Lantern

What Lantern does

Lantern, legally Employer Direct Healthcare, LLC dba Lantern Specialty Care (and in Michigan operating as Lantern Specialty Solutions), is a U.S. specialty care platform founded in 2011 and headquartered in Dallas, TX. The company connects members of self-insured employers, public-sector plans, labor unions and trusts, and health plans with a Network of Excellence of individually vetted surgeons, oncologists, and ambulatory infusion centers for surgery, cancer care, and infusion therapy. Lantern's offering is organized as a unified Specialty Care Platform with three member-facing modules — Surgery Journeys (formerly SurgeryPlus), Cancer Journeys (formerly Cancer Care Direct), and Infusion Journeys — supported by a Dedicated Care Team of in-house Care Advocates and Oncology Nurse Navigators, a licensed Third-Party Administrator (TPA) capability, and the proprietary TrueRate™ savings methodology. As of early 2026 the platform covers more than 12 million lives across 1,000+ clients, 30+ health plan partners, and 50+ public-sector organizations, and the company reports more than $1 billion in cumulative employer savings, a less than 1% surgical complication rate, and an 85 NPS.

The platform's underlying economics rest on direct contracting with top providers to produce bundled, transparent, performance-based pricing that is 55%+ lower than average carrier rates, with no upfront cost to the plan sponsor and per-member-per-month savings averaging $20+. Lantern sells primarily through a direct enterprise field-sales motion to employers, public-sector entities, labor unions/trusts, and health plans, supplemented by a benefits-consultant channel and an ecosystem of integrated point-solution partners (Hinge Health, Sword Health, Accolade, Pelago, Quantum Health, Marathon Health, HealthJoy, Apree) that drive closed-loop referrals through data integrations. Pricing is multi-year, quote-based, and outcome-aligned, with hard-dollar savings commitments and tailored plan designs. In April 2026 Lantern established the first AHRQ-listed Patient Safety Organization operated by an independent center of excellence, and the company raised a $30 million strategic growth investment from Morgan Health and Echo Health Ventures in March 2026 to expand technology, go-to-market, and partnerships, while already operating profitably on a 501-1,000 employee base.

Name

Lantern

Legal name

Employer Direct Healthcare, LLC dba Lantern Specialty Care

Website

https://lanterncare.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Lantern is a U.S. specialty care platform that connects 12 million covered lives from self-insured employers, public-sector plans, labor unions, and health plans with a vetted Network of Excellence for surgery, cancer, and infusion care via bundled, transparent, performance-based pricing.

Ownership category

akta.pro rank

Product category

Specialty Care Services

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Services-Health Services (8000)

akta.pro primary industry

Patient Self-Service Portal for Scheduling & Management (HLACADAK)

Keywords

• Specialty care platform
• Center of excellence
• Surgery benefits management
• Cancer care navigation
• Infusion therapy network

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain, Others

Revenue model

1. Performance-Based Bundled Pricing to Employers/Health Plans: Lantern contracts with self-insured employers, public sector plans, labor unions, and health plans on a bundled, transparent, performance-based pricing model with no upfront costs. Pricing is per procedure or per-member-per-month (PEPM), with hard-dollar savings guaranteed and aligned incentives. The company also operates as a licensed Third-Party Administrator (TPA).
2. Hard-Dollar Procedure Savings with Network of Excellence: Lantern generates revenue by directly contracting with top surgeons, oncologists, and ambulatory infusion centers and re-pricing high-cost episodes of care at rates 55%+ lower than carriers, capturing the spread and providing hard-dollar savings to plan sponsors.
3. Ecosystem Partner Co-Selling and Integration Services: Streamlined contracting with ecosystem partners (Hinge Health, Sword, Pelago, Accolade, HealthJoy, Apree, Quantum Health, Marathon Health) and value-based care integrations; co-selling and shared-channel partnerships drive additional revenue.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels10 records

Core offering

Lantern operates a Specialty Care Platform that connects health plan members with individually vetted providers across a Network of Excellence for surgeries, cancer treatment, and infusion therapy. The platform pairs dedicated Care Advocates and Oncology Nurse Navigators with bundled, transparent, performance-based pricing to deliver specialty care benefits to self-insured employers, public sector plans, labor unions, and health plans. Lantern also operates as a licensed Third-Party Administrator (TPA) and runs an AHRQ-listed Patient Safety Organization.

