New customers, revenue growth, deals, and industry accolades strengthen Cohere’s position as the transformation leader in intelligent prior authorization solutions
BOSTON (January 14, 2025) – Cohere Health®, a recognized leader in clinical intelligence, had a banner year in 2024, further cementing its position as the leader in intelligent prior authorization solutions to help people get faster access to care. Cohere’s next-generation transformation solutions now support over 16 million active health plan members, process 12 million prior authorization requests annually, and streamline prior authorization for more than 560,000 providers, with 88% of requests approved immediately through the power of AI. This spike in customers and volume has driven more than 60% year-over-year growth in committed annual recurring revenue.
Last year, Cohere secured nine major partnerships with leading U.S. health plans for its Cohere Unify™ platform. The company also expanded its client base for both the platform and its delegated clinical specialty solutions for musculoskeletal (MSK), radiology, cardiology, gastrointestinal (GI), and sleep care. Notable wins included two major Blue Cross Blue Shield plans, two large regional plans, and a large, national risk-bearing provider.
Cohere’s growth has been fueled by its dedication to innovation and an expanded suite of product offerings and capabilities. The company bolstered its AI/ML capabilities for the Cohere Unify platform to accelerate prior authorization approvals and reduce the administrative burden on providers–saving clinicians tens of thousands of hours. Additionally, the Cohere platform supports CMS prior authorization interoperability requirements. Furthermore, the company expanded its clinical specialty services, including diagnostic imaging and sleep studies.
“We are extremely proud of our accomplishments in 2024,” said Siva Namasivayam, CEO, Cohere Health. “Our team is growing quickly to meet market demand to streamline a burdensome part of healthcare–and we’ve also expanded our executive team, including a new CFO, CTO, and Chief Data and AI Officer, to further scale our company. They’re doing an outstanding job delivering for our clients, platform users, and investors. We’re looking forward to an even more successful 2025.”
Streamlining prior auth for patients, providers, and plans
Cohere’s use of AI for real-time authorizations delivers input time and expense savings of 35%, reducing 52 million minutes of provider time annually and achieving a provider NPS of 67. The company’s AI-related capabilities have also reduced nurse review time by 35%. The millions of transactions managed by the Cohere Unify platform are fully compliant with CMS-0057-F for prior authorization automation, well in advance of the 2027 requirements. Cohere’s experts are also active members on the Da Vinci Project Steering Committee, helping shape and advance the implementation guides that promote interoperability and efficiency in healthcare.
Industry recognition for company, technology, and results
In 2024, Cohere Health received significant industry recognition and accolades for its accomplishments, innovations and vision, including:
- Garnered a third consecutive KLAS Points of Light award for excellence in driving payer-provider collaboration
- Included twice in the Gartner Hype Cycle for U.S. Healthcare Payers, 2024 (July 2024)
- Recognized as a Major Player in the IDC MarketScape: U.S. Health Plan Prior Authorizations Solutions 2024 Vendor Assessment
- Named a Top 5 LinkedIn Startup for the second year in a row
- Won the Digital Health Hub “Best AI Story” award at HLTH 2024 in Las Vegas
- Ranked in the Newsweek Excellence Index 2025 by Newsweek and Best Practice Institute from more than 25,000 companies
Cohere also closed an additional $50 million in equity funding in early 2024 to support strategic investment. The company’s rapid growth trajectory was also boosted through new partnerships with Medical Mutual and Rhyme, an expanded collaboration with Humana, an integration with Epic’s Payer Platform, and a recently announced partnership with MCG to incorporate their evidence-based care guidance into the millions of transactions on Cohere’s platform.
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