your “5 things I wish someone told me before I started leading my company” and why. Please share a story or example for each.
Can you share a few ideas or stories from your experience about how to successfully ride the emotional highs & lows of being a founder”?
It’s amazing to be a woman representing other women in health tech, but it’s not always easy, especially when running your own company. I’ve found the highs are just as impactful as the lows and I’ve carried resilience and confidence with me through my entire founder’s journey. I love mentoring and speaking to other women about how to have confidence and pursue their dreams. I know I’m privileged in my position, and I do my best to share lessons learned and kick a hole through every glass ceiling.
You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
I spend a lot of time thinking about how to create a technology community? that reflects the communities we serve. Oftentimes, the people who have the greatest experience with the healthcare challenges that technology should be solving face barriers from becoming the innovators to address them.
How can our readers further follow your work online?
This was very inspiring. Thank you so much for joining us!
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