H1 is a company that uses artificial intelligence to aggregate healthcare data, allowing patients, insurance companies, healthcare organizations, and pharmaceutical and biotech companies to identify and connect with the most relevant healthcare professionals.
Recently, the company has been putting a greater focus on its solutions for health plans; in January, it acquired Ribbon Health, a health data platform that provides healthcare enterprises with an API layer for accurate data on doctors, insurance plans, costs, and quality of care.
Now H1 has made a second acquisition to shore up this part of its business, announcing on Tuesday that it purchased Veda, a provider of data and automation solutions to health insurance plans. No financial terms of the deal were disclosed, but Veda will be a part of the H1 offering for health plans going forward.
The Madison, Wisconsin-based Veda helps healthcare companies solve provider data challenges through the use of AI, machine learning, and human-in-the-loop automation. Its capabilities include roster automation, allowing clients to use its platform to transform provider rosters so they can be ingested into downstream systems; profile search, so organization can access profiles of every active provider in the U.S.; and its directory analysis, called Veda Quantym, which is a high-volume solution that deliver real-time scoring of provider data quality within 24 hours.
Last year, the company partnered with Humana to improve the accuracy of Humana’s provider information, ensuring that seniors have real-time details about in-network providers. To do this, Veda will use its automation technology to analyze, verify, and standardize Humana’s data to ensure it’s accurate and comprehensive, along with real-time scoring of data quality.
H1 has known about Veda for years and the two companies have competed with each other, Ariel Katz, CEO of H1, told VatorNews.
“We’ve always respected their team and technology. Veda’s strength in roster management and network adequacy really complements our existing capabilities and supports the end-to-end solution we’re building for health plans. Their solution strengthens our health plan offerings and helps us move toward providing a comprehensive provider solution,” he explained.
“We’re planning to integrate Veda’s data into our own data to strengthen our provider data offering. We’ll be offering their roster automation and network analytics solutions to our customers.”
Founded in 2017, H1 gets its data from four sources, the first being public sources, meaning hospital websites, university websites, and private practice websites, where H1 can easily scrape the data.
The second source is private data, which comes from partnerships the company has with governments around the world, including CMS in the U.S., as well as the governments of Austria, Germany, and France; they allow H1 to pull in information about the types of patients that doctors are seeing. H1 also purchases data from insurance companies, including Blue Cross Blue Shield and Anthem and, finally, there is community data, in which doctors claim and update their own profiles with their information.
In the last few years, the company has launched new product lines across medical, clinical and commercial and entered the provider data space to serve health plans and digital health companies. H1 now partners with nine out of the 10 leading health plans and has established a partnership with Salesforce to bring H1 data into Salesforce’s Life Sciences Cloud.
The acquisitions of both Ribbon and Veda strategically complement each other to advance H1’s mission of connecting people with the right doctors, Katz explained.
“They enable us to build out a comprehensive healthcare solution that includes roster automation to make the ingestion of roster data faster and automated, and network analytics to help members find in-network providers, helping us move closer to our goal of creating the industry’s first end-to-end provider management solution,” he said.
“Ribbon Health brings expertise across both health plans and digital health, and Veda strengthens our capabilities with specific solutions for health plans. Together, they create a comprehensive provider data platform that serves the entire healthcare ecosystem—from pharma to health plans to digital health innovators—allowing us to scale our impact and connect many more patients with the right doctors.”
(Image source: vedadata.com)
