Centivo, a healthcare company focused on making high-quality healthcare more affordable, has secured $75m in a recent funding round.
The investment attracted participation from new strategic investors, Cone Health Ventures and MemorialCare Innovation Fund, alongside existing backers, according to InsurTech Insights.
The funding will support Centivo’s ongoing efforts to tackle the rising cost of healthcare for employers and employees in the United States.
Centivo is dedicated to addressing the challenges posed by the ever-increasing healthcare spending in the US, which reached over $4.5tn in 2022.
The company’s health plans have already proven effective, reducing member out-of-pocket costs by 71% in 2023 compared to previous plans.
In addition to lowering costs for individuals, Centivo’s plans have saved employers an average of 15%, all while promoting greater use of primary and specialty care services.
The company’s model presents a “win-win” proposition for progressive employers and value-based providers, with a focus on delivering cost-effective care and strong clinical outcomes. Centivo is committed to extending its reach and improving healthcare accessibility through innovative solutions.
The fresh injection of capital will help Centivo expand its platform, increasing the number of Americans who can benefit from affordable health plans. Centivo plans to continue its mission of helping employers provide cost-effective healthcare options for their workforce.
In May 2023, Centivo bolstered its capabilities by acquiring Eden Health. This acquisition allowed the company to introduce an at-scale virtual primary care practice certified by the Patient-Centered Medical Home (PCMH), which includes integrated behavioural health services. This move further strengthened Centivo’s provider network and enhanced its service offerings.
Centivo operates nationwide, serving a wide range of industries, including automotive, retail, transportation, manufacturing, financial services, and education sectors.
Ashok Subramanian, CEO and Co-Founder of Centivo, remarked, “We are thrilled to have this level of financial support toward the continued growth of our radically affordable healthcare solution in America.”
“Our next step is to expand the number of Americans who can finally have a health plan that they can afford to use and to make more heroes out of those employers who are restoring healthcare affordability in their workplaces.”
The company’s latest funding round builds on its previous investment efforts as it continues to drive growth in the healthcare sector.
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