Healthify Raises $16M to Integrate Health and Social Services
NEW YORK, Nov. 04, 2019 (GLOBE NEWSWIRE) -- Healthify, the leading company integrating the social determinants of health (SDoH) in the era of value-based healthcare, has raised $16 million in a Series B financing round led by SV Health Investors and existing investors like BlueCross BlueShield Venture Partners (BCBSVP). The latest round of funding provides strategic capital to fuel the company’s rapid growth as it continues to bring healthcare and social service organizations together in accountable networks. To date, Healthify has raised over $28 million through investments, grants, and awards.
In 2013, Healthify set out on a mission to build a world where no one’s health is hindered by their need. To achieve its mission, the company launched a technology platform that allowed health plans, providers, and social service organizations to coordinate care across health and social services seamlessly. But it became clear that closing the loop on referrals requires more than a technology solution: driving better health outcomes and ROI requires strong, equitable partnerships between health and social services.
Since its founding, Healthify has grown from a bidirectional referral platform to an infrastructure-first organization with established and contractually-bound social service networks in key communities across the country. Today, Healthify builds the infrastructures to support SDoH initiatives at scale. Through its partnerships with social service organizations, Healthify delivers access to intervention-focused networks of social services to address the social determinants of health.
To support its networks, Healthify provides an intuitive SDoH referral platform that enables collaboration between network partners. With its interoperable platform, healthcare and social service organizations can longitudinally track social needs, coordinate referrals, and measure the success of interventions all within one central system.
“It’s amazing to see the increased focus on the social determinants of health in the industry for the past few years. Since day one, our vision has been to make sure communities had the right infrastructure in place to support families in need and that social services had access to sustainable funding streams from healthcare. With this new round of capital, we are focused on not only expanding our accountable networks of social services to support a growing value-based healthcare ecosystem but also set the standard for reimbursement structures for social services across the country,” said Healthify CEO and Cofounder, Manik Bhat.
“We are grateful for the payors, providers, and social service organizations who are joining us on this journey as partners to improve community health and are excited about our relationship with SV Health Investors to accelerate our ability to carry out our mission,” Manik added.
Said SV Health Investors Managing Partner Michael Balmuth who has joined the Healthify board of directors, “Healthify is making significant strides in advancing the wired, connected dimension of the healthcare ecosystem in order to improve outcomes, efficiency, and people’s lives, and also help contain the overall cost of healthcare. We believe the business has great potential in terms of growth and impact.”
“We seek to partner with innovative companies and teams that promote and enable value-based care and improved patient outcomes. After spending three years getting to know Healthify and Manik, it is clear that Healthify’s curated, ROI-focused networks can drive improved health outcomes for patients and communities while directly impacting the overall cost of care to the payor and provider. We are incredibly excited to be a part of Healthify’s journey,” said SV Health Investors Vice President Carl Culicchia, who also joins the company’s board of directors.
Healthify’s solutions are used across the country - the company has worked with over 40 enterprise healthcare organizations and thousands of social service organizations to drive better health outcomes for over 20 million individuals nationwide. The new funding will help deepen relationships with current clients and drive new growth in additional locales, like Kansas City, Phoenix, Cincinnati, and more.
Powered by a mission to build a world where no one’s health is hindered by their need, Healthify builds the infrastructure to support social determinants of health (SDoH) initiatives at scale. The company offers access to its carefully constructed accountable networks of social service organizations. Each network is geo-targeted and intervention-focused to ensure that the unique needs of each community are addressed. Healthify also works directly with social service organizations to develop and formalize contracts, ensuring accountability across its networks. Supported by an interoperable SDoH referral platform, partnering organizations can coordinate care with ease, while ensuring their communities are receiving the services they need to thrive. For more information, please visit www.healthify.us, or connect with us on LinkedIn or Twitter.
About SV Health Investors
SV Health Investors, formerly named SV Life Sciences, is a healthcare and life sciences venture capital and growth equity firm. SV targets early-stage opportunities in biotechnology; early-stage and revenue-stage opportunities in medical devices; and growth equity investments for later-stage businesses in healthcare services and digital health. Over the past 25 years, SV has invested in more than 175 companies. The firm currently has over $2.9 billion in capital commitments raised across nine private venture capital funds and one publicly listed fund. SV Health Investors has offices in Boston and London. For more information, please visit www.svhealthinvestors.com.
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