CAMBRIDGE, Mass.--(BUSINESS WIRE)--Madaket Health, a cloud-based platform that simplifies transactions between payers and providers, today released the Madaket Provider Data Exchange, designed to help payers stay compliant with the No Surprises Act through real-time provider directory updates. Madaket is combining the power of its provider data management (PDM) platform with its provider directory of over 80% of providers to help payers effortlessly comply with the No Surprises Act’s 48-hour requirement.
The recent federal legislation requires health plans to verify and update provider information every 90 days, and mandates that payer databases be updated within 48 hours of receiving updated provider information. With hundreds of thousands of in-network providers, administrators are burdened with a near impossible challenge to remain compliant. Madaket’s Provider Data Exchange is a sophisticated infrastructure that facilitates the seamless exchange of critical information, enabling a single source of truth and helping to eliminate inefficient information silos. This information exchange platform will verify and update data in all necessary places, allowing administrators to focus their attention on other essential tasks and trust that they remain compliant with all regulatory requirements.
The provider data exchange helps payers streamline their operations through:
- Automated payer roster ingestion and maintenance
- Automated inbound provider updates
- Group-specific, multi-step data verification processes to ensure accurate information
- Realtime payer reports for transparency and verification
- Flexible, scheduled data delivery that powers payer systems
“Many existing provider databases use data-scraping and cold-calling tactics to gather information, which produce unreliable, sporadic results,” said Madaket CEO Eric Demers. “80% of provider groups have interacted with Madaket’s PDM platform, and Provider Data Exchange offers payers peace of mind that their data is accurate, current and compliant.”
Madaket’s existing PDM software has helped thousands of providers, payers and partners use real-time, accurate data to help streamline and automate tedious administrative tasks. Madaket works with every payer in the U.S. and has helped to execute more than 5 million transactions across licensing, credentialing and enrollment. Madaket’s PDM dramatically shortens the engagement lifecycle from 2-3 months to just 2-3 weeks and has saved customers more than $600 million.
“We saw an industry-wide need for a payer solution that solves compliance issues and automates data management,” said Ted Achtem, Co-Founder and Chief Innovation Officer at Madaket Health. “Data delivery and maintenance are among the biggest administrative headaches payers face, making an automated solution a crucial piece of adhering to federal regulations like the No Surprises Act.”
Madaket’s provider data exchange is broadly available to payers across the healthcare industry. To learn more about the platform and how it can streamline their administrative function, payers can visit https://www.madakethealth.com/resources/provider-directories-solution-sheet-health-plans.
About Madaket Health
Madaket Health accelerates healthcare administration with seamless integrations and a fully connected platform that ensures healthcare organizations run smarter, faster, and more efficiently. With Madaket, providers, payers, and intermediaries uncover provider data analytics and insights, saving more than $600 million in the process. The company’s platform automates 90% of burdensome and error-prone administrative tasks, streamlining provider credentialing, licensing, and verification processes, boosting staff productivity 10-20X while reducing processing times by up to 50%. Learn how Madaket targets billions of dollars in healthcare administrative waste by simplifying provider data management, revenue cycle, and exchange processes at madakethealth.com.
