LOS ANGELES, CA, Silversheet has raised $2.9M in funding from investors including Upfront Ventures, Rincon Venture Partners, SV Angel, Slow Ventures, BAM Ventures, and Cyan and Scott Banister.
Silversheet today launched a new healthcare administration software platform to transform the way medical facilities and practitioners collaborate and connect. The Silversheet intelligent credentialing platform saves time and money industry-wide by digitizing documents, automating primary source verifications, and reminding physicians when their credentials are coming due. The software requires no training to use, making it possible to on-board new physicians in just a few minutes, and enabling facilities to quickly and easily manage physician credentials from any connected device.
In conjunction with the launch of its platform, Silversheet raised $2.9 million in a Seed Round led by Upfront Ventures, with participation by Rincon Venture Partners, SV Angel, Slow Ventures, BAM Ventures, and Cyan and Scott Banister.
With hospital occupancy rates having fallen from 77% to 60% since 1980, outpatient clinics are now the fastest growing segment of the healthcare market. While these facilities routinely offer patients lower cost care and deliver better outcomes, they often lack the resources and tools to efficiently comply with many of the onerous administrative requirements facing the industry. The answer to this regulatory burden is a new breed of software aimed at delivering efficiency and automation by replacing paper files and fax machines.
Clinics and surgery centers are responsible for the conduct of physicians with privileges at their facility. This regulatory burden is growing in scope and complexity, and repercussions can be severe if there are errors. The widely publicized Joan Rivers case offers a recent example, where a medical director was terminated and a facility lost its Medicare and third-party accreditation as a result of a failure in the physician credentialing and privileging process. Unfortunately, this is hardly a rare occurrence within the industry. A recent Silversheet survey indicated that 1 out of 3 physician personnel files at surgery centers are out of compliance with current regulations. Silversheet protects clinics and patients alike by reducing administrative errors and quickly bringing facilities into compliance with accreditation standards.
'Silversheet was founded with the belief that we should make healthcare about patients, not paperwork. The industry is sorely lacking modern, easy-to-use software that reduces doctor and administrator workloads,' said Dr. Miles Beckett, Silversheet Co-Founder and CEO. 'Shockingly, many critical processes still rely on paper and fax machines at a time when an estimated 85% of physicians own iPhones. Our intelligent credentialing platform gets surgery centers into compliance while saving them both time and money. We see this as the first step towards empowering healthcare administrators and providers to manage their professional lives end-to-end from any device.'
Silversheet was developed in consultation with accreditation experts in order to adhere to guidelines from The Joint Commission, Accreditation Association for Ambulatory Healthcare (AAAHC), and the American Association for Accreditation of Ambulatory Surgery Facilities (AAAASF). The platform has been up and running in the Los Angeles area since January, 2015 and has already enrolled approximately 50 ambulatory surgery centers, as well as a large number of doctors. Below are the testimonials of several early adopters:
Fallon Kretoski, Surgery Coordinator, YOUnique Cosmetic Surgery: 'Silversheet is user friendly for physicians and surgical centers. Everything is online, automated, and easy to use. Documents can be either scanned in or a photo can be taken with cell phones and attached directly to the file. Doctors can maintain their files easily and updates are automatic. This is a great tool and follows required guidelines.'
Marinn Sater, Surgical and Aesthetic Concierge, Santa Monica Specialty Surgery Center: 'Keeping track of physicians' credentialing charts is very time consuming. It would take me several hours to go through each chart to make sure everything is current. With Silversheet all the work is done for me, and I get an alert when something is about to expire. Silversheet also notifies the physician so I have to do less nagging!'
Dr. Jasmine Smith, Medicine/Pediatrics: 'With Silversheet, I can store all my documents in one place. Rather than having to attach multiple documents to an email to multiple parties, one can give an institution access to an account and streamline document transfer. I'm looking forward to the amount of time I'll be saving using Silversheet to manage my credentials.'
The US healthcare industry spends over $215 Billion annually on administrative costs, this is 25% of total healthcare spend and the largest in the world. The Affordable Care Act has already driven over 14 million new people into the healthcare system, and with an aging population, 1 to 2 million new seniors enter Medicare every year. This increased demand is putting a strain on an already overburdened system, and creating a significant doctor and nurse shortage. This is in many ways the perfect storm, creating enormous demand for innovation in healthcare administration, and paving the way for the Silversheet intelligent credentialing platform.
Silversheet develops software solutions to transform the way healthcare facilities and providers collaborate and connect. The company, which is based in Los Angeles, CA, was co-founded in 2014 by serial entrepreneur Miles Beckett, M.D. (previously co-founder/CEO EQAL acquired by Everyday Health in 2012, co-creator lonelygirl15, mentor Launchpad LA, and angel investor); practicing physician, David Rakoff, M.D. (advisor Kinomera Bio, co-founder Curbservice, angel investor); and product/UI/UX expert, Pat Cheung (lead UX designer YP.com, head of product EQAL, founder Office & Company).
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