Prior to establishing Verifiable, the Austin-based firm that recently secured $3 million in funding for its API toolkit focused on validating healthcare credentials, Nick Macario spearheaded a number of other ventures centered around offering publicly verifiable credentials for professionals.

Macario’s initial venture into the realm of identity management solutions was branded.me, a platform for creating personal websites. Following the sale of that company, he founded Remote.com, a provider of outsourced human resources services that consistently conducted background checks and confirmed employee qualifications.

It was through this experience that Macario conceived the idea for Verifiable, recognizing a growing market opportunity fueled by the increasing prevalence of telemedicine and on-demand healthcare services, coupled with a scarcity of qualified medical professionals to meet escalating demand.

The expansion of remote medical services is a key factor in Macario, alongside co-founder and chief technology officer Vivekanand Rajkumar, successfully raising $3 million in investment from sources including Tiger Global, Liquid2 Ventures, Struck Capital, Soma Capital, Jack Altman, Max Mullen, and Sahil Lavingia.

“The healthcare landscape is currently undergoing a significant shift,” Macario explained. “A substantial amount of healthcare verifications and certifications are still being processed manually… and the absence of adequate infrastructure and credentialing represents a major obstacle to healthcare advancement.”

Verifiable is collaborating with Dock, a company utilizing blockchain technology to issue and secure digital credentials on a public ledger.

Verifiable’s API integrates with numerous primary sources to maintain current records for the approximately 17 million licensed healthcare providers practicing in the United States.

Companies such as Talkspace, Sesame and Verge Health are currently utilizing the API to automate real-time verification processes for over 50,000 healthcare providers.

“On a larger scale, we are streamlining credentialing procedures, with a specific emphasis on automating license verification and ongoing monitoring,” Macario stated.

Macario estimates that the healthcare industry loses several billion dollars annually in revenue and incurs substantial fines due to healthcare providers failing to maintain current credentialing and licensing required for practice in the U.S.

“Verification isn’t a one-time event,” Macario emphasizes. “Regular checks are necessary, ideally on a monthly basis, to ensure providers remain compliant.”

The cost of Verifiable’s management service varies from $2 to $10, depending on the depth of verification desired by a prospective employer to confirm the status and licensing of their practitioners. Pricing is determined by the volume of verifications and the number of healthcare providers needing verification.

While Verifiable is initially concentrating on verification services, the company envisions a broader scope. “We are particularly enthusiastic about the potential of identity and healthcare provider data, as it has implications for many different facets of healthcare,” Macario said.