PokitDok – a cloud-based API platform that streamlines healthcare transactions – announced it has raised a $34 million Series B funding round led by Lemhi Ventures. The capital will give healthcare businesses greater access to PokitDok’s suite of Application Programming Interfaces (APIs), services and solutions. This includes solutions for payment processing, eligibility checks, referrals, claims submissions, online scheduling, patient identity management and provider search.
PokitDok makes current cash and insurance prices available for health services from over 40,000 providers in 44 US markets through its API and marketplace. Large group providers, healthcare systems integrators, telehealth businesses use PokitDok to scale quickly, create better consumer experiences, streamline operations and cut costs.
To keep pace with the more than 300 million US residents who are now required to have health insurance coverage, PokitDok created an API-based method for eligibility checks, referrals and claims submissions that can be processed in real time.
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PokitDok previously raised a Series A round of equity funding in June 2013, co-led by New Atlantic Ventures (NAV.VC) and Rogers Venture Partners, and joined by Subtraction Capital and angels Zac Zeitlin and Jonathan Sposato.
Since that time, PokitDok introduced an entirely new platform accessible via APIs to streamline the business of health and make common business transactions universally available. These APIs create interoperability and inspire information access previously considered impossible.
The company has also established direct relationships with more than 300 insurance carriers, the top EHRs nationwide, hospital systems, benefits enrollment companies, and have made these available to scale and speed time to market for the apps and services created by countless developers.
“Much like Uber scaled quickly by leveraging APIs, emerging and established health companies can apply a similar technical strategy using PokitDok — we give them the tools that accelerate time to market and produce operational efficiency across healthcare business processes and data,” said Lisa Maki, co-founder and CEO, of PokitDok.
Tony Miller, founder and managing partner of Lemhi Ventures, said, “In a short window of opportunity to innovate, PokitDok has introduced a novel solution to legacy issues and high costs that plague the healthcare industry. It is the first company to effectively reorganize the underlying technology infrastructure and has a brilliant team to transform the industry forever.”
PokitDok was born in 2011, after founder Lisa Maki spent six months navigating the road to treatment for a spinal injury. From poor communication and inefficient processes, to interoperability issues and a complete lack of price transparency, she sought to develop the solution with co-founder, Ted Tanner Jr. that would allow consumers to see all their options and shop directly from health providers through a transparent, e-commerce experience. The company is based in San Mateo, CA and Charleston, SC and is backed by Lemhi Ventures, Rogers Venture Partners, New Atlantic Ventures (NAV.VC) and Subtraction Capital.