eternalHealth, a Boston MA-based health plan company, raised $10M in Series A funding.
The backers in the round, which follows an initial $10m in Seed and Pre-Series A investment by healthcare and tech entrepreneurs last summer, included John Sculley, former Apple CEO.
The company intends to use the funds to support the day-to-day operations, and grow and increase its membership base.
Founded by Pooja Ika, eternalHealth is a Medicare Advantage Health Plan that offers HMO and PPO products in three Massachusetts counties: Worcester, Middlesex, and Suffolk.
Through its technology-driven, innovative platform, eternalHealth is looking to substantially reduce its administrative & operating costs (SG&A) across the entire enterprise. The cost savings will allow for more dollars to be allocated towards the total cost of care, while also passing down the savings to their members through its benefits to lead them in the healthy direction.
Once eternalHealth reaches the critical membership threshold, it will implement value-based contracting with providers, through which they will collaborate with providers and help them manage the overall quality of care for their patients through platform driven intelligence, improve the overall quality of life, and reduce healthcare costs.