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Authority Magazine: Meghan Gaffney of Veda: 5 Things I Wish Someone Told Me Before I Became A Founder

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.

Authority Magazine article

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.

  1. Be Ready For Your Moment to Accelerate. For many of you, at some point in your journey, outside forces in the universe will align to create an opportunity for accelerated growth. When that happens, you need to be open and ready to take on these new challenges and see the opening for your business. For example, during the pandemic, my company had to evolve our business strategy, and make much more solid cases to our potential customers, not to mention our investors. But as a result of our hard work, and our laser focus on solving our customers’ problems, which changed a bit due to this global crisis, we were very successful. And we felt good about it, because we were able to help keep the healthcare system going at a critical time.
  2. Every “no” gets you closer to a “yes”. I got this advice from my dad, who taught us as kids to always get up and keep going after getting knocked down. I’ve needed to remind myself to keep going even as people challenged me with questions like “. Can I run this company while also raising young kids?” That’s an actual question asked of me by an investor! To me, I took this as a sign that those weren’t the people who were the right partners for me. And that’s just one example of many “punches” I took on this founder path. But I was patient, and when the right people came along that truly saw our vision and wanted to see me and our company succeed, I welcomed them with open arms.
  3. Integrate points of view and expertise from outside your industry. Me and many of my colleagues at Veda come from non-traditional, non-healthcare backgrounds. While we may not have all taken the traditional industry path, when we combine our areas of expertise, we see that we’re actually able to make a huge positive impact on people’s health. We were able to look at problems many had deemed unsolvable and find solutions, because we brought scientific, policy, and a host of other areas of expertise. And then, of course, we also made sure we studied the healthcare industry and that we made strategic hires with deep expertise in health.
  4. Building the right C-suite and full team will take time–but it’s worth the wait. There’s no rulebook for how to build your C-suite, your larger team, and your company culture. My advice is to hire people who will challenge you, push your boundaries on innovation, and share different perspectives, particularly in your C-suite. Once you have the right team backing you, your business will truly take off. As an example, our Chief People Officer actually comes from the hospitality industry, and I knew when we met her that she had that inquisitive mind that we value at Veda. Her dominating skill was challenging people to reach to achieve and build a business to accelerate their success. She challenges me and offers different viewpoints and makes sure that ALL of our people are fulfilled.
  5. It’s never too early to protect any IP your company creates. We started filing for patents right away at my company–our initial investors actually thought we were nuts! But I argue that this is a strategy every tech company should follow. Why? Because it takes a really long time to go through the process–from application to securing patents, we were looking at years, not months or weeks. It’s really important when you’re fully confident in what you have built, that you start ensuring it’s protected. That’s not just important for you–it’s crucial for your customers. A strong IP portfolio is an outstanding competitive differentiator, certainly in health tech and absolutely in the broader tech industry as well.

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!

Benefits Pro: 3 Tips to Reassure Talent During a Time of Economic Uncertainty

With the rapid ups and downs of the economy over the past two years, employees feel more vulnerable than ever.

By: Sne Patel

Over the past several months, the pendulum of frantic hiring that is typical of an economic boom has swung sharply to headcount reductions, as the market appears to be moving to a slowdown. This swing is impacting startups and well-established businesses alike, across a multitude of sectors, industries, and stages of the company lifecycle – as corporate confidence and a focus on growth give way to economic uncertainty and fears of recession.

Link to Benefits Pro article

In the wake of the Great Recession of 2008-2009, the U.S. experienced sustained economic expansion throughout the decade of the 2010s. In the three years before the pandemic hit, many companies experienced a period of unprecedented growth and profits. At the beginning of the pandemic in 2020, in the face of plummeting revenue expectations, many companies laid off large segments of their staff to lower expenses and conserve financial resources. However, with the arrival of unprecedented government stimulus efforts and the COVID vaccines in early 2021, came a robust reopening of the economy and a need for companies to restaff as quickly as possible. Such massive hiring demand ushered in an environment of wage inflation even before the onslaught of resignations hit in mid-2021; companies looking to increase headcount found it equally challenging to retain top talent given the complicated employee-employer relationships created over the previous 12 years.

