What Cohere Health Offers and Effectiveness of Product
Cohere Health offers three basic solutions to consumers and companies within the healthcare business. The hallmark service the tech startup provides is digital, prior authorization.
The tech startup achieves this by fully automating the authorization process while also integrating AI and machine learning into alternative care options and provider tiering. With much of the healthcare industry still reliant on faxes and manual authorization, a digital service could make for a significantly more efficient system. This is especially true when 94% of physicians say current prior authorization methods can sometimes lead to delays in treatment and care. Outside of the digital authorization, the other business solutions that Cohere Health offers include collaborative care management and value-based care coordination.
For care management, the tech company creates personalized care paths for patients that stem from the prior authorization process. Cohere Health also uses AI for generating a roster of high-value providers that help in the care path creation process. Finally, the health tech company offers value-based care coordination. This helps patients choose the provider and treatment options that best suit them in collaboration with the healthcare providers themselves. Each service is offered as a separate business entity, though all are easily combined and used cohesively.
Another major point for Cohere Health is how effective the services the company offers are. In fact, 92% of requests are initiated through the company’s digital platform, showing its effective adoption rates. Along with this efficient method, 90% of all authorization requests are answered immediately, improving the healthcare system. And finally, the company has achieved a success rate of over 55% when it comes to helping providers find better treatment options for patients.
Cohere Health Funding and Future Plans
In Cohere Health’s Series B funding round, the business raised $36 million. The funding round was led by Polaris Partners with participation from Longitude Capital, Deerfield Management, Flare Capital Partners, and Define Ventures. This new funding will be used by the company on improvements to its current software, R&D, and further business expansion for the year-old startup.
In a statement released alongside the funding announcement, CEO of Cohere Health, Siva Namasivayam, said, “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. 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.”
About the Author
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.