Verato Continues Rapid Expansion in Healthcare Industry in 2017, Signs 12 New Healthcare Customers
Strong Performance Validates Need for Improved Patient Matching Across Healthcare
MCLEAN, VA – Jan. 25, 2018 – Verato, Inc., a leading provider of cloud-based patient matching solutions, announced today that the company has signed 12 new healthcare organizations as customers, capping a third straight year of substantial growth in new customers, product development and annual recurring revenue.
The healthcare organizations cover over 82 million lives and include: a leading national health insurance company, five (5) health systems including one of the largest in the country, and four (4) Health Information Exchanges (HIE) including Rio Grande Valley HIE (RGV HIE) and New York eHealth Collaborative (NYeC).
In signing these 12 new customers, Verato continues its mission to enable healthcare organizations to dramatically improve their patient matching, with the added benefit of simultaneously reducing costs and effort. Verato’s SaaS-based platform seamlessly integrates with any EMR, MPI, and MDM solution-including those from Epic, Cerner, IBM and Mirth-to automatically resolve the toughest matches these solutions can never resolve. By using Verato, healthcare organizations are able to improve their patient matching, reduce their duplicates, and make their EMR, MPI, and MDM solutions work better-while simultaneously reducing the costs and effort of manual data stewardship and MPI clean-up exercises.
Conventional matching approaches used by EMR, MPI, and MDM solutions are fundamentally limited by the quality of the underlying patient demographic data they are matching, which is constantly changing, notoriously error prone, and frequently incomplete. Because of this, these conventional approaches miss 10-20% of matches, resulting in high duplicate rates and forcing healthcare organizations to invest in manual processes to resolve hundreds of thousands or millions of matches.
Verato, on the other hand, uses a totally new approach called Referential Matching that is much more accurate—and that any organization can leverage simply by plugging Verato into their existing EMR, MPI, or MDM. During matching, Verato references a comprehensive database of demographic data spanning the entire U.S., which essentially acts an answer key for demographic data. By referencing this answer key, Verato can identify and match patient records even if those records have out-of-date, incorrect, incomplete, or inconsistent demographic data. This groundbreaking approach has been met with enthusiasm from the market as evidenced by Verato’s 12 new customers, as well as by renewed subscriptions such as Chesapeake Regional Information System for our Patients (CRISP) and by continued success with existing customers such as Healthix. Verato now assists with patient matching for over 20% of the U.S. population.
“Our increased customer growth in healthcare tells us that existing patient matching solutions are not working as well as they should be,” said Mark LaRow, CEO of Verato. “By simply plugging into the Verato platform, our healthcare clients have been able to eliminate duplicates and improve the overall performance of the existing patient matching technologies in weeks. This has not only improved the ROI of their existing EMR, MPI or MDM systems but also restored the clinicians’ trust in the EMR, ultimately leading to quality improvements.”
Verato offers a cloud-based matching platform that links and matches identities across disparate databases or organizations with the highest accuracy rates in the industry. Verato uses a new approach to identity matching called Referential Matching that leverages a comprehensive database of U.S. identities as an “answer key” during the matching process. And because it is cloud-based and system-agnostic, organizations of any size can even plug Verato into their existing matching solutions to make those solutions significantly better by resolving the toughest matches. Verato is based in McLean, VA.