Flume Health raised a $30 million Series A in early March, which the company plans to use to expand its personalized health plans for self-insurers. Press ReleasesOptum Ventures led the round, with new investor Cigna Ventures co-financing with existing investors: Accomplice, Crosslink Capital, ERA’s Remarkable Ventures Fund, Founder Collective, Primary Venture Partners and Route 66 Ventures. The series brings Flume’s total funding to $40 million.
“Flume’s focus on simplifying the design and administration of wellness programs is critical to helping create wellness programs that truly align with consumers’ lifestyles and needs,” Jon Sklaroff, principal at Optum Ventures, said in the release. “We believe [Flume’s] Health plan management tools built on modern digital architecture will enable companies to deliver personalized health plans and personalized healthcare at scale. “
The New York-based startup provides a platform for custom health plan administration for companies that act as third-party administrators on behalf of self-insured employers. Generally, if a company wants to offer a personalized insurance plan, it can prove to be expensive and time-consuming, so insurers—large employers in this case—may turn to third-party management member (TPA) to deal with it. For companies looking for a TPA to oversee registration, claims processing, compliance and payments, and for those looking to target specific populations, Flume believes it has a fast, technologically cutting edge solution.
Flume also works with care providers who want to create personalized health plans for employers.As a case study, it points to a custom The plan it created for Firefly Health in just six months.
“We are excited to help people with programs that meet their unique needs and are tailored to their lifestyles,” Flume Health CEO and founder Cedric Kovacs-Johnson said in a press release. Reaching our Series A milestone within the month is a testament to our investors who share our values and believe in Flume’s ability to help reshape the form and structure of wellness plans for the American healthcare consumer.”
In addition to shortening the company’s time, Flume also emphasizes the tailored nature of its programs and labels itself as a turnkey solution. For example, Flume pointed to a dedicated program it designed for Hue Health, which focuses on advanced primary care.
“With our combined technical expertise and Flume’s deep understanding of the complex balance between patients, providers, and plans, we can analyze our clients’ networks and provide insights for our target customer base – self-funding employers – and their employees Provides a truly seamless experience,” Hue Health CEO Jack Cole said in a press release.
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