In the face of a spate of recent layoffs made visible by social media, many organizations – particularly startups – have found hiring in the current environment to be challenging for other reasons: candidates (and even current employees) are increasingly wary about job security and company viability. They are cautious about joining any company, let alone emerging brands that may not yet have clear market presence, streamlined internal operations, or established strong leadership. Additionally, current employees are worried the state of the economy may force their employers to consider layoffs. To succeed against this backdrop, HR leaders must partner even more closely with their C-suites to align on strategic hiring and transparent messaging moving forward.

This article will cover three tips to help leaders reassure potential candidates in the current economic environment, as well as allay concerns for their existing employee base. These tips are especially relevant to startups, but well-established companies can benefit as well.

#1: Own your seat at the executive table by coaching leaders to pivot quickly from speed hiring to strategic hiring to avoid future layoffs.

Employers have begun to ask themselves: Has the Great Resignation come to an end yet? For now, the answer is a resounding no, leaving HR leaders to reevaluate their company’s talent recruitment strategies once more.

HR leaders must understand their company’s business – operations, roadmap, and clients – to be able to knowledgeably and credibly partner with company leadership on hiring cadence and strategy. What drives revenue? What are barriers to growth? What milestones or success factors must be achieved to successfully execute the business plan? What metrics need to be analyzed and understood to ensure leaders are making the right hires at the right time?

Every company recruits differently, informed by critical factors including the state of the economy, business growth needs, and even time of year. However, it’s important that HR leaders continuously assess their company’s talent needs and talk with their C-suite and department leads to collaborate on short- and long-term hiring plans. The pandemic revealed it’s essential that HR leaders have a seat at the C-suite table to ensure an organization’s business strategy and recruiting efforts are aligned and more cohesive than ever. HR leaders are a critical asset and can provide important insights when it comes to hiring, as well as guidance and support to the rest of the C-suite as a company grows and changes.

One lesson businesses were reminded of again over the course of the pandemic is to avoid overstaffing at all costs. Over the past year, we saw many companies, especially startups, aggressively hire and scale exponentially, in an attempt to match their business’ rapid growth with a surge in recruiting new talent. Now, many organizations are pumping the breaks on hiring to avoid layoffs and cut costs in the face of an apparent economic slowdown.

As HR leaders, it is our responsibility to partner with executives to ensure our company hires talent in a way that balances today’s business needs while keeping an eye on the near and medium-term future of the economy. We’ve seen firsthand that over-hiring and overspending can be very damaging for a company’s future, especially a young company, just as excessive headcount reduction can leave a company ill-equipped to weather economic slowdown or capitalize on opportunities once business conditions improve.

In the present environment, many organizations are making adjustments to their business forecasts, re-evaluating their expenses and planned investments in human resources. With inflation continuing to be a concern, the cost of doing business continues to rise and is top of mind for leaders. In order to protect current employees, as well as candidates who might take a new job only to risk losing it months later, HR leaders and their organizations need to ask themselves: How do we do more with less?

#2: Arm your talent acquisition team with clear talking points for candidates. 

Everyone at your organization must be on the same page with regard to attracting and recruiting talent. When considering hiring strategies to fulfill your company’s talent needs, it’s essential that your talent and acquisition teams be honest about the state of the business.

As HR leaders, we’re aware that the interview process can be a marathon. Often, business circumstances shift from the time someone submits an application to when they are made an offer. Prospects should have a basic understanding of your company’s business strategy in this current time of economic uncertainty throughout the interview process. These conversations can be challenging, but are critical for potential candidates to know what they may be signing up for when they take a job, which can save your company in the long-term from quick turnover or having to conduct layoffs.

It’s up to HR leaders and executives to equip their hiring managers with the tools needed to hire successfully. This includes providing thorough training, consistent messaging, and clear communications when it comes to the company’s business strategy, expectations for the future, and current financial standing. Particularly when a job applicant may be hesitant about taking the risk of joining a startup, an HR leader or hiring manager’s transparency can open the door to a more comfortable and honest conversation, while appeasing concerns.

#3: Don’t forget about your existing employees; employee retention is as important as recruiting. 

While attracting talent may be top of mind, today’s HR leaders and employers can’t forget their current workforce, whether it’s addressing employees’ concerns, commending their commitment, or maintaining an open line of communication regarding the business’s current standing. Being transparent about how your organization is doing is vital. In addition, your employees require reassurance of their value – they are critical to retaining your customer base. Whether you’re scaling or maintaining your business, leadership should always be held accountable and strive for integrity through the good and the bad.

