Digital major care startup Firefly Well being is beginning to look a bit bit extra like a managed-care group.
After elevating $40 million in new funding, the startup is seeking to construct out a well being plan profit constructed on its community, with the concept of incentivizing members and employers for care navigation selections with financial savings.
The Watertown, Mass-based startup was based in 2016 as a digital major care firm, the place customers can speak to a chosen care workforce just about or in individual. Though it began with major care and behavioral well being, it has additionally struck partnerships with exterior suppliers resembling Minute Clinic, Joslin Diabetes and Dana-Farber Most cancers Institute.
Although Firefly supplied digital visits earlier than the pandemic, they grew to become a extra widespread care avenue within the final yr. Now, different telehealth firms need to steer their providers towards extra of a major care mannequin.
“Digital major care noticed super progress during the last yr. However, disconnected, episodic care — digital or not — doesn’t tackle the overly burdensome, wildly costly course of sufferers sometimes face within the healthcare system,” Firefly CEO Fay Rotenberg mentioned in a information launch.
Firefly is at the moment out there in Massachusetts, Maine, New York, and New Jersey, and plans to increase into a number of new markets this yr. That effort can be supported by a $40 million collection B spherical, led by Andreessen Horowitz and supported by earlier buyers F-Prime Capital and Oak HC/FT.
Its well being plan ambitions may not be so distant from its present mannequin. Quite than charging for its providers on a fee-for-service foundation, it costs employers on a per-member, per-month foundation.
In a weblog publish, Andreesen Horowitz Common Accomplice Julie Yoo, pointed to the rise of “payviders,” or teams that pay for providers, like an insurer, and administer them, like a healthcare supplier. She is going to be a part of Firefly’s board of administrators.
“Firefly matches squarely into a number of of our funding theses round major care and the trendy well being advantages stack. It’s uncommon to see an organization that delivers on a value-based care mannequin, whereas additionally having a tech platform that connects its care groups, sufferers, and outdoors referral companions in each the net and offline world,” she mentioned in a information launch. “We’re excited to assist Fay and her workforce as Firefly accelerates the expansion of its care supply and advantages platform to deliver reasonably priced, pleasant navigation, major care, behavioral well being, and digital specialty care to the industrial and particular person insurance coverage markets.”
Photograph credit score: Venimo, Getty Pictures