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Digital health start-up Transcarent announced on Thursday a $58-million Series B investment, bringing its total funding to $98 million and allowing the company to expand its risk-based offering for self-insured employers. The latest funding included investment from Merck Global Health Innovation Fund and Leaps by Bayer, among others.
Glen Tullman, who was appointed CEO of Transcarent in March, explained that "siloed point solutions and navigators don't improve people's experience and don't address the lack of alignment with the true payers in healthcare - employers and the people who work for them." He said Transcarent will "remove the unnecessary barriers and provide employees with the right resources to make informed decisions for themselves and their families, while realising better value for their employers."
Bill Taranto, general partner of the Merck Global Health Innovation Fund, said that "rising costs in the self-insured employer space, along with the acceleration of broad adoption of virtual care due to the pandemic, have underscored the need for new and different health benefit models."
According to Transcarent, its consumer-directed health and care platform uses a combination of data science, software and health guides to provide "unbiased information, trusted guidance and access to high-value care that leads to better care, better outcomes, and more cost-effective decisions." The company says it delivers a personalised, around-the-clock experience, addressing the most common and challenging issues by connecting people with a personal health guide or physician, offering expert second opinions, medication review and management, virtual physical therapy and site-of-care surgery solutions.
Transcarent closed a $40-million Series A round last year. The company recently merged with BridgeHealth, which has 1 million members and more than 160 centres of excellence and ambulatory surgery centres.
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