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Centivo
Ashok Subramanian’s Centivo has raised over $200M to sell primary-care-centered, self-funded health plans to mid-market employers through benefits brokers.
Centivo
Subramanian launched Centivo in 2017, drawing on his experience as a McKinsey healthcare and private equity practice leader and prior exit at Liazon. The company operates as a third-party administrator for self-funded health plans, meaning its employer clients pay for actual claims rather than fixed premiums, with stop-loss insurance backstopping catastrophic costs. Centivo sells through benefits brokers and consultants to employers of 50 or more employees, reporting operations across fourteen states including Texas, New York, Florida, Wisconsin, and Washington. Centivo’s model rests on three structural cost levers: a tight primary-care gate that mandates every member select a PCP to coordinate referrals, direct unit-cost negotiations with health systems, and the inherent margin advantage of self-funding over fully insured premiums. The firm states its clients typically save 15 to 30 percent versus traditional plans and reports an average annual employee out-of-pocket cost of $409, against an industry benchmark of $1,650. Confirmed operational footprints span California, Colorado, Connecticut, Florida, Iowa, Kansas, Missouri, New Jersey, New York, North Carolina, Pennsylvania, Texas, Washington, and Wisconsin. The firm also fields an integrated virtual primary care practice and a member-facing mobile app designed to reduce emergency room and specialist leakage. Cumulative equity raised exceeds $200 million, with disclosed backers including Maverick Ventures, F-Prime Capital, B Capital Group, Silversmith Capital, and JPMorgan Chase. Jim McNary joined as President and COO after serving as COO of Availity and CEO of Consortium Health Plans; Sarah Fraser became CFO following a CFO role at Capsule, where she raised over $500 million. The board includes former Willis Towers Watson and Aetna executive James Foreman as chairman. In 2024, Centivo expanded its national commercial strategy under Chief Commercial Officer Gillian Printon, who previously served as a senior partner in Mercer’s health business for 23 years. Centivo functions as a licensed claims administrator and network builder, not an insurer — it avoids balance-sheet risk by leaving the stop-loss insurance to third-party carriers. That architecture makes it accessible to mid-market employers who typically lack the scale to self-fund, pairing white-label plan administration with a curated narrow network that shifts utilization toward primary care. The firm’s exclusive broker-distribution model and partnership with health systems rather than broad PPO networks distinguish it from consumer-direct digital health platforms, grounding cost control in network design rather than member-facing navigation tools alone.
General information
Firm type
Asset Manager
Year founded
2017
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Buffalo
Corporate office
199 Scott Street, Suite 800, Buffalo, NY 14204, United States
Principals
Ashok Subramanian
Chief Executive Officer
Jim McNary
President & Chief Operating Officer
Sarah Fraser
Chief Financial Officer
Dr. Wayne Jenkins
Chief Medical Officer
Sector focus
Frequently asked questions
How does Centivo make money if it is not an insurance carrier?
Centivo operates as a third-party health plan administrator, not a risk-bearing insurer. It earns administrative fees from self-funded employer clients for managing their health plans, including network contracting, claims administration, and care coordination. The actual medical claims are paid by the employer, with stop-loss insurance from a separate carrier capping catastrophic risk. This structure decouples Centivo's revenue from underwriting gain or loss.
What is Centivo's relationship with Willis Towers Watson?
There is no current corporate relationship. The through-line is founder and CEO Ashok Subramanian, who co-founded the private benefits exchange Liazon and sold it to Willis Towers Watson in 2013. After the acquisition, Subramanian served as Managing Director for the firm's Group Exchange business before departing to start Centivo. Former Willis Towers Watson Chief Health Actuary Dave Osterndorf and strategy leader Stuart Roth later joined Centivo's leadership team.
Who runs investment and capital-allocation decisions at Centivo?
Centivo is a venture-backed operating company, not an investment firm. Capital allocation is a management decision led by CEO Ashok Subramanian and CFO Sarah Fraser, subject to board oversight. The board includes representatives from institutional backers F-Prime Capital, Maverick Ventures, B Capital Group, and JPMorgan Chase. There is no dedicated internal investment committee of the type found at an asset manager or family office.
Does Centivo bear insurance risk on the health plans it administers?
No. Centivo does not underwrite medical claims risk. Each employer client self-funds its own plan, meaning it pays for the actual healthcare claims incurred by its workforce and dependents. The employer purchases stop-loss insurance from a separate carrier to protect against unexpectedly large or aggregate claims. Centivo's role is administrative: network design, provider contracting, claims processing, and member support.
Which investors back Centivo and have they taken any board seats?
Centivo has raised over $200 million from a group that includes Maverick Ventures, F-Prime Capital, B Capital Group, Silversmith Capital, and JPMorgan Chase. Board members representing some of these investors include Ambar Bhattacharyya from Maverick Ventures, Jon Lim from F-Prime Capital, Karen Page from B Capital Group, and Peter Scher from JPMorgan Chase, alongside independent directors and CEO Ashok Subramanian.
How does Centivo's narrow-network model differ from a traditional PPO?
A traditional PPO offers a broad network of providers but exposes members to high deductibles and coinsurance. Centivo builds a curated, narrow network of providers who meet specific price and quality standards, then eliminates deductibles for primary care and sets low, fixed copays for most other services. Every member must choose a primary care physician who acts as a gatekeeper for specialist referrals, with the aim of reducing low-value imaging, avoidable emergency room visits, and fragmented care.
Is Centivo available nationally and what is the minimum employer size?
Centivo is not available in all states. As of its latest published disclosure, it operates in fourteen states: California, Colorado, Connecticut, Florida, Iowa, Kansas, Missouri, New Jersey, New York, North Carolina, Pennsylvania, Texas, Washington, and Wisconsin. The firm targets employers with 50 or more employees and sells exclusively through benefits brokers and consultants. It asks prospects to confirm specific market availability by contacting its regional sales team.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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