Product overview

Lantern's offering is a single unified Specialty Care Platform with a platform-plus-modules architecture. The Lantern Specialty Care Platform ties together three core member-facing care solutions — Surgery Journeys (formerly SurgeryPlus), Cancer Journeys (formerly Cancer Care Direct), and Infusion Journeys — which all draw on a shared Network of Excellence, a Dedicated Care Team of Care Advocates and Oncology Nurse Navigators, and Lantern's Better Economic Model and TrueRate™ Savings Methodology. The platform was further extended in 2026 through the establishment of Lantern's AHRQ-listed Patient Safety Organization, the expansion of Cancer Journeys with AccessHope's NCI cancer center experts, the addition of Infusion Journeys via the Infusion for Health partnership, and the acquisition of Specialist Management Solutions. Strategic integrations with ecosystem partners (Apree, HealthJoy, Hinge Health, Pelago, Sword Health, Accolade) and care partners such as Marathon Health and Quantum Health provide closed-loop referrals and data-driven outreach that feed members into the platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Lantern Specialty Care Platform Unifying specialty care platform connecting members, employers, health plans, and providers across Lantern's Surgery Journeys, Cancer Journeys, and Infusion Journeys solutions; powers the Network of Excellence, Dedicated Care Team, and TrueRate savings methodology.
• Surgery Journeys Member-facing surgery benefit that guides members to top-performing Network of Excellence surgeons for planned procedures, with Care Advocates managing logistics and bundled, transparent pricing under the Lantern economic model.
• Cancer Journeys Member-facing cancer care navigation solution that pairs members with Oncology Nurse Navigators and, through the AccessHope partnership, expert reviews from NCI-designated cancer centers across the treatment journey.
• Infusion Journeys Outpatient infusion therapy benefit directing members to high-quality, cost-transparent infusion sites within the Network of Excellence, including through the Infusion for Health partnership.

Quantifiable outcome

• $1 billion in cumulative savings for employers
• +11 more outcomes

Named customers23 records

Segments7 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature6 records

Partnerships

14 partnerships are on record, tiered flagship commercial partner, preferred provider partner, flagship public-sector client, major commercial partner, major specialty partner, infusion site-of-care partner, specialty service partner, data analytics partner, major ecosystem partner, ecosystem partner and quality partner.

