Solera Health, a Phoenix, AZ-based platform supporting an ecosystem of community/digital partners matching health plan members to chronic disease prevention/management, SDoH & behavioral health, raised $42m in Series C funding.
The round, which brought total funding raised to date to $72m, was led by HCSC Ventures, with participation from Horizon Blue Cross Blue Shield of New Jersey, Blue Cross and Blue Shield of Alabama, Blue Cross and Blue Shield of Kansas City, BlueCross BlueShield of South Carolina, Blue Shield of California and Alliance Healthcare Foundation, as well as current investors BlueCross BlueShield Venture Partners/Sandbox Advantage Fund, Adams Street Partners and SJF Ventures. In conjunction with the funding, HCSC Ventures’ Sahil Choudhry joined the Solera board of directors.
The company intends to use the funds to address behavioral health and social determinants of health (SDOH) including food insecurity, medically tailored meals, transportation, falls prevention, and social isolation.
Led by Brenda Schmidt, CEO, Solera Health serves as an integrated benefit network that connects patients, payers and physicians with community organizations and digital therapeutics providers. The company helps consolidate highly fragmented programs and services into a single marketplace allowing health plans and medical providers to increase consumer participation while lowering associated costs.
To further expand the reach and impact of its network, the company recently entered into a strategic partnership with Blue Cross Blue Shield Institute to launch a nationwide program to tackle SDOH at the community level. This alliance allows health plans to document health improvement and cost savings through Solera’s curated network of providers and payment infrastructure to address SDOH in a sustainable and scalable way.
Over the past 12 months, the company’s network has evolved to support a broader array of lifestyle modification programs, including diabetes management, hypertension, stress, sleep, tobacco cessation, and weight management.
FinSMEs
15/05/2019