16 Jul, 2020, 06:55 ET
BOSTON, July 16, 2020 /PRNewswire/ -- Cohere Health has announced its company launch, with the mission of aligning the relationship between physicians and health plans around the care journey in a way that is appropriate for each patient. By leveraging its innovative technology platform that encourages transparent, high-value care alignment across an entire patient journey instead of individual service transactions, Cohere Health aims to improve the quality of care delivered, lower total cost of care, and transform the patient and physician experience.
Cohere Health's launch is flanked by the news of its recent $10 million Series A funding round led by Flare Capital Partners, with Define Ventures as an investor and partner as well as participation from an additional leading national strategic partner.
Cohere's platform replaces the existing patchwork of legacy, siloed processes and antiquated technologies that contribute to enormous administrative burden for physicians and health plans. It further facilitates the transition from fee-based services to value-based arrangements by providing an evolutionary path that can support all payment arrangements while reducing unnecessary variation in clinical outcomes.
Cohere Health has assembled an impressive team of proven leaders, including Gary Gottlieb, MD, former CEO of Partners Healthcare (now MassGeneral Brigham) as Chairperson of the Board of Directors. "As a physician, it's clear to me that the administrative complexity of the current system gets in the way of delivering the care that patients deserve, that physicians want to provide, and that health plans want for their members," Gottlieb said. "If we're going to realize the promise of value-based care, we need an approach that is based on all available evidence, shared expectations and transparency."
Siva Namasivayam, CEO of Cohere Health, explained: "The current system is resource-intensive, unwieldy and creates a frustrating experience for patients, physicians and health plans. There's no reason it should be so miserable for everyone involved. We have the evidence-based clinical algorithms, human-centered design and innovative technology to improve the system dramatically." Namasivayam, who has more than 20 years of experience working on transformational healthcare businesses, was previously the CEO/Founder of SCIO Health Analytics.
Michael Greeley, General Partner at Flare Capital, which led the Series A round, says Cohere Health is positioned to create real change in healthcare—and the timing couldn't be better. "The flaws of the current healthcare system have been exposed further with the COVID-19 crisis," he said. "We believe that transformational technology and analytics need to be applied to ensure patients get necessary care and make the system a win-win-win for physicians, health plans, and above all patients. With the experienced and dynamic team that Cohere has assembled, I can't wait to see how they will transform the business of medicine into a system that's better for everyone."
About Cohere Health
Cohere Health is a patient-journey-focused software-as-a-service company on a mission to significantly improve the experience of patients, providers and health plans; increase the quality of care delivered; lower total cost of care; and increase transparency across the patient care journey. For more information on Cohere Health, visit www.coherehealth.com and follow us on Twitter @coherehealth.
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 raised one of the industry's largest dedicated venture capital funds 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. Define believes that digital health entrepreneurs deserve investors that have real digital health expertise and experience to partner with them to redefine healthcare. We focus on partnering with entrepreneurs from incubation to Series B investments. Our partnerships include Unite Us, Verana Health, Lightship, Dawnlight, Folx Health, etc. For more information, please visit www.definevc.com.
Amendola Communications for Cohere Health
SOURCE Cohere Health
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