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The seed round was led by Spectrum Health Ventures, with participation from a consortium of strategic investors who are committed to creating a solution that facilitates the work involved in healthcare practitioner credentialing and reducing the time and effort involved to initially onboard and retain healthcare practitioners
FREMONT, CA: Professional Credentials Exchange LLC ("ProCredEx"), a Tampa, Florida-based company, secured $3.5 million in seed round of financing. The round was led by Spectrum Health Ventures, with participation from a consortium of strategic investors who are committed to creating a solution that facilitates the work involved in healthcare practitioner credentialing and reducing the time and effort involved to initially onboard and retain healthcare practitioners. ProCredEx's digital marketplace has been developed by leveraging ledger, advanced data science, and machine learning technologies to provide a solution for credentialing organizations to readily exchange, share, and monetize their credential verification data within a private, secure, and reliable community.
"Credentialing" includes the mandated processes needed to make sure that an individual practitioner can competently deliver clinical services within a specific setting. Any Company that either delivers or pays for patient care must independently credential a practitioner to make sure that their education, training, certifications, work experience, and past performance fulfill their each and every guideline for competency. The effort needed to perform this work is often quite difficult for credentialing professionals working for these organizations are required to manually verify this information directly with each source of this data and then synthesize this information to assure it meets their specific organizational guidelines. Sometimes, this turns out to be a four to six-month-long process that creates hundreds of thousands of dollars in revenue forfeitures for every new practitioner hired into an organization.
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Matt Cox, Chief Financial Officer of Spectrum Health, said, "For too long, we have forced credentialing to be performed in a way that requires credentialing professionals to resort to dated, time-consuming methods of performing their work. ProCredEx provides these individuals with a secure tool to both immediately acquire this information from accredited exchange members and resell the data they have worked to verify themselves to other organizations needing this information."
ProCredEx came into existence two years ago as a joint venture between Hashed Health and Tenon Consulting Solutions. The firms have utilized their collective experience and capabilities to curate a solution that addresses practitioner credentialing and identity. The firm is going to launch a state-wide pilot initially across the Michigan healthcare market and has several additional regional markets it intends to open later in the year.
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