Cohere Health, a clinical intelligence company specializing in prior authorization automation, has raised $50 million in additional equity funding led by Deerfield Management. This round brings Cohere’s total venture funding to $106 million. The capital will support the company's expansion to meet the growing demand for its intelligent prior authorization platform.
The company’s AI-powered platform leverages real-time analytics and clinical intelligence to reduce prior authorization denial rates for health plans and providers, leading to faster patient access to care by five days. Cohere currently serves five health plans, processing 5.5 million prior authorizations annually for over 15 million health plan members and 420,000 healthcare providers.
The Centers for Medicare and Medicaid Services recently finalized a rule that requires health plans to invest in advanced technology for federal prior authorization compliance. Cohere’s platform is equipped to help health plans meet and exceed these regulations.
