BOSTON, April 13, 2021 /PRNewswire/ -- Cohere Health, an emerging high growth digital health company, announced today that it has closed a $36 million Series B round led by Polaris Partners, with additional participation from new investors Longitude Capital and Deerfield Management, as well as existing investors Flare Capital Partners and Define Ventures. The round comes less than a year after the company's launch and only three months since Cohere Health's Series A extension.
The funding will be used to continue enhancement of Cohere's digital health plan solutions, which fundamentally transform current prior authorization approaches in order to drive truly collaborative care journeys. Cohere outperforms so-called "touchless" authorization, which automates only certain provider authorization functions. The Cohere platform automates both provider and payer steps in the process, while also generating clinical policy guidance that drives better care decisions without having to delay or deny care. Cohere then uses authorization as a trigger to engage plans, providers and patients in episode-based care paths that merge traditional utilization management, care management and patient engagement functions.
"Our clients have recognized an immediate time to value from our digital solutions, compared to processes based on outdated technology that previously took much longer and caused aggravation for providers and office staff—not to mention patients and health plans," said Siva Namasivayam, CEO, Cohere Health. "Looking ahead, potential CMS regulations and the trend towards value-based care are making care management system interoperability more imperative. Our solutions are well-positioned to help health plans meet these challenges as well."
Cohere Health's AI-based, fully automated solutions are already driving industry-best digital adoption, as they significantly reduce provider abrasion and enable personalized guidance across the member's entire episode of care, while reducing care delays and unnecessary costs. In addition, the solutions enable upstream activation of care management programs and transition to value-based care. Examples of Cohere's impressive results include the following:
92% of requests are initiated in Cohere's digital platform, indicating industry-best digital adoption
90% of authorization requests receive an immediate determination, speeding access to appropriate care
55+% success rate guiding providers to higher quality treatment options, such as moving the service from inpatient to outpatient setting
"We see a lot of healthcare companies adding automation to legacy processes that still remain fundamentally broken," said David Barrett, Managing Partner at Polaris Partners. "What's exceptional about Cohere Health is their vision to reimagine the way patients, physicians, and health plans work together. Their reinvention of both care management and utilization management is truly transformational to the goal of delivering better care to patients."
To learn more about how Cohere Health helps patients, physicians and payers work together, please visit https://coherehealth.com.
About Cohere Health Cohere's digital health plan solutions fundamentally transform utilization management in order to drive truly collaborative care journeys. Our solutions not only automate provider and payer preauthorization functions, but also generate clinical policy guidance that drives better care decisions without having to delay or deny care. Cohere then uses prior authorization as a trigger to engage plans, providers and patients in episode-based care paths that merge traditional utilization management, care management and patient engagement functions to ensure plan benefits are fully utilized. Cohere works with physicians and health plans committed to the transparent delivery of quality and timely patient care. For more information, visithttps://coherehealth.com.
About Polaris Partners Polaris Partners has a 20-plus-year history of partnering with repeat entrepreneurs and world-class innovators who are improving the way we live and work. The multibillion-dollar firm manages specialty and diversified funds in healthcare and technology with investments across all stages. Polaris has offices in Boston, San Francisco, and New York. Learn more at https://polarispartners.com/.
About Longitude Capital Longitude Capital is a leading healthcare venture capital firm that invests in transformative biotechnology, medical technology and health solutions companies seeking to improve clinical outcomes, enhance quality of life and drive efficiency of healthcare delivery. Founded in 2006, Longitude Capital invests in both privately held and publicly traded companies through a variety of investment approaches. Longitude Capital has offices in Menlo Park, CA, Greenwich, CT, and Boston, MA. For more information, including a complete listing of investments, please visit https://www.longitudecapital.com or https://www.linkedin.com/company/longitude-capital/
About Deerfield Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. For more information, please visit https://deerfield.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, Cayaba Care, 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
Media Contact: Christopher Currington Amendola Communications for Cohere Health 314.799.1987 [email protected]