Solera Health Secures $3 Million in Series A Funding
Health Community Integrator to Use Financing to Scale Operations to Meet Growing Demand of Diabetes Prevention Referrals
PHOENIX, Ariz., November 3, 2015-- Solera Health, Inc., a technology-enabled health community integrator for chronic disease prevention, today announced that it has raised $3 million in Series A funding from BlueCross BlueShield Venture Partners (BCBSVP) with participation by Sandbox Industries. The company will use the financing to advance its technology platform and scale operations to meet the high demand of chronic disease prevention referrals.
Solera's proprietary SaaS platform connects a national network of local community organizations and digital solutions for chronic disease prevention programs, including the National Diabetes Prevention Program (DPP), which is led by the Centers for Disease Control and Prevention (CDC). The company's scalable, easy-to-implement technology platform administers and streamlines DPP referrals, manages reimbursement and payment, and aggregates data and reporting, thereby simplifying enrollment and driving consumer engagement and choice.
"There is a huge opportunity to transform the Diabetes Prevention Program delivery model as we know it today," said Brenda Schmidt, founder and CEO of Solera. "The local community and digital resources are available, and programs for qualified patients are starting to be covered as an ACA medical benefit, yet we aren't seeing the pre-diabetic population leverage these services effectively and at scale. Solera intends to change that by delivering the only technology-enabled platform that addresses every step of the process -- from referral through engagement -- in a holistic way. And we see that the model is working; consumers are already benefitting from this approach."
According to the CDC, an estimated 86 million U.S. adults have prediabetes and without prevention, 15 percent to 30 percent of those at high risk will develop type 2 diabetes within five years.
"Preventing diabetes and other chronic conditions requires a new approach," stated Dan Phillips, Managing Director of Sandbox Industries, who will represent BlueCross BlueShield Venture Partners on the Board. "Solera's business model simplifies the contracting and referral process for payers, and creates a sustainable revenue stream for community and digital program providers. These factors together enhance access and outcomes for the patients who benefit from these services."
About Solera Health, Inc.
Solera Health is a technology-enabled healthcare services company that provides access to lower-cost, higher access community and digital preventive health solutions through referrals from healthcare providers and health plans. Solera's proprietary SaaS platform connects a nationwide network of community organizations and digital solutions for chronic disease prevention programs with technology that manages service referrals, reimbursement and payment, aggregates data and reporting simplifying enrollment and supporting increased consumer engagement and choice.
About BlueCross BlueShield Venture Partners
BlueCross BlueShield Venture Partners, L.P. is a corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of Blue Cross and Blue Shield companies. The fund invests in promising, emerging companies of strategic relevance to Blue Cross and Blue Shield Plans. Sandbox Industries is the exclusive provider of investment management services to BlueCross BlueShield Venture Partners. For more information, please visit www.bcbsvp.com
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