Firefly Health prepares for employer market entrance with $40M Series B raise – Mobihealth News

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Watertown, Massachusetts-based Firefly Health has closed its $40 million Series B funding round, led by Andreessen Horowitz.

The health navigation and concierge platform also got backing from previous investors F-Prime Capital and Oak HC/FT.

Along with the funding, the company has added a16z General Partner Julie Yoo to its board of directors, which is led by Jonathan Bush, cofounder and former CEO of athenahealth.

WHAT THEY DO

Firefly boasts that it delivers “half-priced healthcare that’s twice as good” through its platform.

When people sign up for the platform, they select a comprehensive care team that includes a primary care physician, nurse practitioner, health guide and behavioral health specialist. The care team is available whenever the patient needs them through video visits or via in-app chat.

If needed, Firefly members have access to in-person specialty care through the company’s partnership network. The platform also helps users schedule same-day appointments, refill prescriptions and manage their health goals.

The company currently operates in Massachusetts, Maine, New York and New Jersey. It accepts most major insurance plans in the states it services and some types of Medicare in Massachusetts.

WHAT IT’S FOR

With the newly raised capital, Firefly plans to enter the employer-sponsored market with the launch of its health plan offering. The Firefly Plan is powered by its existing primary care approach and is expected to launch later this year.

 “Today’s investment will meaningfully accelerate Firefly’s ability to go national and bring to market a full benefit plan, truly allowing us to bend the cost curve and further differentiate our platform to the employer community,” Bush said in a statement.

It will also use the funds to expand its geographic footprint into new markets throughout the year.

MARKET SNAPSHOT

Companies that blur the lines between digital and traditional care have been experiencing substantial market growth over recent months.

App-based primary care provider 98point6 recently added behavioral health services to its product lineup. Crossover Health and Forward Health each completed massive Series D funding raises in March.

ON THE RECORD

“Virtual primary care saw tremendous growth over the last year. But, disconnected, episodic care –virtual or not – does not address the overly burdensome, wildly expensive process patients typically face in the healthcare system,” Fay Rotenbeg, the CEO of Firefly, said in a statement.

“We are a virtual-first healthcare delivery system with primary care providers, virtual specialists and behavioral health providers that is complemented by a network of physical facility partners and underpinned by a powerful technology-enabled operating platform. Our model, packaged as a full health benefit, makes half-priced healthcare that is twice as good clinically and emotionally a reality for all our patients.”

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