HR leaders should also keep in mind that cutting back on the time spent interviewing and onboarding new hires can allow for more investment in strategic initiatives that improve the current employee experience and reduce turnover. Doubling down on interview training, diversity and inclusion initiatives, benefits assessment, and development efforts can help employees feel valued and supported. Ultimately, employee satisfaction correlates with high engagement, which can lead to better customer service and business outcomes. All in all, retaining top talent is key to promoting organizational growth, combatting morale issues, and avoiding unnecessary costs and roadblocks to success.

With the rapid ups and downs of the economy over the past two years, employees feel more vulnerable than ever. In such a short amount of time, employees have identified reasons to leave, to return, and to fear for their jobs. Looking ahead, all eyes are on HR leaders to recognize the impact that the current state of the economy has on their business and employees. Keeping up with the unpredictable impacts such economic swings may have on a workforce will be challenging, but if leaders invest time hiring strategically and taking care of their people, they should be optimistic about the road ahead.

Sne Patel serves as Chief People Officer (CPO) at Veda. She is also a development coach helping leaders cultivate strategic approaches to grow more confident in their decision-making and communication skills. Sne serves as a trusted thought partner to executives, in service to developing high-performing, cross-functional talent as a competitive differentiator. 

Sne is a passionate, authentic people and culture leader with 20+ years of strategic and tactical high-growth business experience. Prior to Veda, she led Human Resources at Lumere and the Robin Hood Foundation and was Co-Founder and Chief Operating Officer of Caiman Hotel Management Group, overseeing a staff of 100.

Entrepreneur: 3 Tips for Scaling Your Startup’s C-Suite Successfully

By Meghan Gaffney

Opinions expressed by Entrepreneur contributors are their own.

Back when my co-founder Bob Lindner and I were trying to figure out if we even had a viable business concept, building out an entire leadership team felt far into the future. Early on, when our resources were limited, every hire represented a major decision point.

Link to Entrepreneur article

Would the person we were vetting share our passion for solving complex problems? Did they possess the right skill set to scale the business? Could they lead teams and help them produce results? Would they help us build a culture that prioritizes science and imagination? These and many more questions constantly ran through my mind.

But time flies when you’re building a business, and before we knew it, we had secured seed funding and were making real inroads with health plan customers. We were absolutely obsessed with finding ways to bring down the healthcare industry’s annual $1 trillion in administrative spending — and it became clear that automation and Bob’s unique approach to AI was the way forward. As we grew beyond pilot projects and started bringing on national payers as customers, we soon found ourselves in the position of picking a set of partners to join us on this wild ride of scaling our startup.

Overall, our experience growing the company’s leadership team has been positive, but like every young business, we did make a few mistakes along the way. As an advocate of transparency and shared learnings, I’m eager to put forward the three main lessons learned while scaling our C-suite, in hopes that they help other entrepreneurs.

Tip #1: Be honest with yourself, know your limits and be willing to fill the gaps

I’ve never felt that we had to fit into the Silicon Valley mold of a tech startup. In fact, my co-founder and I both came into healthcare as industry outsiders. And we’ve always charted our own course, and that applies to hiring as much as it does to any other area of the company’s development.

Part of being successful in any leadership position is making an honest assessment of your own areas of expertise and then working hard to find superstars who can fill in the gaps. This goes beyond assessing skills like the ability to build a financial model or test automation. It requires deep reflection on your ability to coach, persuade and make balanced judgments under pressure. Find early partners that complement your skills, augment your strengths and fill gaps where you struggle.

Speaking of investors, on top of evaluating our gaps and seeking candidates to fill them, we had to answer to the people funding our passion project — who, quite reasonably, wanted some say in our initial executive hires.

Even taking these considerations into account, we still had a lot of freedom in terms of who we hired. When we met amazing people, even if they didn’t fit the exact position we had set out to hire for or look like a traditional candidate for an executive role on paper, nine times out of 10, we brought them on board.

Our chief people officer, for example, is an entrepreneur first and early in her career founded a hospitality chain. She discovered her love for growing and nurturing talent later in her career. She had talents and experience to bring that went beyond the traditional HR model — we believed it would be an asset, and we were right. So much of what we do in startups is based on instinct.

