Flume Health Secures $30M for Health Plan Administration Platform – HIT Consultant
What You Should Know:
– Flume Health, an NYC-based Health-Plan-as-a-Service platform announced today a $30M round of Series A funding led by Optum Ventures with participation from Cigna Ventures is participating, bringing its total raise to date at $40M.
– Flume gives all U.S. health insurers the option to build personalized healthcare plans–what Stripe or Plaid did for digital banking is what Flume is doing for digital health.
Launch Next Generation Health Plans in Months
155 million Americans participate in employer-sponsored health insurance, and people are looking for more personalized health plans that fit their lifestyles or health goals, helping them access the care they want and need. Flume is focused on powering digital-first health plans tailored to patients’ unique health needs and preferences. Through its digital platform for health plan administration, Flume can empower any established or emerging health insurer or care provider to launch health plans that are tailored to the unique needs of any patient population. Managed and API-enabled, Flume operates as the fully-managed central nervous system for any health plan, allowing for unprecedented ease in novel plan building, point solution integration, and real-time member visibility.
Companies Leveraging Flume Health
The evolution of healthcare plans is underway, with new companies providing an array of valuable options that deliver better care by serving the true needs of micro populations, including specific occupations, medical issues, ethnicities, gender identities, and more. Challenger health plan Firefly Health adopted Flume OS to launch its new health plan, going from concept to fully operational — with ID cards in members’ hands — within six months.
Innovative new health plans are being built around specific care models, from direct primary care to chronic disease management programs. Value-based advanced primary care practice Hue Health leverages Flume to create custom health plans for self-funded employers. Hue builds health plans around the concept of advanced primary care as the center of all patient care coordination–a “healthcare quarterback.” Their highly scalable, value-based network approach enables providers to focus on practicing medicine how they see fit based on what their communities need, spending dramatically less time on billing and administrative services.
Reaching our Series A milestone in just six months is a testament that our investors share our values and believe in Flume’s ability to help reinvent the shape and texture of health plans for American healthcare consumers,” said Cedric Kovacs-Johnson, CEO and founder, Flume Health. “We are excited to help people through plans that meet their unique needs and are tailored to their lifestyle.”
