CredSimple reaches yet another milestone, focusing on the expansion of the company's Cloud-based credentialing solutions.
FREMONT, CA: CredSimple, an NCQA certified company and a provider of data management solution, raised a $14 million Series B funding. Questa Capital led the investment round. As a part of this funding, Questa Capital's Managing Director Brad Sloan has joined the company's board of directors.
The investors in the funding also included the existing lenders like, Windham Venture Partners and Primary Ventures, who co-led the Series A seed funding. With the new financing, CredSimple focuses on the growth and expansion of the company in terms of launching new products and services and enhances sales operations.
CredSimple, a New York-based startup has developed a cloud-based service for accurate verification of the clinicians' qualifications, career history, and all the information related to the company and physicians to increase the maintenance of the doctor-patient platform.
From its inception, CredSimple's platform helps the healthcare sector to unburden the stress related to the administrative process. The company supports health organizations to help them become more responsive to the providers. Since 2013, the company has raised around $28 million from the lenders.
"Having studied the space and seen the problem up close within our healthcare portfolio over the years, we believe now is the time to invest in innovative, technology-driven solutions like CredSimple to address such an immense market opportunity," commented Brad Sloan, Managing Director at Questa Capital, who has joined CredSimple's board of directors.
With a team of experts in the industry, CredSimple specializes in Medical Credentialing Software, CVC, Credentialing Verification Organization, Direct Medical Credentialing, Delegating Medical Credentialing, and Provider Data Management Solution.
"CredSimple is redefining the provider credentialing process for the healthcare industry. Our CVC platform eliminates credentialing backlogs, reduces compliance risk and administrative costs, and streamlines operations—delivering customers significant improvement in credentialing turnaround times and a seamless, cutting edge experience for their providers," said Mike Simmons CredSimple Founder and Chief Executive Officer.
CredSimple has helped organizations to digitize applications and to automate primary source verification to enhance the time lead for the certification process. The company is a well-known transforming practitioner and facility certified into a rapid, compliant, and cost-effective cloud-based service for the health sector.
Questa Capital is a growth equity firm that focuses on making investments in expansion-stage healthcare companies.
"This funding will allow us to invest in our existing client relationships, as well as accelerate innovation, and expand our market reach. We are thrilled to have a partner like Questa with deep healthcare domain expertise and appreciation for our mission of streamlining such a manual process for the industry," added Simmons.