CAMBRIDGE, Mass.--(BUSINESS WIRE)--Madaket Health, a cloud-based healthcare platform that simplifies administrative data exchange between payers and providers, is now used by more than half of all U.S. physician practices to automate administrative transactions. Madaket’s expanding footprint within the market demonstrates increased adoption among healthcare providers of digital solutions to reduce administrative burden.
According to market research conducted by OneKey (formerly SK&A), there are approximately 230,000 physician practices in the United States. At the beginning of 2019, Madaket served 35% of those practices, and established a goal of reaching 50% by the end of the year. In June, the number of practices utilizing Madaket’s platform had expanded to approximately 124,000, or 54% of all of the practices nationwide.
“I’m proud of our team for crossing this major milestone and beating our end-of-year goal six months early,” said Madaket CEO and Co-founder, Jim Dougherty. “We entered a market that was primed for dramatic improvement. The way that information has been transferred and handled between providers, payers and other organizations has been too broken for too long. Today’s milestone for Madaket speaks volumes to the pent-up demand in the market for a better approach.”
Madaket Health enables paperless, efficient data exchange between providers and payers by automating provider data management processes. The Madaket platform acts as a single data repository, streamlining and digitizing data coordination for a variety of manual, paper-based administrative tasks.
By working with clearinghouse and revenue cycle management partners, Madaket automates payer-provider enrollment processes – electronic data interchange (EDI), electronic funds transfer (EFT), electronic remittance advice (ERA), claims status inquiry (CSI), and eligibility verification (EV) – through its flagship product, EDI Enrollment. Earlier this year, Madaket also launched its second product, Payer Enrollment, which addresses inefficiencies in credentialing processes.
“Providers, clearinghouses and others in the revenue cycle industry doing these tedious tasks in-house are realizing that it’s just not sustainable,” said Madaket Co-founder and VP of Engineering, Benedict Dsilva. “We designed the platform to be a completely scalable, automated solution for all of those tasks, and we’re proud to see so many providers finding it to be the right fit. Reaching more than half of the market, especially ahead of schedule, is a big victory for us.”
Since launching in 2015, Madaket has experienced growth across its business. This year, the company launched a new website, expanded to a larger office and surpassed 2 million transactions processed through EDI Enrollment.
Learn more about Madaket at www.madakethealth.com.
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.