- Clinical analytics solutions company Covera Health recently announced it raised $23.5 million in Series B funding led by Insight Partners
Clinical analytics solutions company Covera Health recently announced it raised $23.5 million in Series B funding led by Insight Partners with participation from existing investors, including Prism Ventures. This round of funding enables Covera to accelerate its data science R&D efforts to measure and quantify the impact of diagnostic errors, initially in the field of radiology. And the funds also allow Covera to further support and expand its first solution, a national Radiology Centers of Excellence program, which serves health plans, self-insured employers, and strategic partners.
The program has been statistically proven to reduce medical misdiagnoses, leading to better treatment, improved outcomes, and lower wasted healthcare spend.
“Medical misdiagnosis is one of the most impactful and overlooked areas of our healthcare system that, when addressed properly, has the opportunity to dramatically improve patient outcomes,” said Covera Health founder and CEO Ron Vianu. “We’re initially focused on and have seen great success within the field of radiology. Despite being viewed as a commodity, the specialty exhibits meaningful variability such that a patient undergoing an MRI or CT scan, two common tests, may receive a completely different diagnosis from different providers for the very same condition. Such errors can have a devastating impact on patient outcomes.”
Covera Health has a goal of developing the most rigorous, quantitatively-based solutions to improve healthcare quality, diagnostic accuracy, and patient outcomes. And the company builds programs for employers, health plans, and strategic partners to reduce misdiagnoses, improve patient outcomes, and reduce medical costs.
“It’s clear to us that Covera creates a clear win for everyone involved,” added Jeff Horing, Managing Director at Insight. “With Covera, radiologists are able to deliver accurate diagnoses, patients receive higher quality radiology reads, leading to more appropriate treatment and improved quality of life, while payers save on all the unnecessary medical costs that are caused by inaccurate diagnoses. Covera Health is at the center of this dynamic, supportive ecosystem.”
