Iora Health Goes Big With $100M to Advance Collaborative Care Model
Iora Health has become of the bigger players in digital healthcare and non-traditional health systems. The Boston company just announced a $100 million Series E funding round from investors including .406 Ventures, Devonshire Investors, F-Prime Capital, Flare Capital Partners, and GE Ventures.
Most (if not all) of those are returning investors in Iora, which now has raised a total of more than $223 million since its founding in 2011.
Iora runs a network of primary care clinics around the U.S., and says it is focused on Medicare patients over 65 years old. The company has been advancing its collaborative care model, which involves a team of doctors, nurses, and health coaches tracking each patient’s health with the aid of Iora’s software platform.
The cost structure is non-traditional, and that is key: Iora signs deals with health insurers and employers, who pay a flat monthly fee instead of following a fee-for-service model. Iora argues that its fee structures lead to higher-quality care, more time for doctors to spend with patients, and lower costs overall. In some cases, patients don’t pay any more for return visits to a clinic, for example.
Last year, the company’s clinics doubled their number of patients seen, according to a prepared statement from Rushika Fernandopulle, Iora’s CEO and co-founder. He added that the new funding round “will allow us to deliver our high quality care to more patients in new and existing markets.”