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The Impact Of Peripheral Healthcare Innovation, Podcast Featuring Meghan Gaffney

“People were stepping over piles of money on the floor to solve really big problems that are important and meaningful to solve like social determinants of health but missing the opportunity that automation and technology could provide to bend the cost curve…and get more money in the system to take care of people, which is where the funding really matters.”

Our CEO and Co-Founder Meghan Gaffney was interviewed by Carrie Nixon and Rebecca Quilt on their podcast, Decoding Healthcare Innovations—a podcast for novel and destructive healthcare business leaders seeking to transform how we receive and experience healthcare. 

During Meghan’s time on the podcast, she dives in and focuses mainly on the impact of “peripheral” healthcare innovations: those platforms and technologies which were not initially designed for healthcare. 

In the first portion, Meghan goes into detail on how she realized there was a huge opportunity missing in healthcare, and how automation and technology could fix it. Meghan says, “It felt to me at that time like as these conversations were happening people were stepping over piles of money on the floor to solve really big problems that are important and meaningful to solve like social determinants of health but missing the opportunity that automation and technology could provide to bend the cost curve and save money so that the 25 to 30 percent of our premium dollars that today go to healthcare administration could be reduced and get more money in the system to take care of people, which is where the funding really matters.” She continues speaking about how our other Co-Founder and CTO, Bob Linder helped her vision come to life, and how Veda was born. 

Meghan and Carrie continue discussing issues that arise when it comes to looking up providers, which providers fall under your health plan, and data that may not be updated in the system. That is where veda comes to the rescue. Veda’s Velocity platform automates roster intake and takes your unstructured, unwieldy files, and standardizes it to your preferred format for faster, more accurate data management. Using patented AI technology, Velocity enables files to be verified, corrected, and updated within your database… fast.

Carrie closes out the podcast by asking Meghan if she has any advice for the listeners. Meghan goes into some great detail for those who are looking to become entrepreneurs, and for those who are looking to get into the healthcare industry. 

Click here to listen or watch the entire podcast episode.

Veda Selected as Provider Data Management Solution by Gartner

The key findings? Legacy solutions cannot deliver value and are being replaced with modern innovations like Veda. 

Gartner selects Veda as a Provider Data Management solution in the 2021 Market Guide for U.S Health Plans. Our AI Smart Automation platform, Velocity, can automate roster intake and updating, so you can maintain accuracy and compliance. In less than 24 hours—Guaranteed. 

ABOUT THE MARKET GUIDE

Gartner, the information technology research and consultancy company, provides expert guidance and tools that enable faster, smarter decisions and stronger performance on an organization’s most critical priorities.

“PAYER CIOS CAN USE THIS MARKET GUIDE TO SELECT THE RIGHT RELATIONSHIP MANAGEMENT TOOLS TO ENGAGE THEIR PROVIDERS.” – GARTNER

The 2021 Market Guide for U.S. Healthcare Payers’ Provider Network Management Applications includes key findings, recommendations, and a redefinition of the marketplace. The key findings? Legacy solutions cannot deliver value and are being replaced with modern innovations like veda.

Members of Gartner are able to access the full report here.

ABOUT VEDA’S SOLUTION – VELOCITY

Our patented, Smart Automation platform allows you to process—format, validate, and correct—provider data files and update the data in your system in less than 24 hours. Guaranteed. All while saving costs and improving accuracy. By automating roster intake, we reduce human processing and reduce human error.

Trusted by six of the top 10 U.S. health plans, veda Velocity uses AI and machine learning to help plans transform and enhance their provider data—achieving fast, accurate, and compliant results that otherwise would not be possible.

The platform takes unstructured roster files from provider organizations and standardizes them into the health plan’s preferred format. The smart automation solution improves productivity by 10-12x and reduces data processing time by 98%, allowing plans to publish directory updates in 24 hours or less. Files are verified, corrected, and updated—all within the plan’s existing database.

To learn more about how Veda can transform your provider network management, schedule a demo.

Introducing Velocity: A Solution to Help Health Plans Comply With the No Surprises Act

With the No Surprises Act, as part of the Consolidated Appropriations Act, going into effect on January 1, 2022, stakeholders across the healthcare system are working hard to get their organizations into compliance with the various provisions of the new law.   

NO SURPRISES ACT AND ITS IMPACT ON PROVIDER DIRECTORIES

Much of the attention on the No Surprises Act has been around the protection it offers consumers from unexpected medical bills arising from circumstances beyond their control. To help achieve the goal of eliminating surprise billing, the No Surprises Act contains a provision that requires health plans to make updates to their provider directories within 48 hours. Updated, accurate directories make it easier for members to determine if a doctor is in-network. With just a few weeks until the law goes into effect, health plans need to be laser-focused on their ability to meet this requirement. 

But a lot goes into keeping those directories updated. The traditional manual data entry method is fraught with issues: provider updates currently take weeks and often only yield 60-70% accuracy rates. And by the time the process is done, the data is outdated. No matter how many extra hands are available to put on keyboards and enter this data, due to the sheer volume it is virtually impossible to significantly reduce processing time with such a manual approach. And the probability of introducing errors into the data would only increase with additional human touchpoints.  

