Key Highlights
- Cortica, a prominent provider of autism services, secures $40 million in a Series D extension, bringing the total round to $115 million.
- The funding round was strategically led by CVS Health Ventures, and included LRVHealth, Ascension Investment Management, and the University of Wisconsin Foundation.
- Cortica’s care model, which addresses various conditions co-occurring with autism, has demonstrated improved outcomes while utilizing less than 50% of standard applied behavioral analysis volumes.
- The additional funding will facilitate the national scaling of whole-child autism value-based care and further investments in technology, data capture, clinical decision support, research, and optimization of clinician and patient experiences.
- Cortica aims to defragment the traditional care model and evolve the reimbursement paradigm in autism care, addressing the needs of the 1 in 36 children in the United States affected by autism.
Source: PR Newswire
Notable Quotes
- “Through our investment and collaboration with Cortica, we believe that we can help improve the overall quality of care for individuals with autism, as well as provide support to their caregivers.” – Justin Brock, Executive Director and Partner at CVS Health Ventures
- “With 1 in 36 children in the United States now affected with autism, and that prevalence continually climbing, partnerships between the field’s most innovative clinicians, strategic investors, health plans, and health systems are essential to defragment the traditional care model and evolve the reimbursement paradigm.” – Dr. Neil Hattangadi, CEO at Cortica
SoH's Take
Cortica’s substantial funding in its Series D extension underscores a pivotal move in addressing the multifaceted challenges associated with autism care. The strategic alliance with CVS Health Ventures and other notable investors signals a robust confidence in Cortica’s comprehensive, value-based care model for autism, which has already showcased improved outcomes across various conditions co-occurring with autism. The infusion of capital is poised to significantly enhance Cortica’s technological and operational capabilities, propelling advancements in data capture, clinical decision support, and research, which are crucial in optimizing both clinician and patient experiences. This move is not only a win for Cortica but also signifies a progressive stride towards evolving and optimizing autism care on a national scale, potentially setting new benchmarks in patient-centric, value-based care models in the healthcare industry.
