Digital main care startup Firefly Well being raises $40M, plans foray into advantages

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Digital main 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 trying to construct out a well being plan profit constructed on its community, with the thought of incentivizing members and employers for care navigation selections with financial savings.

The Watertown, Mass-based startup was based in 2016 as a digital main care firm, the place customers can discuss to a chosen care crew just about or in individual. Though it began with main care and behavioral well being, it has additionally struck partnerships with exterior suppliers equivalent to Minute Clinic, Joslin Diabetes and Dana-Farber Most cancers Institute.

Although Firefly provided digital visits earlier than the pandemic, they grew to become a extra widespread care avenue within the final yr. Now, different telehealth firms wish to steer their providers towards more of a primary care model.

“Digital main care noticed super development during the last yr. However, disconnected, episodic care — digital or not — doesn’t handle the overly burdensome, wildly costly course of sufferers sometimes face within the healthcare system,”  Firefly CEO Fay Rotenberg said in a news release.

Firefly is at present obtainable in Massachusetts, Maine, New York, and New Jersey, and plans to increase into a number of new markets this yr. That effort shall be supported by a $40 million sequence B spherical, led by Andreessen Horowitz and supported by earlier traders F-Prime Capital and Oak HC/FT.

Its well being plan ambitions won’t be so distant from its present mannequin. Reasonably than charging for its providers on a fee-for-service foundation, it costs employers on a per-member, per-month foundation.

In a blog post, Andreesen Horowitz Basic 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’s going to be a part of Firefly’s board of administrators.

“Firefly matches squarely into a number of of our funding theses round main care and the fashionable 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 out of doors referral companions in each the net and offline world,” she stated in a information launch. “We’re excited to assist Fay and her crew as Firefly accelerates the expansion of its care supply and advantages platform to deliver reasonably priced, pleasant navigation, main care, behavioral well being, and digital specialty care to the business and particular person insurance coverage markets.”

Photograph credit score: Venimo, Getty Pictures

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