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.
“We look at scores of potential use cases for distributed ledger technology within the healthcare market every year,” states John Bass, CEO of Hashed Health. “Credentialing stands out as an ideal fit because the use of the technology allows us to solve trust issues related to verification of information, while also enabling an innovative, simplifying business model.”
The firm is launching a state-wide pilot initially across the Michigan healthcare market and has several additional regional markets it plans to open later in the year.
“We could not be happier with the investor group behind this round,” states Anthony Begando, CEO of ProCredEx. “Every investor brings tremendous strategic value to the Exchange and, collectively, represent a diverse mix of healthcare delivery organizations, service providers, technology partners, healthcare leaders, and Tampa-based innovation funds.” The round was led by Spectrum Health Ventures– the venture capital arm of Spectrum Health. Additional investors include Martin Ventures, The Hardenbergh Group, Florida Funders, and several strategic healthcare executives. Furthermore, the firm has secured a strong multifaceted partnership with enterprise software firm, R3, which includes license to build the marketplace on top of R3’s Corda Enterprise – a distributed ledger platform trusted by many financial institutions and Fortune 500 companies.