• Marathon Healthflagship commercial partnerStrategic or Co-development Partner · 18 June 2026Strategic commercial partnership integrating value-based primary care with Lantern's specialty care platform. Marathon primary care providers refer patients to Lantern's network for surgery, cancer, and other specialty needs, with Lantern Care Advocates guiding members through clinician selection, care coordination, and recovery support. Pilot program showed a 47% increase in completed or avoided surgeries and 53% average savings versus PPO network rates. The integrated offering rolled out in 2026 for shared customers.
• OrthoCarolinapreferred provider partnerTechnology or Integration · 16 June 2026Preferred provider partnership in the North Carolina State Health Plan's Lantern specialty care platform, expanding no-cost surgical care for eligible members statewide. OrthoCarolina is expanding surgical capacity with new ambulatory surgery centers in Steele Creek and Matthews.
• North Carolina State Health Planflagship public-sector clientGTM or Marketing Partner · 16 June 2026Expanded no-cost surgical program with OrthoCarolina as a preferred partner through Lantern's specialty care platform. The program covers 750,000+ teachers, state employees, retirees, and dependents while helping control rising healthcare expenses through value-based care models.
• Quantum Healthmajor commercial partnerStrategic or Co-development Partner · 26 February 2026Partnership to expand access to value-based specialty care for self-insured employers. Quantum Health clients can incorporate Lantern's specialty surgical and cancer solutions, with Lantern negotiating lower costs and ensuring high-quality care. Emphasizes early engagement, provider performance evaluation, and broad national access to specialized services.
• AccessHopemajor specialty partnerStrategic or Co-development Partner · 11 February 2026Partnership to expand Lantern's cancer care navigation platform with expert reviews from NCI-designated cancer centers for adult and pediatric cancers, solid tumors, and blood-based diseases. Platform provides clinical trial matching and connections to local infusion centers, improving treatment outcomes and reducing costs for employers.
• Infusion for Healthinfusion site-of-care partnerTechnology or Integration · 8 September 2025Partnership to expand patient access to infusion therapy in cost-effective, non-hospital settings. Enables patients to receive infusion therapy through Lantern's network while reducing employer costs and supporting Lantern's infusion solution.
• Pelagospecialty service partnerStrategic or Co-development Partner · 27 January 2025Exclusive partnership enabling Lantern's employer and health plan clients to access Pelago's digital substance use disorder treatment services. Pelago provides care teams, medication-assisted treatment, and vetted inpatient facilities, addressing a need among 49 million U.S. adult workers with substance use disorders.
• Truven Health Analyticsdata analytics partnerTechnology or IntegrationData analytics partnership using Truven's MarketScan and Health Insights to identify regional price variations across ten major U.S. metropolitan areas, enabling more informed decisions on contracting, resource allocation, and pricing transparency for Lantern's Network of Excellence.
• Hinge Healthmajor ecosystem partnerStrategic or Co-development PartnerEcosystem partnership integrating Hinge Health's MSK digital care with Lantern's surgery Network of Excellence for member continuity (e.g., pre/post-surgery physical therapy). Featured in joint case studies and case examples (Sandra P., ArcBest).
• Sword Healthmajor ecosystem partnerStrategic or Co-development PartnerEcosystem partnership for digital MSK care combined with Lantern surgery services. ArcBest case study reports $850K+ savings by combining Lantern and Sword Health.
• Accolademajor ecosystem partnerStrategic or Co-development PartnerEcosystem partner for integrated navigation and advocacy services, supporting closed-loop referrals and data-driven outreach across the member journey.
• HealthJoyecosystem partnerStrategic or Co-development PartnerEcosystem partner for benefits navigation and integrated member experience.
• Apree Healthecosystem partnerStrategic or Co-development PartnerEcosystem partner for navigation and integrated point solutions.
• Global Appropriateness Measures (GAM) Consortiumquality partnerStrategic or Co-development PartnerExclusive partnership enhancing Lantern's surgeon vetting with data-driven insights to ensure evidence-based care. GAM evaluates both surgical execution and pre-surgical decisions to improve patient outcomes, differentiating Lantern from standard rating/review-based networks.

Scale indicators21 records

Recent moves6 records

Expansion highlights8 records

Direct peers

• Transcarent: Transcarent offers a self-insured employer healthcare experience platform that bundles virtual care, in-person care, surgery, cancer, and pharmacy benefits with transparent pricing — the closest functional analog to Lantern's specialty care platform.
• Carrum Health: Carrum Health operates a surgery and cancer Center of Excellence platform with bundled pricing for self-insured employers and health plans, directly overlapping Lantern's Surgery Journeys and Cancer Journeys offerings.
• Accolade: Accolade provides personalized healthcare navigation, advocacy, and virtual care for employer and health plan customers — a Lantern ecosystem partner and direct competitor in the employer benefits navigation layer.
• Included Health: Included Health combines virtual primary care, behavioral health, and specialty care navigation for employers and health plans, with a member experience focus that overlaps Lantern's care advocate model.
• Quantum Health: Quantum Health is a healthcare navigation and care coordination company for self-insured employers and is a Lantern ecosystem partner; the platforms compete in the same employer specialty care RFPs.

Emerging players

• HealthJoy: HealthJoy is a benefits navigation platform with virtual care and point-solution integrations for employers; it overlaps with Lantern's member experience layer and is a Lantern ecosystem partner.

Broad incumbents

• Surgery Partners: Surgery Partners is a publicly traded operator of ambulatory surgical facilities and is a potential network partner or competitor to Lantern's Network of Excellence strategy.
• Premise Health: Premise Health operates employer-sponsored near-site and on-site health centers with primary care, pharmacy, and specialty care coordination — adjacent to Lantern's specialty care platform for self-insured employers.

Others

• Hinge Health: Hinge Health is a digital musculoskeletal care platform and a Lantern ecosystem partner, providing pre/post-surgical MSK care that complements Lantern's surgery offering.
• Sword Health: Sword Health is a digital MSK and pelvic health platform and a Lantern ecosystem partner, with joint case studies (e.g., ArcBest $850K+ savings) demonstrating integrated MSK plus surgery economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@Lantern-Specialty-Care
• Facebookfacebook.com/FollowLantern
• LinkedInlinkedin.com/company/lantern-specialty-care
• Instagraminstagram.com/lantern_care
• Xx.com/followlantern

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lantern