“To change lives by connecting people to health care solutions that work” – that is the mission of Phoenix-based tech startup Solera Health.
In its most recent series C funding round, Solera Health raised $42 million, bringing its total funding to a gargantuan $72 million. Investors are betting on the Phoenix startup, and for good reason.
Solera has developed a health care network that connects physicians, patients, and insurance companies with non-medical wellness organizations. In other words, their platform helps connect care-seekers with organizations that offer treatments for often uncovered ailments such as stress, obesity, sleep-deprivation, and more.
“We treat things that [normally] can’t be treated outside the doctor’s office, and then we work with insurance companies to tap into their system,” Amy Hogan, Solera Health vice president of marketing said. “By being in a system — let’s say you’re a part of Illinois Blue Cross Blue Shield — we put you through a one-minute quiz. We don’t just put one system on everyone else, because how do you actually find what’s going to work for you? We take the consumer based on their needs and goals, match them within our network, match them with a program, and then it’s delivered to no cost within our network.”
Some of these organizations that Solera has partnered with include the YMCA and some digital apps that are predominantly uncovered by even the most extensive health insurance. And with the sizable series C funding round, the company will be able to expand their network even further.
“We’re almost at 60 million reach, and we would love to quadruple that reach, especially as we delve into other areas,” Hogan said. “It’s like taking the same model that works well and doing it for things like food insecurity. How do we do that in a way that’s paid through medical claims? Our model does that. What’s on us is the onus to create these networks of payers and vendors that can help this food insecurity.”
Solera’s network is a rare product that offers a beneficial partnership for everyone involved. The platform expands patients’ coverage options, the wellness organizations can extend the reach of their care, and the health insurance companies can drive down costs of health care by operating through improvement-driven treatment.
In fact, as a testament to Solera Health’s promising future, Blue Cross Blue Shield has established itself as both an insurance company within the network and a direct investor in the company.
“There’s been significant growth at Solera within the past six months, and there’s more growth on the horizon,” Hogan said.