Flume Well being raised a $30 million spherical of Sequence A funding earlier in March, which the corporate plans to make use of to scale its personalised well being plans for self insurers, in line with a information launch. Optum Ventures lead the spherical, with new investor Cigna Ventures contributing alongside present traders: Confederate, Crosslink Capital, ERA’s Exceptional Ventures Fund, Founder Collective, Major Enterprise Companions, and Route 66 Ventures. This collection brings Flume’s complete raised to $40 million.
“Flume’s deal with simplifying well being plan design and administration is crucial to serving to create well being plans that really match the life-style and desires of customers,” mentioned Jon Sklaroff, principal at Optum Ventures, within the press launch. “We consider [Flume’s] well being plan administration software, constructed on a contemporary digital structure, will allow firms to ship individualized well being plans and personalised healthcare at scale.”
The New-York based mostly startups gives a platform for personalized well being plan administration to firms appearing as a 3rd occasion administrator on behalf of self-insured employers. Typically if an organization needs to supply a personalised insurance coverage plan, it might probably show pricey and time consuming, so the insurer – on this case, massive employers — could flip to a 3rd occasion administrator (TPA) to deal with it. For these firms searching for a TPA to supervise enrollment, claims processing, compliance, and funds, and people trying to goal particular populations, Flume believes it has a tech-forward answer quickly.
Flume additionally works with care suppliers who wish to create personalised well being plans for employers. As a case research, it factors to a personalized plan it created for Firefly Well being in simply six months.
“We’re excited to assist individuals by means of plans that meet their distinctive wants and are tailor-made to their life-style,” mentioned Cedric Kovacs-Johnson, CEO and founding father of Flume Well being in a information launch. “Reaching our Sequence A milestone in simply six months is a testomony that our traders share our values and consider in Flume’s potential to assist reinvent the form and texture of well being plans for American healthcare customers.”
Along with shortening timelines for firms, Flume emphasizes the tailor-made nature of its plans and labels itself a turnkey answer. For example, Flume factors to the specialised plan it designed for Hue Well being, which focuses on superior major care.
“With our mixed technical experience and Flume’s deep understanding of the intricate steadiness between sufferers, suppliers, and plans, we will analyze our purchasers’ networks and supply a really seamless expertise to our goal shopper base—self-funded employers—and their workers,” mentioned Jake Kerr, CEO of Hue Well being within the press launch.
Picture: Eva Almqvist, Getty Pictures
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