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About Cohere Health
Industries
AI & Machine Learning
Healthcare
Company Size
501-1,000
Company Stage
Late Stage VC
Total Funding
$103.1M
Headquarters
Boston, Massachusetts
Founded
2019
Overview
Cohere Health improves the prior authorization process in healthcare, which requires providers to get approval from health plans before delivering certain services. Their platform, Cohere Unify, automates and streamlines these requests by integrating with electronic medical records and using technologies like optical character recognition and machine learning. This approach allows for faster decision-making and reduces delays in patient care. Cohere Health aims to transform prior authorization into a more efficient system that benefits healthcare providers, health plans, and patients.
Simplify's Take
What believers are saying
- Humana expanded its use of Cohere's platform for diagnostic imaging and sleep services.
- Cohere Health raised $50 million to meet demand for AI-driven prior authorization.
- Cohere's platform processes 5.5 million authorizations annually, benefiting 15 million members.
What critics are saying
- Increased competition from AI-driven startups like Abridge threatens market share.
- Flat deal activity in healthcare IT indicates a challenging investment environment.
- S32's new General Partner may boost funding for competing healthcare startups.
What makes Cohere Health unique
- Cohere Health automates prior authorization, reducing delays and administrative burdens.
- The Cohere Unify platform integrates with EMR and uses OCR for fax submissions.
- Machine learning and AI enhance decision-making based on health plan policies.
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Funding
Total Funding
$103.1M
Above
Industry Average
Funded Over
3 Rounds
Benefits
Health Insurance
401(k) Company Match
Performance Bonus
Remote Work Options
Growth & Insights and Company News
6 month growth
↑ 2%1 year growth
↑ 1%2 year growth
↑ 4%Built In honors Cohere in its esteemed 2025 Best Places to Work awards.
In the post-COVID world, VCs say it’s not as easy to get excited about investing in digital health. Deal activity in healthcare IT was relatively flat in Q1 2024 at 74 total deals, valued at about $1 billion total, up only 3% from the year-ago quarter, according to PitchBook data. Still, promising startups have grabbed investors’ attention this year. TechCrunch spoke with about a dozen healthcare VCs about the companies they think have the most promising future. While recently formed AI-driven startups that are solving staggering administrative challenges in the U.S. healthcare system dominated their recommendations, they also mentioned several slightly older, non-AI-focused businesses.We narrowed their suggestions to the list of names that more than one VC mentioned, which came in at an even 10 companies. VCs discussed with us the companies that were both in their portfolios and not.AbridgeWhat it does: Uses AI to automate medical records based on conversations between doctors and patients.Founded in 2018 by Shiv Rao, a practicing cardiologist, Abridge is an early entrant into the medical note-taking space and one that has secured integration with the all-powerful Epic Systems health records software. Why it’s promising: The Pittsburgh-based startup generates excitement among investors and hospital systems eager to free up physicians’ time spent on note-taking
Humana Expands Use of Cohere Health’s Prior Authorization Platform. by Syed Hamza Sohail 04/23/2024 Leave a Comment. What You Should Know:– Cohere Health, a recognized leader in clinical intelligence and prior authorization automation, announced that Humana Inc. (NYSE: HUM) will expand its use of Cohere’s prior authorization platform for diagnostic imaging and sleep services. – In January 2021, Cohere and Humana began a pilot program in 12 states to improve the prior authorization process for musculoskeletal (MSK) services.Transformative Prior Authorization Solutions: Cohere’s Nationwide Impact on Healthcare Access and Provider SatisfactionThe program effectively decreased turnaround times for prior authorization approvals, boosted provider satisfaction, and improved care delivery for MSK services. This success led to expansion across all 50 states in 2022. In January 2023, Cohere’s solutions were rolled out nationwide, encompassing cardiovascular and surgical services.Cohere’s prior authorization platform expedites the approval process for providers and patients. Its unique combination of real-time analytics and evidence-based clinical intelligence reduces denial rates and facilitates quicker patient access to care.Annually, Cohere handles 5.5 million prior authorizations, benefiting over 15 million health plan members and 420,000 healthcare providers nationwide.“We’re pleased Humana will be utilizing our diagnostic imaging and sleep solutions, further strengthening our strategic and ongoing partnership,” said Siva Namasivayam, Chief Executive Officer of Cohere Health
PALO ALTO, Calif., Feb. 22, 2024 /PRNewswire/ -- S32, a leading venture capital firm founded by Bill Maris after building Google Ventures, today proudly announced the appointment of Dr. Andy Conrad, a leader in the application of technology and advanced data science, as General Partner. Dr. Conrad previously held numerous senior roles at Google, having most recently founded and served as the CEO and Executive Chairman of Verily Life Sciences (previously "Google Life Sciences"). He has held positions at GV ("Google Ventures") and X ("GoogleX"), and, during his tenure, worked with DeepMind, Google Cloud, Google AI and other technical and business teams across the Alphabet ecosystem
The Boston startup has raised $106M to date.
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About Cohere Health
Industries
AI & Machine Learning
Healthcare
Company Size
501-1,000
Company Stage
Late Stage VC
Total Funding
$103.1M
Headquarters
Boston, Massachusetts
Founded
2019
Cohere Health is Hiring for 0 Jobs on Simplify!
Find jobs on Simplify and start your career today