Tip #2: Every single early employee (including C-suites) needs to be scrappy

Being a C-suite at a startup almost isn’t worth a comparison to roles with similar titles at large, well-established companies. Every single person, from the bottom to the top, has to roll up their sleeves and be willing to take on tasks as large as building a first-of-its-kind technology and as small as restocking the toilet paper in the one working bathroom in the business’s first, corporate headquarters. Even today, with a workforce of 100 spread across the United States, we need our employees to be scrappy. And while many days I have the pleasure of strategizing about the business’s future, there are just as many when I personally am engaging in the trenches with the team to ensure our customers get the best from us. Our startup is our baby, and as the saying goes, it takes a village. In this case, a scrappy, smart and patient village.

For our team, that means everyone, including me, learns the job of our customer success team. We experience the product in a hands-on way and build empathy with our customers. In a crunch, anyone can jump in and meaningfully help a customer through a task.

Tip #3: Don’t assume that candidates that come from larger, successful brands will be a fit for your early-stage venture

My final tip speaks to an error that I’ve found is common among startup founders — hiring an experienced executive from a large, successful brand because you believe that person will bring whatever magic they made at X, Y, or Z household name to your business.

Executing on a well-structured plan and building strategy and procedures from scratch require wildly different skill sets. Some of our most talented leaders have built small companies and helped to grow them through acquisition or exit.

Remember, even at the growth stage, you are searching for architects and builders in every role.

It’s worth repeating — trust your gut!

If you leave this piece remembering one thing, and one thing only, I hope it’s to trust your gut. Your startup is unique because of you. If it succeeds, it will be because you didn’t let others overly influence key decisions in the journey to company maturity.

Forbes: Three Reasons Tech Leaders Should Also Act As Educators

By: Robert Lindner

Tech leaders should be educators as well as tech experts.

Read the Forbes Technology Council article by Dr. Bob Lindner.

The Health Care Blog: Meghan Gaffney at AHIP 2022

Our co-founder and CEO Meghan Gaffney caught up with The Health Care Blog at AHIP 2022. Check out her five-minute conversation with Matthew Holt to learn more about Veda the product, Quantym.

Veda Achieves HITRUST CSF® Certification to Further Mitigate Risk in Third-party Privacy, Security, and Compliance

HITRUST CSF certification validates that Veda is committed to meeting key regulations and protecting sensitive information.

Press Release—MADISON, Wisc., January 18, 2022 – Veda, an automation company that saves healthcare companies millions and makes it easier for patients to access care, today announced the Veda platform has earned Certified status for information security by HITRUST.

“The HITRUST CSF Assurance Program is the most rigorous available, consisting of a multitude of quality assurance checks, both automated and manual. The fact that Veda has achieved HITRUST CSF Certification attests to the high quality of their information risk management and compliance program.”

HITRUST CSF Certified status demonstrates that Veda’s Smart Automation platform has met key regulations and industry-defined requirements and is appropriately managing risk. This achievement places Veda in an elite group of organizations worldwide that have earned this certification. By including federal and state regulations, standards, and frameworks, and incorporating a risk-based approach, the HITRUST CSF helps organizations address these challenges through a comprehensive and flexible framework of prescriptive and scalable security controls.

“HITRUST CSF is the gold standard in healthcare data security and risk management. As security threats advance in sophistication, and regulations continue to evolve, it’s essential that healthcare organizations working with sensitive information can count on their partners to adhere to the highest levels of data protection,” said Mark Wochos, Chief Information Security Officer at Veda. “Achieving HITRUST CSF certification underscores our commitment to protecting our customers’ data and to serving as a trusted partner as they dramatically reduce costs and enable compliance through automation.”

“The HITRUST CSF Assurance Program is the most rigorous available, consisting of a multitude of quality assurance checks, both automated and manual,” said Bimal Sheth, Vice President of Assurance Services, HITRUST. “The fact that Veda has achieved HITRUST CSF Certification attests to the high quality of their information risk management and compliance program.”

“Achieving HITRUST CSF certification underscores our commitment to protecting our customers’ data and to serving as a trusted partner as they dramatically reduce costs and enable compliance through automation.”

To learn why 6 of the nation’s top 10 health plans trust Veda with their automation, schedule a demo.

About Veda

Veda saves healthcare companies millions annually by automating complex data processes. Our solutions enable 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.

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.

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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April 10, 2025
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Meghan Gaffney: 5 Reasons Why Women Build Great Companies
April 9, 2025
The Patient Experience is Bogged Down by Provider Clerical Work
March 14, 2025
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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.