Richmond, VA, Aug. 18, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds, the direct investment program of the Virginia Innovation Partnership Authority (VIPA) Investment Division, has invested in Roanoke, Va.-based ArchiveCore. ArchiveCore’s cloud-based distributed ledger technology reduces administrative delays and costs in the process of credentialing healthcare professionals. The startup will use this GAP Funds investment to continue enhancing its technology and support its growing customer base.
Before physicians can begin treating patients, they need to be credentialed, which is a detailed process similar to a background check that verifies their training, education, certifications and more. Today’s U.S healthcare systems spend roughly $5.5 billion on credentialing physicians each year. While credentialing is necessary, the process is outdated and causes hospitals to lose about $7,000-$10,000 in potential revenue per physician as a result of the administrative delays. These delays also impact patients, who may have to travel hours to receive the care they need. ArchiveCore’s software provides secure file storage and transfer with instant verification, helping healthcare professionals move through the credentialing process faster.
“The traditional credentialing process typically takes 90-120 days. Each day that a physician sits on the sidelines due to administrative delays, our healthcare systems sacrifice up to $10,000 in potential revenue--this adds up very quickly and impacts everyone involved,” said Lennox McNeary, MD, CEO and Co-Founder of ArchiveCore. “With ArchiveCore, hospital systems can verify primary source records in minutes. We are excited to have the support of CIT GAP Funds to help us continue our work to get healthcare professionals in place quickly as we continue to battle this ongoing pandemic.”
ArchiveCore’s structured document management, secure file transfer and instant verification help healthcare professionals move through the credentialing timeline faster and begin treating patients sooner. With ArchiveCore’s credentialing software, all documents are registered to the blockchain, which creates digital fingerprints of authenticity. A credentialing specialist then verifies each document’s origin using the digital fingerprint. Documents can be verified in seconds rather than weeks. ArchiveCore does not require any integration into organizations’ legacy systems. Rather, credentialing specialists log in through ArchiveCore’s secure portal to download and verify documents.
“As if the healthcare industry wasn’t important enough already, adding a global pandemic into the mix makes it even more imperative to fill positions and onboard new trained professionals faster. The ArchiveCore team has recognized and grasped onto this need, and is modernizing an archaic process,” said Tom Weithman, Managing Director of CIT GAP Funds. “With their cloud-based software, ArchiveCore is simplifying credentialing, saving hospitals millions and getting qualified physicians onboarded and hired faster. We are excited to follow their journey as they continue to grow and make a positive impact on the industry.”
About ArchiveCore
ArchiveCore’s cloud-based software uses distributed ledger technology to simplify healthcare credentialing and help hospitals save millions of dollars. Archivecore’s structured document management, secure file transfer and instant verification help healthcare professionals move through the credentialing timeline faster and begin treating patients sooner.
For more information, please visit: https://archivecore.us/.
About CIT GAP Funds | Investment Division | Virginia Innovation Partnership Authority (VIPA)
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, CIT GAP Funds has deployed $32.4 million in capital across more than 240 portfolio companies, including 17 companies in designated Opportunity Zones. CIT GAP Funds' investment decisions are guided by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit https://www.cit.org/gap-investment-funds.html.
About the Virginia Innovation Partnership Authority (VIPA)
The Virginia Innovation Partnership Authority (VIPA) was established in 2020 to support the life cycle of innovation, from translational research; to entrepreneurship; to pre-seed and seed-stage funding, as well as acceleration, growth, and commercialization, resulting in the creation of new jobs and company formation. The Authority provides a collaborative, consistent, and consolidated approach that will assist the Commonwealth in identifying its entrepreneurial strengths, including the identification of talents and resources that make the Commonwealth a unique place to grow and attract technology-based businesses. The VIPA, with CIT as its operating arm, brings together components of existing and new program activities in an approach through which the whole is greater than the sum of the individual programs. VIPA's design includes governance and management capabilities to ensure that programs generate transformative and measurable results. For more information, please visit www.cit.org/vipa.
About the Center for Innovative Technology (CIT)
Investing in Virginia's Growth | CIT, the not-for-profit operations arm of VIPA, accelerates next-generation technologies and technology companies through commercialization, capital formation, and market development initiatives. Programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Commonwealth Commercialization Fund (CCF) | Virginia Founders Fund | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | Virginia Research Investment Fund (VRIF) | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.cit.org. You can also follow CIT on Twitter, LinkedIn, and Facebook.
