Veda

Veda

Provides accurate healthcare provider data services

About Veda

Simplify's Rating
Why Veda is rated
B
Rated C on Competitive Edge
Rated A on Growth Potential
Rated B on Rating Differentiation

Industries

Data & Analytics

Cybersecurity

AI & Machine Learning

Healthcare

Company Size

51-200

Company Stage

Series B

Total Funding

$50.8M

Headquarters

Madison, Wisconsin

Founded

2015

Overview

VedaData provides accurate and comprehensive healthcare provider data to clients in the healthcare industry. Its main product, VECTYR DATA CURATION, is a database containing over 3.5 million active providers, compiled from more than 100,000 sources. This database is updated and verified using artificial intelligence, ensuring that clients receive reliable information within 24 hours. Additionally, VedaData offers QUANTYM DATA QUALITY SCORING, a service that analyzes and improves the quality of clients' existing databases through validation and reconciliation processes. VedaData stands out from competitors by guaranteeing the accuracy and speed of its services, while also prioritizing data security through its Smart Automation platform. The company's goal is to provide clients with the most trustworthy data to enhance their business operations and ensure compliance with industry regulations.

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Simplify's Take

What believers are saying

  • Legislative pressure increases demand for accurate provider directories.
  • Partnership with Humana enhances Veda's market credibility and reach.
  • Recognition in Gartner's Hype Cycle boosts Veda's industry influence.

What critics are saying

  • Legislative scrutiny may increase compliance costs for Veda.
  • Partnership with Humana may strain Veda's resources.
  • Rapid growth could lead to operational scalability challenges.

What makes Veda unique

  • Veda uses AI to update client rosters in under 24 hours.
  • VECTYR DATA CURATION offers data from over 100,000 unique sources.
  • QUANTYM DATA QUALITY SCORING enhances client database accuracy and thoroughness.

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Funding

Total Funding

$50.8M

Meets

Industry Average

Funded Over

4 Rounds

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Above Average

Industry standards

$35M
$45M
Linktree
$45M
Veda
$65M
Substack
$100M
ClickUp

Benefits

Health Insurance

Dental Insurance

Vision Insurance

Unlimited Paid Time Off

Remote Work Options

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

-1%

2 year growth

-3%
Hit Consultant
Aug 7th, 2024
Remove The Ghosts From Haunted Provider Directories: 5 Things Payers Should Know

Meghan Gaffney, CEO and co-founder, VedaPayers place many resources—including time, personnel, and money—into maintaining provider networks for their plans and members. What is the intended goal after negotiating and contracting with networks? An accurate and comprehensive provider directory containing in-network clinicians and specialists that members can effectively use to “find a doctor” when they need care.In reality, though, this is often an elusive goal. Members frequently find themselves haunted by ‘ghost networks’ – directories with listings for doctors who are no longer practicing, not accepting new patients, out-of-network, or have listings with inaccurate addresses, phone numbers, and websites. Those lists, constructed from bad or inaccurate data, contain inaccurate information that can hide network inadequacy. Patients have made lawmakers aware of their frustrations with delayed care and unexpected, sometimes life-altering surprise bills due to a ghost networks.Lawmakers have listened. In 2023, the Senate Committee on Finance conducted a study of Medicare Advantage mental health care providers in provider directories and found that “more than 80% of the listed, in-network, mental health providers staff attempted to contact were therefore ‘ghosts,’ as they were either unreachable, not accepting new patients, or not in-network.” Results such as this have prompted legislators to propose legislation at both the federal and state level to require payers and providers to address the ghost network problem.As patients advocate for change and elected officials take note, payers and providers should prepare for the mandates that are coming.The following are five key considerations around legislative efforts to address ghost networks and improving transparency in provider directory data management.1

Business Wire
Feb 26th, 2024
Humana Announces Strategic Partnership With Veda To Improve Accuracy Of Provider Directories

LOUISVILLE, Ky. MADISON, Wis.--(BUSINESS WIRE)--Leading health and well-being company Humana Inc. (NYSE: HUM) today announced a strategic partnership with Veda, a health technology company specializing in helping healthcare companies solve complex provider data challenges. Humana will partner with Veda to improve the accuracy of its provider information and ensure that seniors have real-time details about in-network providers, making it easier for them to access high-quality healthcare. Ensuring the accuracy of provider directories has been the source of ongoing challenges for seniors, health plans, providers and policymakers. Maintaining up-to-date provider directories, including accurate phone numbers, addresses and panel status of in-network practitioners, is critical to helping seniors make informed choices about their healthcare

Madison Startups
Sep 10th, 2023
Veda, OutCare Form Partnership

Veda announced today it is partnering with OutCare Health, an organization championing LGBTQ+ health equity.

PRWeb
Aug 15th, 2023
Health Tech Solution Veda Ranks No. 176 On The 2023 Inc. 5000 Three-Year Revenue Growth Of 5,111 Percent

"Being named to the Inc. 5000 list validates our solution and vision and recognizes the Veda team who works tirelessly each day to help people access the care they need." Meghan Gaffney, CEO and co-founder of Veda. .

Vedadata
Jul 27th, 2023
Veda Recognized in gartner® Hype cycle™ for U.S. healthcare payers, 2023

Veda is named a Sample Vendor for Provider Data Management technology.

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