Covera Health, an AI-enabled diagnostic technology company focused on radiology performance measurement and impact, has announced both a $50 million funding round and the completion of an acquisition.
Covera has purchased CoRead, an AI quality assurance company being used by more than 2,000 hospital sites nationwide. CoRead is using generative AI to focus on performance improvement in radiology, and its capabilities will be integrated into Covera Health's platform.
The Series C funding is led by Insight Partners, which also led its first two funding rounds. Covera said the additional funding, combined with the acquisition, will empower it to rapidly augment and scale its two-sided marketplace between payers and providers. Providers will gain access to comprehensive quality insights across a broader range of radiological studies and pathologies, enhancing their quality improvement and peer learning activities, the company said. Simultaneously, employers and their health plans can leverage these insights to enhance their network and care management programs, ensuring improved patient care and outcomes while mitigating the costs and harms associated with misdiagnosis, the company said.
"There are over 1,300 imaging exams performed every minute in the U.S. These studies serve as the backbone of our healthcare system and are central to a patient's diagnosis, but their impact is often underestimated," said Ron Vianu, founder and CEO, Covera Health, in a statement. "Enhancing the field's ability to quantify and improve diagnostic quality is essential to both improve patient outcomes and ensure providers are compensated for the value they provide."
In 2022, Healthcare Innovation wrote about the Quality Care Collaborative (QCC), which joins Covera Health’s clinical intelligence platform and Nuance Communications’ Precision Imaging Network to enable providers, payers, and employers to work together in a trusted and secure setting on long-term, sustainable quality improvement programs, peer-learning initiatives, and value-based care efforts.
Through Covera's Patient Safety Organization (PSO), which is certified by the Agency for Healthcare Research and Quality (AHRQ), clinicians can optionally share data with and receive insights from the QCC to improve care quality in a safe and trusted environment.
PSO data receives increased protection against discovery and restricts any sharing with payers, Covera said. All radiology practices in participating payers' networks can opt-in to the QCC at no cost to them to gain access to a growing suite of quality analytics and clinically validated AI tools to augment existing quality improvement programs. Participating payers and self-insured employers can achieve improved quality and better outcomes for their member populations and the best value for their healthcare dollars.
As a result of the acquisition, Lawrence Ngo, former CEO of CoRead, will join Covera Health as senior vice president, quality assurance platform, reporting to President Aaron Friedkin.
"Joining Covera Health presents an exciting opportunity to reshape how we apply AI in radiology," said Ngo, in a statement. "As a radiologist, I recognize the immense potential of our capabilities for quality improvement. Together, we aim to develop faster and more intricate models, ensuring large-scale quality improvements that benefit patients nationwide."
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