Lumeris, a value-based care enablement company, said Monday it closed a $100 million equity funding round.
Lumeris, founded in 2011, assists payers and providers on risk contracts with administrative support through its platform. The round brings the total amount raised by the company to $340 million.
Investment firm Deerfield Management led the round. Endeavor Health, venture capital firms Kleiner Perkins, Sandbox Industries and BlueCross Blue Shield Venture Partners also participated.
Mike Long, chairman and CEO of Lumeris, said the funds will be used to increase required regulatory reserves due to the company’s growth in taking on risk-based contracts as well as its investments in artificial intelligence technology. He said Lumeris is developing an AI agent that can reach out to patients via text, email or phone calls to answer questions about benefits and remind them about potential missed care opportunities.
Lumeris owns and operates a Medicare Advantage program through Essence Healthcare, a Medicare Advantage plan concentrated in six states including Illinois and Ohio and Kentucky.
The company also takes capitated fees from national and regional payers like Humana and CVS Health that have Medicare Advantage risk arrangements and partners those plans with its existing provider partners including Evanston, Illinois-based Endeavor Health and Cincinnati-based TriHealth. It also directly contracts with Centers for Medicare & Medicaid Services for Accountable Care Organization Reach and Medicare Shared Savings plans.
Oracle completed its $28.4 billion acquisition of Cerner in June 2022. Electronic health record company Cerner Corp. was a previous minority owner in the company, but Long said the two mutually agreed the partnership would be unwound in late 2022.
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