Intelligent Digital Authorization Platform Recognized for Enabling Immediate Payer/Provider Collaboration on Evidence-Based Care Plans
CB Insights named Cohere Health, creators of a digital healthcare collaboration platform that aligns patients, physicians, and health plans on evidence-based care plans, to the third annual Digital Health 150 list of the most promising private digital health companies in the world. This year’s Digital Health 150 was unveiled live during CB Insights’ annual Future of Health event earlier this week.
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The 2021 Digital Health 150 cohort has raised roughly $14.9B in aggregate funding across 522 deals since 2016, and includes startups at various investment stages of development, from early-stage to well-funded unicorns. Companies this year include startups working on data integration and analytics, hybrid virtual/in-person care, digital therapeutics, clinical intelligence and more.
“We’re thrilled to be recognized by CB Insights as one of the world’s most innovative digital health startups, as we’re passionate about our mission to transform the prior authorization process from start to finish,” said Siva Namasivayam, co-founder and CEO of Cohere Health. “By making authorizations transparent, automated and collaborative, we’re focused on the goal of speeding patient access to care while simplifying utilization and care management for health plans and providers. We’re honored to be included in this list of innovators disrupting the healthcare system for the good of patients everywhere.”
Cohere Health was recognized in the Workflow Digitization and Automation category for its digital authorization platform, which uses AI/machine learning, evidence-based criteria, and clinical analytics to automate the authorization process and promote better health outcomes. The platform helps healthcare providers receive authorization for the entire patient-specific episode of care up front, reducing administrative time and costs. Providers are prompted to request services that comply with clinical guidelines established by national medical societies, supporting better care decisions and reducing the need for manual clinical review. The digital platform enables a median approval time of less than a minute for appropriate, evidence-based authorizations, enabling providers to schedule care immediately in 88% of cases.
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“This year’s Digital Health 150 is one of our most expansive yet, spotlighting 16 categories including virtual care, clinical trials tech, and workflow automation, as well as adding new categories such as home health tech and computer-aided imaging,” said Brian Lee, SVP of CB Insights’ Intelligence Unit. “Last year’s class has seen more than 20 exits, raised an additional $18.6B in aggregate funding, and announced over 250 partnerships since being recognized, and we’re excited to see the future success of this year’s winners.”
Through an evidence-based approach, the CB Insights research team selected the Digital Health 150 from a pool of over 11,000 companies, including applicants and nominees. They were chosen based on several factors, including data submitted by the companies, company business models and momentum in the market, and Mosaic scores, CB Insights’ proprietary algorithm that measures the overall health and growth potential of private companies.
Cohere is also one of four winners of the 2021 TripleTree iAwards for innovative healthcare technology, and is currently a finalist for FierceHealthcare’s Fierce 15 of 2022 award. To date, Cohere Health has raised $56 million from funders including Polaris, Deerfield Management, Longitude, Flare and Define. In 2022, the national health plan Humana, Inc. will expand its use of the Cohere Health platform to all commercial and Medicare Advantage members nationwide, and to more than 65,000 individual practitioners representing 10,000 physician practices.