Inside Cohere Health: From 2019 to Now Into a $220 million business
Startup Type:
Headquarter: Boston, USA
Current Status: Active (private; deals with multiple top US health plans)
Founders: Siva Namasivayam, Phuoc Le
Founded Year: 2019
Investors: Deerfield, F-Prime Capital, Define Ventures
Funding Raised: $220 million
What Is the business model of Cohere Health?
Healthtech company providing an AI-powered platform to streamline prior authorizations in healthcare, helping payers and providers automate and expedite approvals for treatments, charging enterprise SaaS fees
How Cohere Health got started?
Started in 2019, Cohere Health set out to modernize the cumbersome prior authorization process that often delays patient care, Namasivayam and team built a system that integrates with health plans to auto-approve routine requests and guide providers on appropriate care paths
what growth strategy has Cohere Health followed?
Secured major insurer clients by showing significant reductions in turnaround time for authorizations, grew through a B2B sales strategy targeting Medicare Advantage plans and large carriers, and by expanding its platform to cover more specialties and procedures, delivering clear ROI to customers
what are the top products/features of Cohere Health
Cohere Prior Authorization platform, analytics dashboards for health plans, provider-facing portal for care coordination
what was the biggest challenge faced by Cohere Health?
Convincing large health insurance companies to trust and adopt an AI-driven system for utilization management, which is traditionally very risk-averse, and demonstrating reduced costs and faster service without increased medical risk