- Solera Health is a company that changes lives by guiding people to better health in their communities
- Recently, Solera announced it raised $42 million in Series C led by HCSC Ventures
- HCSC Ventures’ Sahil Choudhry joined the company’s board with this round of funding
Solera Health is a company that is committed to changing lives by guiding people to better health in their communities. The company simply matches people to the program that best fits their needs for enhancing engagement, driving program success and significantly lowering health care costs.
How does Solera do it? Solera Health combines highly fragmented programs and services into a single marketplace enabling health plans and medical providers to increase consumer participation while lowering associated costs. And it uses data science to proactively identify the “best fit” program provider based on each individual’s unique health goals, needs and preferences. As a result, the company has proven to have a significant impact on improved patient outcomes at a fraction of the cost of traditional medical care.
In the past year, Solera’s network has evolved to support a broader array of lifestyle modification programs, including diabetes management, hypertension, stress, sleep, tobacco cessation, and weight management.
“There is no greater vote of confidence for the impact Solera Health is making than a substantial investment from our health plan clients,” said Solera Health CEO Brenda Schmidt. “We’ve proven our model’s success in driving results in chronic disease prevention and look forward to expanding our relationships with our health plan partners to help their members holistically manage their health.”
Solera Health recently announced it raised $42 million in Series C led by HCSC Ventures — which is a wholly-owned subsidiary of Health Care Service Corporation. Including this round, Solera has raised a total of $72 million.
Several new strategic investors joined the round including 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, and Blue Shield of California. These organizations have a collective reach of approximately 30 million lives. And social impact investor Alliance Healthcare Foundation also participated in the round.
Current investors BlueCross BlueShield Venture Partners/Sandbox Advantage Fund, Adams Street Partners, and SJF Ventures also participated in the most recent funding round. And HCSC Ventures’ Sahil Choudhry joined the Solera Health board of directors in conjunction with this round of funding.
And this round of funding will enable Solera to scale beyond its proven model for chronic disease prevention and management to address behavioral health and social determinants of health (SDOH) including food insecurity, medically tailored meals, transportation, falls prevention, and social isolation.
Plus Solera Health also 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 network of providers and payment infrastructure in order to address SDOH in a sustainable and scalable way.
“HCSC Ventures supports growth in transformational companies that share our goals of fostering innovation and increasing the accessibility and affordability of care,” added Choudhry. “Solera Health’s mission of improving people’s health by connecting them with a network of health care solutions is something that truly resonates with us. The company’s innovative network model has already helped millions of individuals change their habits and reduce their risk of developing chronic disease.”
With this round of funding, it will enable Solera to extend the impact of its novel marketplace and payment innovation model — which allows health plans and employers to leverage a network of community and digital health solutions paid through medical claims for achieving clinical outcomes. Currently, Solera has over 60 million lives under contract.
“At Blue Cross and Blue Shield of Kansas City, we believe that addressing the social determinants of health for our beneficiary populations will be key to our community health program moving forward,” explained Cobalt Ventures president and CEO Bret Oettmeier. “What Brenda and the Solera Health team are looking to accomplish in this space is unique and we are excited to support the company’s efforts to better address these issues with an ultimate goal of improving care quality while lowering associated costs.”
