The fourth bonus product is a neurological test used to assess your sanity that they call their customer service department. And the third is administrative - processing claims, wiring payments to the right people, sending bills, etc. The second is a network of providers who they contract rates for different services. The first is a financial product which is the actual insurance - they have a pool of money you have access to if something happens. You can think of health insurance carriers as three separate products. New investor Cigna Ventures and existing investors Crosslink Capital, Route 66 Ventures, Accomplice, Founder Collective, Primary Venture Partners and ERA’s Remarkable Ventures Fund also participated in the round, bringing Flume’s total raise to $40 million.
#FLUME HEALTH PROVIDER PORTAL SERIES#
The company recently announced a $30 million Series A raise, led by Optum Ventures. The company was started by Cédric Kovacs-Johnson in 2017. Or apparently flumes are a human made channel of water, but I have no idea how I’m supposed to turn that into a joke. This is alluded to in his 2019 EP Quits, which is a reference to ending existing third-party administrator contracts when they don’t meet their Service Level Agreements. They’re named after Flume, the DJ, who is himself an innovator of the EDM genre and also would probably be a fan of enabling new care delivery organizations to take on financial risk without the administrative burden. If you’re interested in having a sponsored post done, email Company Name - Flume Healthįlume Health is a new Health Plan Operating System (we’ll get into what that means). This is a sponsored post - you can read more about my rules/thoughts on sponsored posts here. They’ll likely face some obstacles along the way, including whether enough companies actually want to take on financial risk, legacy companies building their own tech, and operational complexity that comes with scale.
They’re making it easier for providers and health plans to take on financial risk without the administrative hassle. all powered by APIs, webhooks, and data sharing.
Flume Health has built a tech-enabled back office solution for anyone that wants to launch their own health plan - claims, payments, eligibility, etc.
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