Healthify has raised USD16 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 organisations together in accountable networks. To date, Healthify has raised over USD28 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 organisation 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,” says Healthify CEO and Cofounder, Manik Bhat.
“We are grateful for the payors, providers, and social service organisations 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,” adds Manik.
SV Health Investors Managing Partner Michael Balmuth, who has joined the Healthify board of directors, says: “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,” says SV Health Investors Vice President Carl Culicchia, who also joins the company’s board of directors.