Solera Health, a technology-enabled personalized preventive health network has raised $18.3 million in Series B funding led by Adams Street Partners. Existing strategic investors Blue Cross Blue Shield Venture Partners, Sandbox Industries and social impact fund SJF Ventures also participated in the round. The latest round brings the company’s total capital raised to $30.3 million.
Solera plans to use the funding to meet market demand for the Medicare DPP benefit in addition to expanding its network offering into other highly fragmented prevention, coping and support services which address health issues ranging from mental wellbeing to social determinants of health. Additionally, Solera will also continue ramping their investments in technology to support the flexibility of their platform for market expansion and continued growth including scaling the model internationally.
Chronic disease prevention requires an innovative approach to patient engagement, outreach and enrollment, program delivery, reporting and reimbursement management. 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.
In its role as a preventive care benefits manager, Solera makes chronic disease prevention programs–including the National Diabetes Prevention Program (DPP)–affordable, accessible and efficient by connecting at-risk individuals with a diverse network of lifestyle modification programs as covered medical benefits. The company’s national model was purpose-built to consolidate highly-fragmented community and digital DPP providers into one integrated network, allowing health plans and employers to offer a wide variety of non-clinical program providers while lowering associated costs. The company drives enrollment, sustained engagement and outcomes by matching consumers to the program provider that best meets their needs and preferences.
Solera has already proven that its model is resonating with payors and employers. Traditionally the chronic disease prevention space has been crowded with more than 1,000 community and digital DPP providers. The company’s growth and proven ability to engage consumers confirms that offering choice through an integrated network model drives sustained engagement and outcomes. Solera has built a robust national network of community organizations and digital DPPs including Weight Watchers, Lark, Retrofit and Noom. Since its launch the company has grown to over 70 employees and has over 40 million covered lives under contract.
“Solera Health has created the preventive care benefits manager category and for the first time is now enabling non-clinical providers to be integrated into healthcare,” said Brenda Schmidt, CEO, Solera Health in a statement. “This investment allows us to further scale our model to positively impact the enormous health and financial burdens of chronic disease.”