Radiology vendor Covera Health has raised up to $50 million in series C financing and also is acquiring artificial intelligence firm CoRead, the company announced Wednesday.
Founded a decade ago, Covera’s focus is on radiology performance, measurement and impact. Global venture capital and private equity firm Insight Partners is currently committing $25 million with the potential to double the total.
Coupled with its acquisition of CoRead—an AI quality assurance company used by over 2,000 hospitals—Covera plans to rapidly scale its offerings.
“There are over 1,300 imaging exams performed every minute in the U.S. These studies serve as the backbone of our healthcare system and are central to a patient's diagnosis, but their impact is often underestimated," Ron Vianu, founder and CEO of Covera, said in a Nov. 1 announcement. “Enhancing the field's ability to quantify and improve diagnostic quality is essential to both improve patient outcomes and ensure providers are compensated for the value they provide.”
New York-based Covera previously made news in radiology when it partnered with Walmart in 2019, helping the retail giant guide employees toward-high-value imaging. The startup also announced in 2020 that it had inked its first deal with a commercial payer, establishing “radiology centers of excellence” around the highest quality physicians. Covera now works with some of the nation’s largest payers and health systems, serving as the “industry’s first” two-sided marketplace for driving quality performance in radiology.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.