Cohere Health reveals that it has raised $36 million in a Series B round with support from Polaris Partners.
FREMONT, CA: Cohere Health, a fast-growing digital health organization, has revealed that it had raised $36 million in a Series B round backed by Polaris Partners, and with more participation from new investors like Longitude Capital and Deerfield Management, and present investors Flare Capital Partners and Define Ventures. The round comes within three months after Cohere Health's Series A extension and less than a year after the company's launch.
Cohere's digital health plan technologies, which radically change existing prior authorization methods to drive genuinely collaborative care journeys, would benefit from the funding. Cohere performs better than the so-called "touchless" authorization, which automates only a part of the provider authorization process. The Cohere platform automates the provider and payer phases in the process and provides clinical policy guidance that helps clinicians make better care decisions without postponing or refusing treatment. The authorization is then used as a catalyst by Cohere to involve plans, providers, and patients in episode-based treatment paths that combine conventional utilization control, 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"Our clients have recognized an immediate time to value from our digital solutions, compared to processes based on outdated technology that previously took much longer and caused aggravation for providers and office staff—not to mention patients and health plans," said Siva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."
"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."