At the heart of the Centivo model is a “win-win” for progressive employers and value-based providers dedicated to cost-effectiveness and superior clinical outcomes.
Self-funded employer health plan Centivo raises $75 million
Source: Business Wire (full text), 9/24/2024
Excerpts
BUFFALO, NY — Centivo, a pioneering healthcare company dedicated to making high-quality healthcare more affordable for employers and their employees, announced it has secured $75M in equity and debt financing.
The financing includes participation from new strategic investors Cone Health Ventures and MemorialCare Innovation Fund, as well as existing financial investors including B Capital, Cox Enterprises, F-Prime Capital, Ingleside Investors, and Morgan Health (a division of JPMorgan Chase).
“We are thrilled to have this level of financial support toward the continued growth of our radically affordable healthcare solution in America”, said Ashok Subramanian, CEO and Co-Founder of Centivo. “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.”
In 2023 alone, Centivo’s health plans achieved a 71 percent reduction in member out-of-pocket costs compared to the plans they replaced. This occurred while also typically saving employers 15% or more and increasing utilization of primary and specialty care.
At the heart of the Centivo model is a “win-win” for progressive employers and value-based providers dedicated to cost-effectiveness and superior clinical outcomes. Further, following Centivo’s acquisition of employer-centered virtual-first medical provider Eden Health in May, the company has supplemented its provider partners’ own capabilities with an at-scale PCMH-certified virtual primary care practice that includes access to integrated behavioral health within its newly expanded platform.
About Centivo
Centivo’s mission is to bring affordable, high-quality healthcare to the millions of workers who struggle to pay their medical bills. Centivo’s innovative health plan is designed specifically to curb the inefficiency and waste that exist in today’s employer-sponsored health plans. In partnership with leading local health systems, Centivo’s primary care-centered health plan offers employers a replacement to traditional health insurance carriers, lowering the total cost of care by 30 percent or more while delivering tangible value to employers, employees, and its partner health systems. Visit: centivo.com.
