Solace Secures $60 Million to Enhance Healthcare Navigation

Solace's advocates help patients navigate healthcare challenges with state-of-the-art tools.

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News Summary

Solace has secured $60 million in Series B funding to expand its healthcare advocacy services, making it easier for patients to navigate complex healthcare systems. Backed by prominent investors, including Menlo Ventures and SignalFire, Solace aims to increase access to its services for individuals, particularly those covered by Medicare. With a strong commitment to bridging gaps in health literacy and a high Net Promoter Score, the company is poised for significant growth in a rapidly evolving healthcare landscape.

Investing Big in Better Health Navigation: Solace Secures $60 Million to Grow Advocacy Services

Have you ever felt overwhelmed navigating the complicated landscape of healthcare? If so, you’re not alone. Many people struggle to find their way through diagnoses, specialist appointments, and care coordination. Fortunately, there is a solution on the horizon. Solace, a rising star in the healthcare navigation arena, has just secured a whopping $60 million in Series B funding to expand its healthcare advocacy services across the nation.

The Players Behind the Funding

This significant funding round was spearheaded by Menlo Ventures, with eager participation from other backers such as Inspired Capital, Torch Capital, and Craft Ventures. Excitingly, a new player in the game, SignalFire, joined in as well. With this blend of seasoned investors and newcomers, Solace is set to take big strides in reshaping how patients connect with the care they need.

Why Solace Matters

So, what exactly does Solace do? Well, this innovative platform connects patients with dedicated advocates who guide them through their healthcare journeys. Whether it’s dealing with a new diagnosis, figuring out which doctor to see, or managing care coordination, Solace’s advocates are there every step of the way. Their aim? To make navigating healthcare a breeze for everyone.

Boosting Accessibility

One of the standout features of Solace is its commitment to offer support that’s covered by Medicare, most Medicare Advantage plans, and even some health insurance carriers. This means that a vast number of individuals have the opportunity to benefit from these advocacy services. With approximately 65 million Americans enrolled in Medicare plans, that’s a pretty significant demographic!

Bringing Expertise to the Table

Those who take on the role of advocates within Solace come from rich backgrounds in the medical field. Many of them are former doctors, nurses, and pharmacists, all equipped to provide tailored support for more than 100 different health conditions. Having that level of expertise in a patient’s corner can make all the difference, allowing for personalized guidance and higher satisfaction.

The Tech Behind the Advocacy

On top of this rich human element, Solace also has its own electronic health record (EHR) system that allows advocates to access and update patient medical records efficiently. This tech-forward approach seamlessly integrates with the human touch, contributing to want many healthcare professionals characterize as the future of patient engagement.

Plans for the Future

With this substantial funding, Solace has ambitious goals. The company plans to ramp up the number of healthcare advocates available nationwide, ultimately enhancing its services and support capabilities. It’s not just about filling numbers on a spreadsheet; it’s a deeply rooted desire to transform the healthcare landscape into one that values patient advocacy as a foundational pillar.

A Strong Foundation

In previous rounds of funding, Solace raised $14 million in Series A funding, bringing its total funding to an impressive $21 million. This financial groundwork lays a sturdy foundation as the company has reached a revenue run rate of $10 million per year by 2025.

Listening to Patients

It seems patients have welcomed Solace with open arms—feedback highlights a remarkable Net Promoter Score (NPS) of 96 for their matching algorithm, showing just how effective their approach has been. With advocates addressing a wide range of health issues—from chronic conditions to transitions in care—the potential for increased patient engagement and support is enormous.

Committed to Inclusion

But it doesn’t stop there. Solace recognizes the importance of bridging gaps in health literacy, especially for underprivileged communities. Future plans include extending their reach to include Medicaid and private insurance coverage, which would make services available to an even broader audience. This is a step towards leveling the playing field in healthcare access for all.

In summary, Solace is making waves in the complicated world of healthcare navigation, and with their recent funding boost, they’re all set to bridge gaps and enhance support for patients everywhere. It looks like the future of healthcare just got a whole lot brighter.