ProCredEx completed seed capital for DLT marketplace

Tampa-based Professional Credentials Exchange LLC ("ProCredEx")  has completed its initial seed capital raise. The round, led by Spectrum Health Ventures, brings together a consortium of strategic investors committed to creating a solution that simplifies the work involved in healthcare practitioner credentialing and reducing the time and effort involved to initially onboard and retain healthcare practitioners. ProCredEx has developed a digital marketplace leveraging distributed ledger, advanced data science, and machine learning technologies to provide a solution for credentialing organizations to readily share, exchange, and monetize their credential verification data within a secure, private, and reliable community. 

"Credentialing" involves the mandated processes required to ensure that an individual practitioner can competently deliver clinical services within a specific setting. Any organization that either delivers or pays for patient care must independently credential a practitioner to ensure that their education, training, certifications, work experience, and prior performance meet their individual guidelines for competency. The effort required to perform this work is often very difficult as 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 confirm it meets their specific organizational guidelines. This often culminates in 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. 

"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," states Matt Cox, Chief Financial Officer of Spectrum Health.

ProCredEx was formed two years ago as a joint venture between Hashed Health and Tenon Consulting Solutions. The firms have leveraged their collective experience and capabilities to curate a solution that addresses practitioner identity and credentialing.