- Digital health plan company Centivo — a company that is built to save 15% or more compared with traditional insurance carriers and is easy to use for employers and employees — announced that it has raised $34 million in Series B funding
Digital health plan Centivo — a company that is built to save 15% or more compared with traditional insurance carriers and is easy to use for employers and employees — announced that it has raised $34 million in Series B funding. The company will use the funding to expand its offerings into new markets and further scale its operations in response to growing demand.
B Capital Group led the round. And New investors Define Ventures, HarbourVest Partners, and Nassau Street Ventures and existing investors Bain Capital Ventures, Company Ventures, F-Prime Capital, Ingleside Investors, Maverick Ventures, and Rand Capital also participated as well as various individuals.
Centivo was purpose-built to serve the self-funded employer and allows them to offer a turn-key benefits solution that meets the needs of a diverse workforce. And with Centivo, employers can offer their employees affordable and predictable costs, a high-tech member experience, exceptional service, and a range of benefit options including both traditional and proprietary networks.
Plus Centivo develops high-value networks in partnership with leading local healthcare providers and uses data analytics to refine the network and navigate members to the right providers. And members get a partner for all their healthcare needs through a primary care-centered model, as well as expanded access and fully integrated virtual care. Savings come from focusing spend on delivering high-quality care at the right place and time through coordinated care and by steering members to high-value providers.
Over the past year, Centivo has experienced major growth, tripling the number of clients and members it serves. And provider partners include leading health systems including Mount Sinai Health System, Orlando Health, Scripps Health, and UCLA Health as well as independent practices.
Centivo’s health plan solution is available to mid-sized and large employers in New York, New Jersey, Connecticut, Southern California, Florida, and North Carolina and will be expanding to additional markets in 2021.
KEY QUOTES:
“Nearly half of adults said they find it difficult to afford their health insurance deductible and even more have skipped or delayed care because of the cost. The COVID-19 pandemic is putting even more financial stress on these individuals and the companies that employ them. Excellent healthcare shouldn’t break the bank, and Centivo is proving it can be delivered affordably and effectively. By curating a network of top providers and leveraging data analytics, we can offer lower costs and help members effectively navigate their healthcare journeys.”
— Centivo CEO and co-founder Ashok Subramanian
“The rising cost of healthcare continues to be a challenge for both employers and their employees. Centivo is structurally lowering the cost of healthcare purchasing by using technology and analytics to create efficiencies and improve outcomes. Their solution yields sustainable savings and boosts quality for the long term for employers and employees alike.”
— Karen Page, General Partner at B Capital Group, who is joining the Centivo Board of Directors
“The focus on primary care and quality, as well as their nimbleness, is what drew us to Centivo. Our Team Members love the predictable costs with copays instead of deductibles and coinsurance, and I love having a partner working right alongside us to improve outcomes.”
— Karen Mazako, vice president of Human Resources at Stew Leonard’s
