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.
NEW YORK – Technology-driven health insurer Oscar Health is expanding its offerings in 2019 to Florida, Arizona and Michigan, as well as large metro areas in Ohio, Tennessee and Texas. “Our sustained expansion positions Oscar as one of the fastest-growing insurers in the country, and speaks to the power and effectiveness of our unique playbook,” said Mario Schlosser, CEO and co-founder of Oscar Health, in a blog post about the expansion. Oscar Health raised $165 million in funding this year to advance its plan to grow in multiple cities and market segments, and has enrolled about 250,000 members across six states. “We started Oscar to secure the trust of consumers, to use data science and technology to proactively guide them to the best and most affordable doctors, and to finally introduce choice, competition and value to health care,” Schlosser wrote.
PORTLAND, Ore. and MOUNTAIN VIEW, Calif. – Nonprofit health insurance provider Cambia Health Solutions and Livongo Health are partnering to make Livongo’s digital diabetes solution available to Regence Blue Cross and Blue Shield in Idaho, Oregon, Utah and Washington. The companies will then expand their partnership to co-develop solutions that personalize care for conditions like hypertension and integrated behavioral health. “We see great potential in collaborating with Livongo to transform the experience Americans have in health and in sickness,” said Mark Ganz, president and CEO of Cambia Health Solutions, in a statement. As part of the partnership, Echo Health Ventures, the digital health investment company jointly owned by Cambia and Mosaic Health Solutions, has made a strategic investment in Livongo. “We’re energized by the opportunity to partner with Cambia and expand the reach and impact of our ‘whole person’ approach to health and health care,” said Glen Tullman, CEO of Livongo, in a statement. Livongo has also raised $105 million in new funding to support market growth, continued investment in data science, deeper integration with clients and partners, and the development of the company’s comprehensive consumer platform.
NEW YORK – Oscar Health has raised $165 million in funding to advance its plan to grow in multiple cities and market segments. The technology-focused health insurance provider has enrolled about 250,000 members across six states in 2018, wrote Mario Schlosser and Joshua Kushner, co-founders of Oscar Health, in a blog post announcing the funding. “We started Oscar to secure the trust of consumers, to use data science and technology to proactively guide them to the best and most affordable doctors, and to finally introduce choice, competition and value to health care,” they wrote. The company recently announced partnerships with Cleveland Clinic, Humana and AXA. “Oscar now has a proven, replicable growth playbook: secure competitive prices with new health systems, acquire and engage membership in significant volumes, build market share for our provider partners, and begin to drive health care costs down,” the co-founders wrote.
SEATTLE – Health care technology company Accolade has raised $50 million in funding to grow its workforce and expand its Personalized Advocacy solution. Accolade provides personalized health and benefits data to employers to help their employees find the right health care at the right time and reduce health care waste. “We are seeing tremendous momentum across all market segments,” said Rajeev Singh, CEO of Accolade, in a statement. “Self-insured employers are increasingly taking charge of their health and benefits supply chain and are looking to work with those that can help deliver personalized solutions for their employees and their families.” Over the past two years the company has more than tripled the size of its technology and product development team, and is investing in building a connected and flexible technology platform to complement its service and clinical offering. Recent technology platform developments include Accolade’s Maya intelligence engine with machine learning capabilities, an integrated health and benefits member portal, the Accolade Mobile app and the Accolade IQ customer analytics and reporting tool.
PHOENIX – Blue Cross Blue Shield of Arizona has partnered with American Well to offer the BlueCare Anywhere program, which connects members with health services from their smartphones or other mobile devices. “BlueCare Anywhere helps by giving BCBSAZ members the flexibility to contact a physician at any time,” said Mike Tilton, vice president of sales for BCBSAZ, in a statement. “They have a direct line to services day or night.” The BlueCare Anywhere program focuses on three areas of care: medical; counseling; and psychiatry.
NEW YORK – Wellthie, a provider of technology solutions for insurance carriers and brokers, is partnering with Teladoc to allow those carriers and brokers to enroll members in telehealth services. The HealthiestYou by Teladoc program, a telehealth and consumer engagement product, will be available through the Wellthie Small Group platform marketplace. “This is a win for small businesses to be able to offer more comprehensive telehealth benefits to their employees and will provide producers with a modern and flexible technology that transforms the way they sell and offer more value to their small business customers,” said Sally Poblete, CEO of Wellthie, in a statement.
MADISON, Wis. – Health engagement platform startup Kiio has received a $1 million investment from WEA Trust, a non-profit insurance company that provides group health insurance and administrative services to public employers throughout Wisconsin. The funding will be used to advance Kiio’s Low Back Pain Program, which uses an automated multi-level screening and triage process to provide patients with evidence-based care and coaching to reduce pain and improve quality of life. “The WEA Trust investment reinforces an alignment of interests where technology conveniently enables improved outcomes for patients at lower costs for both the patient and the insurer,” said Dave Grandin, president and CEO of Kiio, in a statement.
‘We can solve problems through ingenuity and invention, not through process’
NEW YORK – Oscar Health touts itself as a technology-driven company that is out to disrupt the health insurance market—and with a planned expansion into multiple states next year, it seems to be catching on.
Oscar Health guides its members through the health care system through a robust mobile app and uses analytics to provide proactive clinical insights, said Mika Limcaoco, a communications intern at the company.
“Our technology focus means we can solve problems through ingenuity and invention, not through process,” she said. “We have chosen to do it this way to make sure our members have the best and most transparent experiences as they navigate the normally opaque world of health care.”
Oscar Health announced in June that it plans to expand the availability of its products next year in New York, Texas and California, states where it already has a presence. It will also offer its products to members in Tennessee for the first time and has announced plans to work with competitor Humana on a venture for small business health insurance in Nashville. Finally, in Ohio, Oscar Health is partnering with the Cleveland Clinic to sell integrated, co-branded individual health insurance in five counties.
What sets Oscar Health apart, Limcaoco says, is its data science operation, built to extract insights from a deluge of existing health care data. It brings systems like hospitals, pharmacies, physician offices and labs together through technology and helps them talk to each other.
“We’ve created an insurance company that brings all these systems together through technology,” she said. “That’s ultimately going to build a better experience.”
Although Oscar Health’s business model depends on the health insurance exchanges established in the Affordable Care Act, which has been under attack from the Trump administration, company officials say they are focused on the long term.
“Why seek to expand in a time of uncertainty?” wrote Mario Schlosser, CEO of Oscar, in a recent blog post. “We’re confident that when the dust settles, the market for health insurance will stabilize in time for 2018.”
NEW YORK – Tech-savvy insurer Oscar Health is expanding its plan to six states next year, including New York, New Jersey, Texas, California, Tennessee and Ohio. “Why seek to expand in a time of uncertainty?” wrote Mario Schlosser, CEO and co-founder of Oscar, in a blog post. “We’re confident that when the dust settles, the market for health insurance will stabilize in time for 2018.” Oscar Health is technology-focused, using a mobile app to guide members through its network.