Transcarent, a health platform for self-insured employers, received a whopping $ 200 million in Series C funding. Kinnevik and Human Capital led the round, in which the Ally Bridge Group, General Catalyst, 7wireVentures and existing transcarent investors participated.
Under the direction of Livongo veterinarian Glen Tullman, the company emerged from camouflage in March with $ 40 million in grants. During the summer, the company raised an additional $ 58 million in Series B funding, led by General Catalyst and 7wireVentures.
WHAT IT DOES
The company is aimed at self-insured employers and their employees. Members can access care virtually around the clock. A health concierge can also speak to patients and help them plan surgeries and care routes.
The company is also working to reduce drug costs. In October, for example, the company signed a deal with Walmart to lower the cost of prescription drugs and other prices for its members in the auto insurance market.
Transcarent operates on a completely risky model where employers have no upfront fees or monthly fees per employee. It also pays healthcare systems up front for operations.
WHAT IT IS FOR
While the company hasn’t specified what the funds will be used for, it is clear that it wants to grow.
“Healthcare consumers want an experience that they understand and are comfortable with, that offers unbiased information, trusted guidance, easy access to quality care, and that puts quality first,” said Glen Tullman, chief executive officer from Transcarent, it says in a statement.
“They want better solutions for everyday care, for medication, for operations, for care that is delivered where it is needed, ideally at home and not always during the day, and for high-quality solutions for complex treatments such as cancer. And they We want all of this in one place, that is long overdue, and we all like the interest that we get in the market from all nurses and the companies that employ us. “
In the past few years, a number of digital health startups have hit the market that focus on the payer space. For example, Clover Health, an insurtech company for Medicare Advantage plans, went public in 2020 through a SPAC merger.
Oscar health, another tech-first insurer, went public through an IPO in early 2021. It was followed by the other insurtech company Bright Health, which went public in June.
Traditional insurers also offer virtual-first health plans. For example, UnitedHealthcare and Cigna both launched tech-first plans.