Boston-based Iora Health, a primary care provider network, announced an investment of $126 million in its latest funding round.
The company has grown to 48 practices serving thousands of Medicare beneficiaries. Last September Iora Primary Care expanded its relationship with Humana’s Medicare Advantage offering to include Arizona, Colorado, Georgia and Washington as well as Texas.
India-based Premji Invest, the billion-dollar investment group of Wipro Ltd. chairman Azim Premji, led the funding round and was joined by existing investors Cox Enterprises, Temasek F-Prime Capital, Devonshire Investors, .406 Ventures, Flare Capital Partners, Polaris Partners, and Khosla Ventures.
Iora patients averaged over four visits in 2019 with twice as many electronic interactions with their care teams, the company said, adding that its model drives a decrease of more than 40 percent in hospitalizations as a result of better engagement and health.
Iora Primary Care says its patients experience:
• Longer appointments;
• An integrated care team including doctors, nurse practitioners, health coaches and behavioral health specialists;
• Convenience, including 24/7 access to healthcare professionals by phone for urgent needs, same/next day appointments for acute appointments and onsite labs;
• Iora’s proprietary collaborative care platform, Chirp, is designed so patients can schedule appointments, access their records and communicate directly with their care team electronically.
Iora said it would use the Series F funding to accelerate growth and refine and optimize its care model. It will also increase investment in its proprietary collaborative care platform, Chirp, to add features such as the capability to generate and consume standardized electronic patient information, and the capability to share such information with specialists and non-Iora providers via the Direct standard.
