The startup has developed a centralized contract marketplace that facilitates direct contracting in healthcare by connecting self-insured employers with providers and payers. This platform enhances pricing transparency and care efficiency, leading to improved patient satisfaction and streamlined healthcare transactions.
Funding
$11.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Self-insured employers often lack transparency into healthcare pricing, leading to unpredictable costs and difficulty in managing employee healthcare benefits. Providers also lack insight into the employer plans and patient communities they serve, hindering effective negotiation and care coordination. Traditional healthcare models involve multiple intermediaries, resulting in increased overhead and transactional risks for patients, plans, and providers.
Solution
The Coral Platform is a centralized direct contract marketplace designed to connect self-insured employers with healthcare providers and payers, promoting pricing transparency and efficient care delivery. The platform enables employers to directly contract with high-quality providers, offering bundled pricing and eliminating intermediaries. Providers gain access to a broader network of employers and patients, streamlining referrals and payment processes. The Coral ecosystem facilitates communication and care management, allowing for better coordination between providers, employers, TPAs, and care management companies.
Target Audience
The primary target audience includes self-insured employers seeking cost-effective healthcare solutions, healthcare providers looking to expand their network and streamline administrative processes, and third-party administrators aiming to enhance care coordination and reduce costs.
Features
- Direct contracting capabilities for employers to engage with providers
- Bundled pricing programs for medical services
- Private marketplace creation for customized healthcare solutions
- Referral management and care coordination tools
- Communication platform for secure messaging between stakeholders
- Streamlined invoicing and payment processing
- Integration with TPAs and care navigation services
- White-label mobile app for patient engagement
- HIPAA and SOC 3 compliance