Six years after starting its service linking employer-sponsored insurance plans with surgical centers of excellence, Carrom Health Has raised $ 40 million in a new round of funding to capitalize on the tailwinds while continuing to grow its business.
As the COVID-19 epidemic unravels the rift in the American health system, one of the ways employers have adopted to manage the significant costs of insuring employees is to manage self-care.
As they bear greater burden, companies such as Carrom, which offer services that manage certain essential points for businesses, are becoming increasingly attractive targets for investors, at a lower cost.
That was able to attract investors led by Carrom Tiger Global Management, Greatpoint Ventures And Cross Creek, all firms that were joining investors to support Wildcat Venture Partners and Springrock Ventures for the company’s Series A round.
Carom said the money would go toward sales and marketing to more customers, adding more services and improving its existing technology stack.
Carrum uses machine learning to collect and analyze data on surgical outcomes and care to identify what it considers surgical centers of excellence across the US.
The company offers self-insured employers the opportunity to purchase services directly from surgical centers for a bundled price. This can mean savings of up to 50% on surgical expenses.
Using Carrom, there are no co-pays, deductibles or co-insurance. Instead, Carom Health customers pay a fee and receive a 30-day warranty on the procedures in return, meaning the healthcare provider will cover any costs from the botched operation or complications from care.
Employees have access to a mobile application that gives them access to virtual care during and after surgery.
“Over the years, the industry has talked about redesigning healthcare to benefit patients, but the only way to really do that is to deal with the underlying economics of care,” a really difficult task, Carrom Health’s CEO and founder Sach Jain said, a statement. “Employers now have a modern, technology-driven solution that allows patients to receive better care without financial headaches and we are not stopping in surgery. In 2021 we will expand our reach and influence with additional services. It is such an honor to pave the way for better healthcare and we are very excited for the time to come. “
Carrom Health’s customers include Quest Diagnostics, US Foods and unknown organizations in retail, manufacturing, communications and insurance, the company said.