INTRODUCING VELOCITY: DIRECTORY UPDATES PROCESSED IN LESS THAN 24 HOURS

Our platform allows you to process—format, validate, and correct—provider data files and update the data in your system in less than 24 hours. Guaranteed. All while saving costs and improving accuracy. By automating roster intake, we reduce human processing and reduce human error.

Trusted by six of the top 10 U.S. health plans, veda Velocity uses AI and machine learning to help plans transform and enhance their provider data—achieving fast, accurate, and No Surprises Act-compliant results that otherwise would not be possible.  

The platform takes unstructured roster files from provider organizations and standardizes them into the health plan’s preferred format. The smart automation solution improves productivity by 10-12x and reduces data processing time by 98%, allowing plans to publish directory updates in 24 hours or less. Files are verified, corrected, and updated—all within the plan’s existing database.

VEDA VELOCITY PLATFORM FEATURES 

It’s truly as easy as drag and drop, run, and download. We offer the fastest workflow, the highest accuracy, and the greatest ROI for processing provider data.

  • Intake
    Automating the manual workflow. Roster files are read, identified, and formatted for use in a health plan’s downstream systems. With our machine learning tool, the more you use the application, the more concepts it will recognize.
  • Validate
    Stopping bad data from entering your system. Data is validated against external source(s)to verify if the existing information is current or requires updating. Our platform sources NPPES, CMS, DEA, and state licensing organization data to verify if your existing information is correct or needs updating.
  • Enhance
    Simplify audits with cleaner data. Through our external validation sources, we provide an audit on data intake. You’ll receive a file report for updating missing or incorrect information in your internal database(s).
  • Compare
    Integrating to quickly update your database. Automatically compare the incoming rosters to your downstream systems: identifying what provider data is new, what needs to be changed, and what needs to be removed. We can custom integrate or set up an SFTP based on your plan’s preference.

REAL-WORLD RESULTS

Our customers are seeing real-world results every day. While we guarantee 24-hour turnaround and delivery within the MSA, many see results even faster. One existing customer—a top 10 national payer—sees 99% of rosters processed and delivered in under four hours. 

Another national health plan had our data accuracy verified by a third-party audit and confirmed that our data is more than 99.5% accurate compared to external sources such as CMS, DEA, NPPES, and State licensing organizations. 

Our platform allows you to process provider data files in less than 24 hours. Guaranteed. All while saving costs and improving accuracy.

SCHEDULE A DEMO

Shifting directory updates from six weeks down to a few hours may sound impossible, but with veda it’s simple. To see Velocity in action, schedule a demo today

Veda Secures $45M of Series B Funding Led By Oak HC/FT

Funding advances mission to achieve 1 billion hours of automation by 2025 to streamline healthcare administration

MADISON, Wisc.–(BUSINESS WIRE)–Today, Veda, an artificial intelligence (AI) and machine learning platform that can save healthcare payers and providers up to 90 percent in administrative costs by enhancing the processing speed and accuracy of information, announced the close of $45 million in Series B funding led by Oak HC/FT.

The funding will enable veda to accelerate its growth and further its mission to help health plans focus on the health and well-being of its members, rather than burdensome administrative processes. To date, veda has supported some of the country’s largest health insurance companies in their efforts to automate administrative processes. In 2021, the company is expected to save health plans 500,000 hours in provider data processing time. For example, veda’s leading technology enabled a Medicaid health plan to automate file processing, which reduced manual entry by 90 percent and reduced time spent on processing from four weeks to 24 hours.

“There’s an urgent need for automation in healthcare to reduce inefficiencies and upwards of $1 trillion in unnecessary costs,” said Meghan Gaffney, veda’s co-founder and CEO. “The acceleration of health technology this past year, combined with legislative imperatives such as the No Surprises Act, are positioning veda as an indispensable partner for payers. With this new funding, we’ll be better positioned to seize new opportunities through our range of solutions and address a host of critical industry needs.”

The funding will allow veda to scale immediately and rapidly to address imminent regulatory requirements of the No Surprises Act. The bipartisan legislation 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. Veda offers the only AI platform where payers can transform and ingest provider rosters rapidly, reducing turnaround times from weeks to just 24 hours.

“Veda’s technology will fundamentally change how the healthcare system operates by automating processes, increasing accuracy, and reducing costs that have existed for decades,” said Andrew Adams, managing partner and co-founder at Oak HC/FT, who will join veda’s Board of Directors. “We’re thrilled to partner with the veda team in their effort to modernize the largest sector of the U.S. economy at such a critical time.”

The announcement comes on the heels of record growth for the company over the past 1.5 years. Veda’s customer base of health plans and partners is expected to increase 7-fold by Q4 of 2022. The funding will immediately impact product innovation, customer success, and go- to-market efforts.

