Recently, Iora health, a primary care clinic operating company, announced that it has received US$126 million in Series F financing, led by Premji Invest (founded by the chairman of Wipro). This round of financing is mainly used to develop existing businesses, apply for EHR (Electronic Health Records System for Medical Insurance) certification, and add new features to its technology platform Chirp.
Iora Health said it plans to use the new funding to accelerate the company’s growth and add new features to its technology platform Chirp. It has also previously received funding from Flare Capital Partners, Temasek, F-Prime Capital, Cox Enterprises, Devonshire investors, 406 Ventures, Polaris Partners and Khosla Ventures, among others.
Iora Health is a service provider that provides primary healthcare for the elderly. Founded in 2011 and headquartered in Boston, it currently operates 48 clinics (up from 24 in 2018), focusing on providing collaborative care models for people over the age of 65. Support for Medicare patients.
IoraHealth said that under this model, doctors will charge a fixed fee for each patient’s visit instead of charging for each service provided; in addition, patients have not been equipped with health coaches, and a self-developed software platform is provided for both parties to record and share. information. Overall, Iora Health has three innovations:
1) Adopt a non-traditional fee-for-service model, that is, do not accept self-paying patients, all from cooperative insurance and self-insured employers, to ensure unimpeded access to patients’ authorized needs and complete billing, and provide personalized care accordingly Program;
2) Effectively use new technologies such as big data, that is, use the electronic medical record system to grasp all the data of the patient, and reasonably classify and track the patient;
3) Nursing teams in diverse institutions, i.e. many health coaches in addition to hiring doctors, nurses and behavioral health specialists.
We know that elderly care and health care for the elderly are a major challenge on a global scale. In the United States alone, the elderly population in the United States exceeds 52.2 million, of which about 80% have at least one chronic disease. The traditional medical service model established for the treatment of acute diseases cannot meet the long-term needs of the elderly for primary health care; in addition, the high cost will also impose a huge burden on the health care system.
In China, similar problems are particularly prominent. Iora Health is constantly breaking the above-mentioned predicament through an innovative model, that is, starting with basic medical care services, operating according to the effect, paying attention to the health management of customers and reducing the probability of illness. With the successful fundraising of Iora Health, competition in the industry is heating up. Other companies are also keeping a close eye on health insurance, such as CVS, which recently hired Iora’s former chief marketing officer to lead clinic operations.
At present, many companies around the world have been involved in primary health care services for the elderly, such as , , . In terms of model, there are also benchmarking companies in China, such as Ping An Good Doctor, Penguin Almond, etc., but they are mainly aimed at the health management of the general public; in the field of elderly care, only a few players such as Taikang Pension have slightly different models.
However, with the deepening of the aging population, the advancement of primary medical care, and the development of long-term care insurance, China is also expected to have a primary medical care service platform similar to Iora Health.
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