Troy Medicare, a Charlotte, N.C.-based licensed health insurance startup, raised $5m in Series A funding.
The backers were not disclosed.
The company intends to use the funds to accelerate the deployment of its solution with the launch of its Medicare Advantage plan in North Carolina in 2019.
Led by Flaviu Simihaian, Chief Executive Officer, Troy Medicare provides a solution which enables pharmacists to leverage each interaction with their patients to drive down the total cost of care.
THE PRESS RELEASE
Troy Medicare Announces $5 Million in Series A Funding to Transform the Health Insurance Market
NC-licensed health insurer deploys new funding to empower pharmacists to lower the total cost of care
May 01, 2019 08:30 AM Eastern Daylight Time
CHARLOTTE, N.C.–(BUSINESS WIRE)–Troy Medicare, a licensed health insurance startup based in Charlotte, North Carolina, announced today that it has raised $5 million in funding to support the launch of its Medicare Advantage plan in North Carolina in 2019. This financing will help accelerate the deployment of Troy’s solution which enables pharmacists to leverage each interaction with their patients to drive down the total cost of care.
Flaviu Simihaian, Troy Medicare’s Chief Executive Officer, said, “We are setting into motion a game-changing model of delivering care that lowers drug costs and drives better health outcomes for our seniors. Pharmacists are the most trusted and accessible healthcare providers, and Troy Medicare is the first health plan to utilize this unique relationship in order to lower the total cost of care. By providing chronic disease management, smoking cessation, and diabetes prevention programs, pharmacists have shown to reduce readmissions for complex care patients by 45%. Troy Medicare provides the technology, data, and business model to empower pharmacists to provide these clinical services for our members.”
This announcement comes on the heels of Troy Medicare becoming the first Medicare Advantage plan to adopt the National Average Drug Acquisition Cost (NADAC) pricing standard in order to make drug pricing transparent for each senior and pharmacy in its network.
About Troy Medicare
Troy Medicare is a North Carolina-licensed health insurance startup that puts pharmacists in the driver’s seat of every senior’s healthcare. The average senior visits one of our 21,000 pharmacies three times per month. We are the first health plan that leverages these interactions and enables pharmacies to improve health outcomes while lowering costs.
For more information on Troy Medicare, please visit http://www.troymedicare.com.