Silversheet

Silversheet is a healthcare administration software company that built a cloud-based platform for medical credentialing and privileging. The product digitizes credential documents, automates primary source verification of medical records, tracks and updates provider qualifications, and issues renewal reminders, allowing facilities to onboard and manage physicians from a computer or phone in minutes rather than days. Providers can maintain a single credential file and share their profile across multiple facilities.

The platform is used by hospitals, urgent care centers, surgical networks, medical groups and health systems, replacing fax machines and filing cabinets with a secure, remotely accessible data management system, reducing the administrative resources needed to verify and track provider information and helping ensure compliance and reduce the risk of administrative errors. One source reports the software saves credentialing coordinators an average of 19 hours per week and that it served more than 500 U.S. healthcare facilities, doctors, groups and health systems.

Following the January 2019 acquisition by AMN Healthcare Services (NYSE: AMN), Silversheet was integrated into AMN's portfolio of provider and clinician management solutions.

Founding story

One source states Silversheet was founded in 2014 and co-founded by Dr. Miles Beckett, who also served as CEO, based on the premise that healthcare should prioritize patient care over paperwork. Press materials identify co-founders Dr. Miles Beckett (CEO), Dr. David Rakoff (a practicing anesthesiologist at St. John's Health Center, later an advisor) and Pat Cheung (Head of Product, previously VP of Product at EQAL). Beckett co-created the web series lonelygirl15 and co-founded the media company EQAL, which Everyday Health acquired in 2012. The founders identified physician credentialing, a paperwork-intensive process, as a bottleneck in U.S. healthcare and built software to automate document identification, management and updating.

Business model

Silversheet sold software-as-a-service credentialing and privileging workflow tools to healthcare facilities and provider organizations, with practitioners also using the platform to build and share credential files.

Sources do not specify pricing; revenue derived from its healthcare administration software platform sold to medical facilities and provider organizations.

Traction

More than 50 U.S. medical facilities tested the platform at the time of the 2015 seed round; a later source reports over 500 U.S. facilities, doctors, groups and health systems served and average savings of 19 hours per week per credentialing coordinator. Headcount is reported in the 11-50 range.

Latest developments

AMN Healthcare Services completed the acquisition of Silversheet on January 30, 2019 for $55.2 million, comprising $30.2 million in cash and contingent consideration of up to $25 million (up to $6 million based on 2019 operating results and up to $19 million based on 2020 operating results), funded primarily through borrowings under AMN's $400 million secured revolving credit facility. One directory lists the standalone entity's status as closed following the acquisition.