BLOOMFIELD, Conn., Jan. 13, 2020 -- Cigna Ventures, a strategic corporate venture capital partner and wholly owned indirect subsidiary of Cigna Corporation (NYSE: CI), today announced it has invested in two breakthrough digital health companies, Buoy Health and RecoveryOne, to advance Cigna's strategy to deliver affordable, predictable and simple care anytime, anywhere.
Buoy Health helps remove confusion and uncertainty for consumers, ensuring they get the right care at the right time through the use of artificial intelligence. Cigna Ventures invested in Buoy Health as part of its $20 million Series B funding round. Cigna also led a recent $12 million funding round in RecoveryOne. RecoveryOne provides solutions for those suffering with musculoskeletal conditions using digital tools and live coaching.
"Cigna is squarely focused on bringing the highest value solutions to our customers, which includes optimizing how they connect to and receive quality care, in a convenient way that meets their lifestyles," said Tom Richards, global lead, strategy and business development at Cigna. "Our deep partnerships with digital health companies like Buoy Health and RecoveryOne accelerate how we deliver on that promise. They, like us, are relentlessly pursuing bold new opportunities to make health care anywhere and everywhere a reality for our customers."
Buoy Health brings an unparalleled depth and breadth of experience in leveraging artificial intelligence to facilitate real-time, high-quality and personalized care recommendations based on an individual's symptoms. Once a self-assessment is received, Buoy Health's technology provides intelligent care recommendations (e.g., virtual, in-person, emergency room visit) through an omni-channel approach tied to the severity of symptoms and follows up as necessary to help close gaps in care.
"Our capabilities, powered by advanced machine learning and granular data, resemble exchanges an individual would have with a clinician," said Dr. Andrew Le, CEO and Co-Founder of Buoy Health. "Our first-step virtual option greatly aligns with Cigna's focus on creating peace of mind – improving diagnoses of symptoms from the moment individuals get sick and helping facilitate more informed discussions with their clinicians."
RecoveryOne combines the power of digital with the human touch by connecting individuals to one of 180 evidence-based care programs for musculoskeletal conditions (i.e., those impacting the bones, joints, nerves and muscles). The solution covers the whole person and can be accessed anytime, anywhere, on nearly any device. With this approach, RecoveryOne addresses the significant gap between actual and desired outcomes achieved through traditional care.
"Musculoskeletal conditions are both common and costly," said Mark Luck Olson, CEO of RecoveryOne. "We are excited to work with Cigna, one of the largest and most forward-thinking global health services companies, to leverage our digital solutions in ways that will drive greater adherence, accelerate recovery, improve productivity and reduce costs for individuals."
These two partnerships are preceded by several other recent announcements, including a lead investment in Arcadia, a population health management company focused on improving value-based care; a follow-on investment with Contessa Health, a market-leading provider of hospital-at-home services; and a virtual behavioral health launch with MDLIVE, a long-standing partner offering urgent and behavioral virtual care to Cigna customers.
In addition to increasing virtual treatment for conditions like anxiety, stress and depression through MDLIVE, Cigna recently announced plans to expand its medical virtual care to include primary care services, starting with virtual wellness screenings. Beginning in the second quarter of 2020, Cigna intends to give customers the option of conducting a wellness screening with a primary care physician using video or phone. The screening would include a review of biometric and lab results, such as blood pressure and cholesterol, and a behavioral health assessment. As a preventive care service, there would be no out-of-pocket costs for the customer.
"We are proud to be the partner of choice for innovative companies who share our commitment to bringing more health care choices to customers and ensure they have access to effective, convenient and cost-efficient solutions that treat their whole person – mind and body," added Richards. "With these digital health partnerships, we are expanding our reach and putting our approach in the hands of even more customers across all geographies – creating better health."
About Cigna Ventures
Cigna Ventures is a venture capital fund that works closely with health care entrepreneurs to accelerate growth and innovation through the strategic use of capital and deep partnerships. Cigna Ventures is a wholly owned indirect subsidiary of Cigna Corporation (NYSE: CI). To learn more about Cigna Ventures visit: www.cignaventures.com.
Cigna Corporation (NYSE: CI) is a global health service company dedicated to improving the health, well-being and peace of mind of those we serve. Cigna delivers choice, predictability, affordability and access to quality care through integrated capabilities and connected, personalized solutions that advance whole person health. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Cigna Health and Life Insurance Company, Cigna Life Insurance Company of New York, Life Insurance Company of North America, Express Scripts companies or their affiliates. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and other related products including group life, accident and disability insurance.
Cigna maintains sales capability in over 30 countries and jurisdictions, and has more than 165 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.
About Buoy Health
Buoy Health is a health technology company that develops digital tools to help people from the moment they get sick start their care on the right foot. Formed at the Harvard Innovation Laboratory in Boston MA, Buoy Health's team of doctors, product designers, and software engineers developed its smart symptom checker, Buoy, in direct response to the downward spiral we've all faced when we attempt to self-diagnose our symptoms online. The technology behind Buoy leverages artificial intelligence – powered by advanced machine learning and proprietary granular data – to resemble an exchange you would have with your favorite doctor – to provide consumers with a real-time, accurate analysis of their symptoms and to help them easily and quickly embark on the right path to getting better. Buoy Health is based in Boston and was founded in 2014. For more information, please visit www.buoyhealth.com.
RecoveryOne (formerly Trainer Rx) was founded in 2014 as a solution to the significant gap between actual and desired outcomes achieved through conventional approaches to recovery from musculoskeletal conditions. RecoveryOne provides personalized programs that combine the convenience of digital therapy and the support of live coaching to reduce costs, accelerate recovery and drive patient satisfaction. For more information, visit www.recoveryone.com.