Healthcare technology platform reaches milestone as adoption increases for administrative transactions
CAMBRIDGE, Mass. – Madaket Health, a cloud-based healthcare platform that simplifies administrative data exchange between payers and providers, has surpassed 2 million digital enrollment applications, marking a significant milestone in the company’s mission to become the de facto standard for automating administrative transactions and reducing inefficiencies between healthcare payers and providers.
Since the 2015 launch of its flagship product, EDI Enrollment, Madaket has seen significant growth in the requests to automate the manual, error-prone processes between payers and providers. The 2 million transactions – and counting – cover more than 100,000 provider groups who work with Madaket to streamline and accelerate this provider data management process. Madaket anticipates continued growth within its existing customer base, given that the current enrollment volume represents less than 25% penetration of its provider groups under contract.
“Beyond just the number, this milestone is significant because it demonstrates that the healthcare industry is emphatically saying ‘no’ to manual processes, and ‘yes’ to streamlined, automated, tech-enabled solutions,” said Mads Kvalsvik, Co-founder & Chief Technology Officer. “The benefit of this approach is clear for all involved in the EDI enrollment process: a better process can help support everyone’s collective goal of a better, more efficient, and more effective healthcare system that works for patients, providers, and payers alike.”
Madaket’s platform takes paper-based tasks embedded in healthcare data exchange and automates them through a cloud-based system, helping to reduce errors and create more time for patient care. EDI Enrollment and its accompanying provider-facing portal provide real-time insight into transaction status and create efficiencies for clearinghouses and intermediaries that connect payers and providers.
“When we founded Madaket, we knew our mission of reducing administrative burden in healthcare was important; today, we can count more than 2 million reasons why that’s true,” said Madaket CEO and Co-founder, Jim Dougherty. “We are eager to continue learning from our growth and successes, and excited for future milestones as we help make the healthcare data management process more efficient and effective for everyone involved.”
In addition to EDI Enrollment, Madaket offers Payer Enrollment, which addresses the process of credentialing providers with payers in order to establish ongoing relationships. The company also recently moved to a larger office in Harvard Square in Cambridge, Mass., and launched a new website.
About Madaket Health
Madaket Health streamlines healthcare’s payer-provider enrollment and payment processes, among other transactions. Madaket’s tech-enabled platform ensures that enrollments are processed more efficiently and effectively than the manual, error-prone processes commonly used in the industry. Madaket’s technology targets billions of dollars in healthcare administrative waste in order to reinvest in care delivery. Founded and supported by Koa Labs in 2012, Madaket is led by a team of innovative entrepreneurs, technologists, and healthcare professionals with a proven track record of reducing waste and improving processes. To learn more, visit madakethealth.com.