About Veda

Veda saves healthcare companies millions annually by automating complex data processes. Our systems enable customers and partners to harness the power of their own data—process, validate and generate meaningful answers that make healthcare more efficient and accessible. Veda enables organizations to dramatically reduce overhead costs by automating complex business rules for data extraction, transformation, and loading (ETL); creating a simplified and streamlined experience for everyone—from the data entry specialist to the end customer. The company is headquartered in Madison, WI. To learn more about veda, visit vedadata.com and follow us on LinkedIn and Twitter.

About Oak HC/FT

Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). With $3.3 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn, and Medium.

Veda Launches Quantym To Improve Health Plan Compliance And Data Accuracy

Veda Quantym automates accuracy checks on provider directory databases; helps health plans meet compliance requirements, dramatically improve data accuracy and cut costs.

MADISON, Wis.–(BUSINESS WIRE)–Veda, an automation company that saves healthcare companies millions and makes it easier for patients to access care, announced today the launch of Veda Quantym at AHIP 2022. Quantym provides a comprehensive, real-time analysis of a health plan’s provider data within 24 hours, using patented automation technology and rigorously tested machine learning systems. With Veda Quantym, health plans can modernize their provider directory and significantly reduce operational costs, validate and enhance network data within claims systems, and improve data accuracy in Center for Medicare and Medicaid Services (CMS) audits and boost network quality.

The name Quantym was inspired by the scientific breakthroughs in quantum physics which helped Veda enable a new generation of innovation. Quantum physics requires trusting the math and embracing that probabilistic methods can help us better explain our world. In healthcare, Veda Quantym enables plans to better understand and accurately describe provider, prescriber, and facility data through rigorously tested probabilistic methodology. The result? Unlocking innovative solutions to improve member experience, reduce provider abrasion and deliver cost-effective, quality care to everyone.

“Provider data impacts nearly every aspect of the member experience, from searching for a new provider to processing claims. Unfortunately, it’s very challenging for health plans to keep pace with provider data changes. Inaccurate data makes it harder for patients to access care, drives provider abrasion and opens plans up to hefty CMS penalties when their directory data falls short in audits,” said Bo Roff-Marsh, Veda Chief Technology Officer. “New provisions in the No Surprises Act mean many payers need to verify the accuracy of data for hundreds of thousands of providers every 90 days – a task that is incredibly costly and error-prone when done manually. Veda Quantym is the culmination of years of research and uses patented technology to automate the cleaning and validation process. No matter the size of your data set, Veda Quantym makes it faster, easier and more cost-effective to have quality data for your members while meeting federal and state compliance requirements.”

Veda Quantym automates provider data validation and enhancement, while providing a comprehensive report detailing data quality and improvements made by the patented technology. The product provides acts of validation and suggests confirmations and corrections to improve the overall health of provider networks, focusing research efforts on the records that are most at-risk of driving down overall quality metrics. Customers can quickly standardize the way their data is stored and presented to their members.

For one Blue Cross Blue Shield client that scored 43% in data accuracy in a CMS audit, Veda Quantym improved network accuracy by 97% and reduced administrative costs for manual updates by over $1M. With Veda, the plan was also able to achieve 95% data accuracy in CMS audit fields.

“At Veda, we’re developing solutions to complex data problems that have challenged the healthcare system for decades,” said Meghan Gaffney, Veda co-founder and CEO. “The industry has long struggled to manage human-generated data like provider rosters and directories. Through trusted solutions like Veda Quantym, healthcare organizations can easily harness the power of data to make healthcare more efficient, accessible, and interoperable.”

To learn more, visit https://vedadata.com/products/data-quality/ or visit Veda at AHIP 2022 Booth 531.

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 is simple to use and requires no technical skills or drastic system changes, because we envision a future for healthcare where data isn’t a barrier—it’s an opportunity. To learn more about Veda, visit vedadata.com and follow us on LinkedIn and Twitter.

You know your business. We know data.

One Simplified Platform

Veda’s provider data solutions help healthcare organizations reduce manual work, meet compliance requirements, and improve member experience through accurate provider directories. Select your path to accurate data.

Velocity
ROSTER AUTOMATION

Standardize and verify unstructured data with unprecedented speed and accuracy.

Vectyr
PROFILE
SEARCH

The most up-to-date, comprehensive, and accurate data source of healthcare providers, groups, and facilities on the market.

Quantym
DIRECTORY ANALYSIS

Review and refresh your network directory to identify areas that affect your quality metrics.

Resources & Insights

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New in 2025: CMS Standards for Initial Appointment Wait Times
January 15, 2025
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Pulse 2.0 Interview With CEO & Co-Founder Meghan Gaffney About The Healthcare Innovation Company
January 6, 2025
Provider Data Solution Veda Automates Over 59 Million Hours of Administrative Healthcare Tasks Since 2019
October 21, 2024
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Take your healthcare data to the next level

Let’s transform your healthcare data. Contact Veda to learn how our solutions can help your organization improve efficiency and data accuracy.