Health collaboration platform Cohere Health announced this week that it's doubled up a $10 million funding from the summer by raising an additional $10 million from its existing investors, a list that includes Flare Capital Partners and Define Ventures.
WHAT IT DOES
Cohere Health's platform brings providers and health plans onto the same page in an effort to build low-cost, evidence-based care plans from the start of a patient's health encounter. Built for value-based contracts and fee-for-service payment environments alike, its CohereNext product aims to streamline prior authorization, automatically approving a full treatment plan while handling referrals and other downstream processes. The tool also provides analytics that help organizations identify their best-performing physicians and care paths.
Of note, this week's funding announcement also came alongside news of a deal between Cohere Health and Humana that's focused on prior authorization for musculoskeletal treatment.
WHAT IT'S FOR
Cohere Health said the funds will be used to further build up the CohereNext platform.
"In the near future, we are going to utilize the funding to develop our care pathway solution and building out new use cases around patient engagement and tools for risk-bearing providers to manage by specialty," Siva Namasivayam, CEO of Cohere Health, told MobiHealthNews in an email. "The data science infrastructure will also be strengthened, and we are going to use the funding to attract the best and brightest talent in the industry to take us to the next level."
THE LARGER TREND
Breaking down institutional silos has been an industry-wide focus for stakeholders aiming to improve efficiency and transition to value-based care. Earlier this summer, for instance, Epic and Blue Cross Blue Shield Association's Health Care Service Corporation announced plans to build a bidirectional exchange platform to connect payers with providers.
The deal was billed as Epic's first such project with a payer organization and ultimately seeks to streamline administrative processes like prior authorizations while identifying gaps in care – and comes at a time when many payers are waiving prior authorization requirements due to COVID-19.
"The current state of healthcare delivery demonstrates the fundamental need for flexible and innovative startups to lead the way to change with disruptive solutions," Michael Greeley, general partner and cofounder of Flare Capital Partners, and a board member for Cohere Health, said in a statement. "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."