Soda Well being, which gives a advantages administration platform, has raised $50 million in Collection B funding to increase its companies, the corporate introduced final week.
The Bentonville, Arkansas-based firm connects well being plans and their members with a community of outlets (together with CVS, Walgreens and Kroger) to help advantages for meals, well being merchandise and pharmacy companies. It gives a sensible advantages card that members can use on permitted items and companies. Prospects can even get an evaluation to assist them establish care gaps and enhance star rankings. As well as, Soda Well being gives instruments to assist well being plans simulate completely different mixtures of well being advantages. The corporate primarily serves Medicare Benefit insurers.
The $50 million Collection B financing spherical was led by Normal Catalyst and included participation from former Humana CEO Bruce Broussard, Lightspeed Enterprise Companions, Outline Ventures, Qiming Enterprise Companions USA and SVB Capital. In complete, Soda Well being has raised $100 million.
Caitlin Donovan, companion at Normal Catalyst, is becoming a member of Soda Well being’s board of administrators, based on the announcement.
“We consider there are smarter methods to optimize well being plan spending. Soda Well being and their &extra community supply an answer that makes use of supplemental profit {dollars} extra correctly—delivering higher knowledge, closing care gaps, and driving affected person outcomes on what we see as a best-in-class, safe, and versatile platform,” Donovan stated in an announcement. “Healthcare is an interconnected ecosystem, and when an organization aligns the wants of payors, suppliers, retailers, and sufferers, it’s a win for all.”
With the financing, Soda Well being will scale its operations, launch new knowledge merchandise and increase to new profit classes, stated Robby Knight, CEO of the corporate.
Practically 33 million adults are enrolled in Medicare Benefit plans in 2024, giving them entry to over $130 billion in supplemental advantages and rewards for his or her healthcare wants. With inflation making on a regular basis objects like groceries and over-the-counter merchandise more durable to afford for seniors on mounted incomes, these advantages have change into a key consider plan choice, based on Soda Well being. Nevertheless, the administration of those advantages has been insufficient, resulting in confusion and making them tough for beneficiaries to totally make the most of.
“We need to make healthcare smarter for the people the system serves,” Knight stated in an electronic mail. “We’re including worth to the complete healthcare ecosystem by bringing the members, plans, and retailers collectively. Members get extra of their wants served on the locations the place they already store, which makes them more healthy and reduces the full value of care.”
One other advantages administration firm is NationsBenefits, which companions with managed care organizations and gives supplemental advantages, flex playing cards and member engagement options.
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