Covera Health raises $8.5M for analytics-based programs to reduce misdiagnoses

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The New York City-based company is currently focused on bringing its approach to the radiology field.

Covera Health, a startup offering analytics-based programs to reduce medical misdiagnoses, has raised $8.5 million in Series A financing.

Equity Group Investments led the round, while “select strategic and individual investors” also participated, according to a news release.

The New York City-based company intends to use the funding for R&D efforts around quality analytics, to establish new relationships with clinical and data partners, to accelerate product development and to build its sales, engineering and data science teams.

Via email, co-founder and CEO Ron Vianu said his company offers a radiology centers of excellence program for health plans and self-insured employers. Through it, Covera identifies high-quality providers in areas across the nation.

The company relies on its quality care collaborative, “a unique data-sharing partnership with radiology providers nationwide” and its analytics framework, “which objectively measures quality (i.e., diagnostic accuracy) in order to identify the type, frequency and impact of misdiagnoses across practices and patient populations,” Vianu said.

The startup can use its offerings to help employers and health plans match their members to high-quality providers. Covera also gives radiologists feedback so they can improve care.

“Overall, this unique offering improves care and outcomes for employees/patients (while increasing their overall satisfaction and well-being) and reduces healthcare spend for self-insured employers and health plans,” Vianu said.

He noted that Covera can plug into clients’ existing workflows. Vianu said he can’t disclose names of any specific customers, but did point out that the startup works with “many of the major healthcare payers” and covers 1 million lives across the country.

Though Covera Health’s approach can be applied to other medical fields, it intends on sticking to radiology for now.

“Our analytics framework certainly translates to other medical disciplines beyond radiology, but we’re planning to focus on radiology for the next couple years, given it’s such a critical (and often overlooked) juncture in patient care,” he said.

Source: MedCity News

Julian Yao