SAN FRANCISCO (June 20, 2017) — BetterDoctor, a company with a mission to fix provider data and help consumers find the care they need, closed a new $11M funding round led by Health Catalyst Capital. Vision+, Texo Ventures, SoftTechVC, LifeLine Ventures and B-ForeCapital also participated in the round. Provider data inaccuracy continues to be an ongoing (hidden) problem that overburdens the entire US healthcare system. BetterDoctor is in a unique position to solve this persistent data problem and to ensure health insurance companies, health systems and providers comply with several federal and state regulations. BetterDoctor’s APIs distribute validated data into the healthcare ecosystem.
Today, health insurance companies, state exchanges, health systems and more than 1,800 developer partners work with BetterDoctor data and APIs to power their doctor databases. BetterDoctor is a national centralized hub for provider information that works with everyone. Here’s how it works: the team efficiently onboards health plans to centralize outreach work and data collection to reduce the data-update burden for providers. Each quarter BetterDoctor’s data validation engine proactively connects directly with over 500,000 providers and makes sure that their information is correct. Providers can trust that they can update their information once with BetterDoctor and their changes will be distributed to their contracted health plans and any other organization the provider chooses.
Health plans can leverage real-time data validation dashboards to view and measure progress.
With BetterDoctor’s national expansion, providers — for the first time — have access to a centralized utility that can proactively update their data with the industry at large. Additionally, the new funding will speed up BetterDoctor’s product development and add new features that health insurance companies, providers, and consumers will benefit from. BetterDoctor will also double their San Francisco based team in the next 18 months and is actively looking for new talent in the areas of customer success, operations, engineering and data science teams.
Ari Tulla, Co-Founder and CEO of BetterDoctor, describes his journey by saying, “5 years ago I started BetterDoctor with my Co-Founder Tapio Tolvanen to help patients find the right doctor. Millions of patients used our apps to find a doctor, but many of them were frustrated because our data quality wasn’t good enough. This feedback helped us realize the hidden fact that no one had accurate data in the market about where each provider is practicing medicine, which health plans they accept, or how to successfully book a new appointment. Seeing this gap, we decided to go all in and focus all our efforts on fixing this problem and finally provide the healthcare market with accurate doctor data.”
Tapio Tolvanen, Co-Founder and CTO of BetterDoctor, is excited about the future of BetterDoctor: “Today we are thrilled to be in a position to power provider data for hundreds of organizations that provide healthcare services for tens of millions of people. This new funding round gives us ability to grow our team and build new data products that will finally solve the persistent provider data problem.”
Charles Boorady, Managing Director of Health Catalyst Capital, puts it this way, “After our exhaustive research into this market, we found BetterDoctor leads the industry as the only company with an innovative solution to the persistent provider data problem that has slowed healthcare innovation for more than 30 years.”
To learn more about BetterDoctor and the state of provider directories, please contact us at press@betterdoctor.com.
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About BetterDoctor
BetterDoctor validates and delivers accurate provider data to ensure health insurance companies, health systems, provider groups, and providers are regulation-compliant and can provide patients with care they’re looking for. 1,800 developer partners from startups to publicly traded companies use BetterDoctor API to power their provider data.
About Health Catalyst Capital
Health Catalyst Capital Management is a venture capital fund investing in high growth US-based Healthcare IT businesses focused in a few key themes, each with potential to achieve $1 billion enterprise value in new or disrupted markets globally.
