Covera Health Closes $23.5M in Series B

As the country's leading provider of clinical analytics solutions to reduce medical misdiagnoses, Covera Health today announced its Series B financing, led by Insight Partners, with participation from existing investors, including New York-based Prism Ventures.

This financing 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. In addition, 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. This 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," stated 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."

"It's clear to us that Covera creates a clear win for everyone involved," said 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."

Covera Health is dedicated to developing the most rigorous, quantitatively-based solutions to improve healthcare quality, diagnostic accuracy, and patient outcomes. "We're thrilled to have Insight's support. Given their incredible track record that spans over 25 years and hundreds of diverse investments, they are uniquely positioned to further our mission to develop a trusted standard of quality for all stakeholders – patients, physicians, employers, and health plans," said Vianu.

About Covera Health

Covera Health, a leading clinical analytics company, is pioneering quality-based solutions for payers and providers that enable the measurement and delivery of high-quality care. The company builds programs for employers, health plans, and strategic partners to reduce misdiagnoses, improve patient outcomes, and reduce medical costs. Covera Health's first solution, its innovative Radiology Centers of Excellence Program, operates in all 50 states. For more information, please visit www.coverahealth.com.

About Insight Partners

Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Its mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across its people and our portfolio, Insight Partners encourages a culture around a core belief: growth equals opportunity.