NEW YORK – Tech-enabled self-funded health plan Centivo has raised $34 million in Series A funding to build the company’s technology and infrastructure, develop local partnerships and support market launch. Centivo serves as a health plan or third-party administrator for employers and partners closely with local health plans to enhance their offerings. Members are rewarded for choosing high-value care and adhering to a health action plan, and are supported through a digital app and dedicated concierge team. “It is time to turn the page on the failed era of high deductibles and implement a new solution that produces better results for individuals, employers, and providers,” said Ashok Subramanian, CEO and co-founder of Centivo, in a statement. Yumni Choi, managing director at Bain Capital Ventures, which led the funding round, will join Centivo’s board of directors. The company is launching its product for the 2019 plan year with an emphasis on employers with employees in New York, New Jersey, Connecticut and select other markets.
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