According to the company, the financing will allow Covera to speed up its data science R&D efforts to quantify the impact of diagnostic errors in Radiology.
“Medical misdiagnosis is one of the most impactful and overlooked areas of our healthcare system that, when addressed properly, has the opportunity to dramatically improve patient outcomes,” Covera Health founder and CEO, Ron Vianu stated in the company press release. “We’re initially focused on and have seen great success within the field of radiology. Despite being viewed as a commodity, the specialty exhibits meaningful variability such that a patient undergoing an MRI or CT scan, two common tests, may receive a completely different diagnosis from different providers for the very same condition. Such errors can have a devastating impact on patient outcomes.”
Jeff Horing, Managing Director at Insight Partners commented in a press release, “It’s clear to us that Covera creates a clear win for everyone involved. With Covera, radiologists are able to deliver accurate diagnoses, patients receive higher quality radiology reads, leading to more appropriate treatment and improved quality of life, while payers save on all the unnecessary medical costs that are caused by inaccurate diagnoses. Covera Health is at the center of this dynamic, supportive ecosystem.”
In a similar deal, OM1, a provider of clinical analytics and informatics platforms, intelligent machine learning technology, applied algorithms, and predictive analytics for healthcare providers, raised $50 million.
Data analytics focused companies raised $1.6 billion in venture capital funding in 2019.