Healthify, a NYC-based community referral and social determinants management platform, closed a $6.5m Series A funding round led by BlueCross BlueShield Venture Partners (BCBSVP). The round also included participation from existing investors Primary Venture Partners (PVP) and Activate Venture Partners (AVP).
Healthify will use the funds from the financing to expand its care coordination product suite and grow its network of customers and social service partners. To date, Healthify has raised over $9.5 million through investments, grants and awards.
1/5th of Medicaid spending is impacted by the social needs of patients (food, housing, mental health, etc). However, case managers are understaffed (1:5,000) and rely on paper based workflows, making it tough for plans to address these needs and meet certain quality metrics.
Founded in by Manik Bhat in 2013 to address these pain points, Healthify’s social determinants management platform allows care teams to search for community services across a database of more than 200,000 social services, screen patients for social needs, and coordinate electronic referrals with community based organizations.
The platform generates social determinant data which can be integrated into case management or electronic health record systems providing enriched patient information to support population health initiatives. Managing social determinants with Healthify gives organizations a clear ROI on managing health spend and reduces the amount of time it takes to connect patients with community services.
To date, Healthify works with managed care plans and healthcare providers across 30 states, helping more than 15,000 healthcare staff coordinate the care of nearly five million Medicare Advantage and Medicaid beneficiaries.
“We are excited to have BCBSVP join us on our next phase of growth,” said Manik Bhat, co-founder and CEO of Healthify in a statement. “Our goal with the financing is to empower healthcare organizations and their care teams to work directly with community partners to support patients in need of vital resources and supports. We now have the backing to move the industry forward and give the patients we serve a brighter future.”
Related: Why Social Determinants of Health Is The Future of Value-Based Care