Last week, the blockchain health credentialing platform ProCredEx announced it raised $3.5 million in seed funding in a round led by Spectrum Health Ventures. ProCredEx offers a blockchain-enabled marketplace to enable credentialing organizations to share, exchange and monetize credential verification data.
Other investors in the seed round include Martin Ventures, The Hardenbergh Group, Florida Funders, and several strategic healthcare executives. Additionally, ProCredEx said it has entered into a partnership with R3 to build its credentialing marketplace on the Corda enterprise blockchain.
Healthcare credentialing is an essential step for onboarding new practitioners and other professionals. Currently, each organization, such as a hospital, insurer, laboratory has to independently verify the qualifications, experience, and other details of a doctor or a nurse. Due to heavy dependence on paper and manual labor, the process takes months to complete, and hospitals lose out on revenue while also spending time and money on the verification of details.
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