The company’s goal is to deliver financial savings and improved patient outcomes, with potential to reduce annual employee out-of-pocket costs by $1,200. Credit: izzuanroslan/Shutterstock.  

Centivo, which offers primary care-centred health plans, has raised $75m (£56.10m) in equity and debt financing to expedite its goal of making healthcare more accessible and affordable for working families in the US.  

Both new and existing investors including strategic partners and financial backers contributed to this fundraise. 

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The capital injection includes contributions from new strategic investors Cone Health Ventures and MemorialCare Innovation Fund.  

Existing financial investors such as F-Prime Capital, B Capital, Cox Enterprises, Ingleside Investors and Morgan Health, a division of JPMorgan Chase, also participated.  

Debt facilities were provided by Trinity Capital and JPMorgan Chase, Centivo’s ongoing banking partner. 

The latest infusion is expected to allow Centivo to enhance its healthcare solutions, which aim to reduce costs for employers and improve care for employees.  

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Centivo’s approach includes a primary care-centred model with its in-house virtual practice, named ‘Centivo Care’; direct contracts with leading accountable care organisations across 18 major markets; and a transparent, tech-enabled member engagement and plan administration platform. 

With the fresh funding, Centivo plans to scale its product and technology and establish new alliances with health systems.  

The goal is to deliver financial savings and improved patient outcomes, with the potential to reduce annual employee out-of-pocket costs by almost $1,200. 

Centivo CEO and co-founder Ashok Subramanian said: “We are thrilled to have this level of financial support toward the continued growth of our radically affordable healthcare solution in America. 

“Our next step is to expand the number of Americans who can finally have a health plan that they can afford to use and to make more heroes out of those employers who are restoring healthcare affordability in their workplaces.” 

Centivo’s health plans are currently available to Americans across all 50 states and cater to a diverse range of industries.  

Last year, the company said it achieved a significant reduction in member out-of-pocket costs and savings for employers, while increasing utilisation of primary and specialty care. 

The company’s model is designed to be a “win-win” for progressive employers and value-based providers, focusing on cost-effectiveness and superior clinical outcomes.  

In 2020, Centivo received $34m in a Series B funding round to focus on the expansion of its offerings into new markets.