Troy Medicare, a health insurance platform, has raised $5m in its latest funding round which came from unnamed backers.
The equity will be used to support the launch of its Medicare Advantage plan in North Carolina later in the year. This service helps pharmacists leverage each interaction with patients to drive down total costs of care, Troy Medicare claims.
US-based Troy aims to help seniors with their health insurance and living quality. The company was recently the first Medicare advantage plan to adopt the National Average Drug Acquisition Cost (NADAC) pricing standard, which makes drug pricing more transparent for seniors and pharmacies.
Troy Medicare CEO Flaviu Simihaian said, “We are setting into motion a game-changing model of delivering care that lowers drug costs and drives better health outcomes for our seniors. Pharmacists are the most trusted and accessible healthcare providers, and Troy Medicare is the first health plan to utilize this unique relationship in order to lower the total cost of care.
“By providing chronic disease management, smoking cessation, and diabetes prevention programs, pharmacists have shown to reduce readmissions for complex care patients by 45%. Troy Medicare provides the technology, data, and business model to empower pharmacists to provide these clinical services for our members.”
There has been a lot of activity in the InsurTech space over the past year. Earlier in the week, Oakley Capital bought two digital insurance brokers, Rastreator and Acierto.
