Less Than a Year After Official Company Launch, Cohere Health Lands Additional $36 Million in Series B Funding
New oversubscribed round will be leveraged to enhance company’s transformative digital authorization solutions and care collaboration platform
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“Our clients have recognized an immediate time to value from our digital solutions, compared to processes based on outdated technology that previously took much longer and caused aggravation for providers and office staff—not to mention patients and health plans,” said Siva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.”