BOSTON, Oct. 22, 2020 /PRNewswire/ -- Cohere Health, an emerging high growth digital health company, announced today it closed an additional $10 million in funding led by Flare Capital Partners and Define Ventures, bringing the company's total funding to $20 million. The funding will be used to enhance the company's scalable CohereNext® platform that is built on next-generation cloud and data technologies and provides interoperability to existing healthcare infrastructure as well as the emerging digital health economy.
This Series A extension comes just two months after Cohere Health's initial $10 million Series A funding, which was also led by Flare Capital Partners with Define Ventures contributing as an investor and partner, as well as participation from a leading national strategic partner.
"The tragedy of COVID-19 has reinforced that the basic infrastructure supporting healthcare innovation is fundamentally broken. The shift from fee-for-service to value-based-care requires enabling interoperable capabilities to facilitate care around the interests of patients, and as a result, Cohere Health continues to rapidly grow and attract additional investments," said Siva Namasivayam, CEO and founder of Cohere Health. "The additional funding will enable us to expand the CohereNext platform to impact more failure points across patient journeys so that physicians can deliver better outcomes and we can continue building our team, which has grown by more than 95 people this year."
Reducing Waste and Administrative Burden
Cohere Health is reinventing the way physicians, patients and health plans navigate the care patients should receive across their longitudinal journey. CohereNext supports physicians and patients beginning with diagnosis, facilitating and auto-approving entire treatment plans based on evidence-based guidelines, coordinating PCPs and specialists, identifying the optimal places of care, and referring patients to appropriate care programs. Developed using human-centered design, CohereNext improves physician experience, reduces administrative burden and ultimately engages patients throughout their journey.
A recent JAMA article estimated that 25% of healthcare spending is waste due to administrative complexity, failure of care coordination and low-value care. To address these issues, CohereNext supports overall care coordination and reduces the burden at physician practices while speeding up patient access to treatment. It also allows for physicians to influence and order downstream services based on the plan of care, minimizing the risk of system interoperability and handoff miscommunication with hospitals and other facilities.
Cohere will utilize the platform to transform billing-designed healthcare processes to value-based models that are based on managing entire care pathways in a way that supports physicians wherever they are in that continuum. Cohere's first solution is to improve the prior authorization process for musculoskeletal spending. The solution co-designed with physicians is a major leap forward on physician experience and the adoption of evidence-based treatments. Cohere is developing additional solutions around patient engagement for health plan clinical programs, management of specialty spending for PCPs, and bundled program management for practices.
"Everyone agrees that the current healthcare system needs to be fixed," said Michael Greeley, Co-Founder and General Partner at Flare Capital Partners and board member for Cohere Health. "The current state of healthcare delivery demonstrates the fundamental need for flexible and innovative start-ups to lead the way to change with disruptive solutions. Cohere Health provides such an advancement through its real-world solutions that help clinicians and health insurers capitalize on transforming the face of care delivery."
About Cohere Health
Cohere Health moves quality care forward. Cohere's digital healthcare collaboration platform and supporting services align patients, physicians and health plans at the point of diagnosis to expedite physician-approved, evidence-based treatment plans. With the goal of creating optimal care journeys for every patient, Cohere is transforming legacy processes to more quickly achieve the goal of higher quality care and lower cost for all. Cohere works with physicians and health plans committed to the transparent delivery of quality patient care. Cohere's investors include Flare Capital Partners and Define Ventures. For more information, visit https://.coherehealth.com.
About Flare Capital
Flare Capital is a team of proven healthcare technology venture capital investors and senior operating executives known for their unparalleled strategic industry resources, insight and total commitment to the success of its entrepreneurs. Flare Capital is one of the largest venture capital firms focused exclusively on early stage opportunities in healthcare technology innovation and is privileged to closely partner with founders and management. Selected investments include Aetion, Aspen RxHealth, Bright Health, Circulation (acquired by LogistiCare), ClearDATA, Cohere Health, Curisium, Eden Health, HealthReveal, HealthVerity, higi, Iora Health, Oui Health, Somatus, Suki, Tausight, Valence Health (acquired by Evolent Health), VisitPay and Welltok. Learn more at www.flarecapital.com and follow the firm on Twitter @flarecapital.
About Define Ventures
Define Ventures is an early-stage venture capital firm focused on building digital health companies redefining healthcare that will change all of our lives. We believe unparalleled change is happening in healthcare at the intersections of healthcare, technology, and consumer trends. The Define team has partnered with companies, such as Livongo, HIMS, etc. and believes that digital health entrepreneurs deserve investors that have proven digital health expertise and experience. We focus on partnering with entrepreneurs from incubation, seed, Series A, and Series B investments. For more information, please visit www.definevc.com
Amendola Communications for Cohere Health
SOURCE Cohere Health