Digital Health Startup Raises $11 Million from Select Investors to Scale Virtual Home-Based Care
F-Prime Capital leads investment with participation from Town Hall Ventures
New financing in Cohort Will Improve Patient Outcomes and Lower Costs for Rising-Risk Populations
NEW YORK - February 15, 2021 - In a boost to its efforts to scale virtual care management across at-risk populations, Cohort today announced an $11 million Series B funding round. The investment was led by F-Prime Capital and joined by Town Hall Ventures, both notable for leading investments in value-based care. Cohort plans to utilize the capital infusion to expand its growth efforts across provider systems and payers, extend the capabilities of its clinical AI/NLP platform, and grow its care team to meet increasing demand for specialized, virtual care management.
Cohort, founded in 2016, combines clinical AI/NLP technology with an experienced team of care navigators to identify previously undiscovered risks and deliver targeted interventions to close gaps in care. Cohort partners with physicians to deliver continuous personalized care, significantly reducing physician burnout and increasing practice capacity, while integrating seamlessly with electronic health records (EHRs) and related reimbursement platforms. Cohort’s proven ability to scale its solution to engage the rising-risk population is an increasingly vital component of delivering value-based care.
“The majority of digital health and services solutions address the top five percent of patient acuity. The next 45 percent is the rising-risk population, which is significantly underserved today even though it represents a substantial portion of overall expenditures. Cohort addresses this pain point,” said Neel Master, CEO of Cohort. “We are fortunate to partner with two highly regarded healthcare investment groups who share our vision of redefining virtual care.”
To date, addressing the “next 45 percent” has been an immense challenge for the healthcare industry. By combining proprietary software, a dynamic clinical knowledge base, and a fully integrated care management team, Cohort’s solution seamlessly integrates into any care organization that seeks to improve its care management performance. The programmable solution is configured to meet the clinical and operational protocols of each practice. Cohort has successfully partnered with physician groups, health systems, federal health centers, accountable care organizations, and payers with an approach that has been lauded by physicians.
“Cohort is currently delivering continuous care to over 3,000 of our patients, representing a large portion of our rising-risk population. We see their solution as a cornerstone in achieving our overall population health objectives,” said Jeniqua Duncan, DO, MBA, associate medical director of CareSouth Carolina.
Cohort’s AI/NLP solution surfaces and assembles clinical insights trapped in EHR silos, including unstructured text. These insights power intelligent workflows, enabling their care team to deliver quantifiable improvements in quality measures, clinical outcomes, and patient insights. Cohort’s solution leads the industry with significantly higher population coverage and retention rates, due in large part to the long-term relationships Cohort’s care team members build with their patients. The trust and intimacy that comes from those deeply felt bonds often surface care gaps that patients share with no one else, including their physicians.
“By fully integrating technology, knowledge, and work, Cohort is a high-performance care management service that can be plugged into any organization that aims to improve clinical performance,” said Carl Byers, partner at F-Prime Capital and former CFO of athenahealth. “This is the same dynamic we saw in revenue cycle management, where disparate technologies and services fail to get the job done and where an integrated approach leads to continuous improvement that cannot be matched easily by do-it-yourself solutions within the four walls of the clinical practice.” Mr. Byers joins Cohort’s board of directors.
"The vast majority of Town Hall portfolio investments and Oxeon clients manage at-risk populations in some form or fashion. When we went to this network and asked them to help us evaluate Cohort's solution, we had never heard such great feedback for a potential investment; it was game over, proceed directly to close. We are thrilled to be supporting this company in providing better care to the next tier of clinical priority,” said Trevor Price, general partner at Town Hall Ventures.
Mr. Master co-founded Cohort with Rick Toren, who currently serves as Chairman and Chief Strategy Officer. Mr. Toren is co-inventor of the EpiPen and Holter Monitor and is a serial healthcare entrepreneur who co-founded CodeRyte and QPID. He is a recognized pioneer in Clinical Natural Language Processing (NLP). Mr. Master and Mr. Toren partnered closely with Tom Ferry, co-founder of Curaspan, who also serves on the Cohort board of directors.
Founded in 2016, Cohort combines clinical AI/NLP technology with a highly trained and experienced team of care navigators to identify previously undiscovered risks and deliver targeted interventions to close gaps in care. The company partners with physicians to deliver continuous personalized care, significantly reducing physician burnout and increasing practice capacity, while integrating seamlessly with electronic health records (EHRs) and related reimbursement platforms. Cohort’s proven ability to scale its solution to engage the rising-risk population is an increasingly vital component of delivering value-based care. For more information visit https://cohort.ai/
About F-Prime Capital
F-Prime Capital is a global venture capital firm investing in healthcare and technology. For the past 50 years, our independent venture capital group has had the privilege of backing great entrepreneurs building groundbreaking companies. With over two billion dollars under management and a global portfolio of nearly 200 companies, we champion those dedicated to creating positive change in the world.
Erik Milster for Cohort