Solace Secures $60 Million in Series B Funding

Healthcare advocates provide support to patients.

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News Summary

Solace has successfully raised $60 million in its Series B funding round to enhance healthcare advocacy. The platform connects patients with qualified healthcare advocates to navigate complex health journeys. The new funding will also help expand its services for Medicare and, in the future, Medicaid patients, aiming to improve access for all.

Solace Secures Huge $60 Million in Series B Funding to Transform Healthcare Advocacy

Exciting news is breaking in the world of healthcare navigation! Solace, a dynamic platform aiming to change the way individuals manage their healthcare journeys, has successfully raised $60 million in its Series B funding round. This impressive financial boost was spearheaded by Menlo Ventures and included multiple existing backers, such as inspired Capital, Torch Capital, and Craft Ventures, alongside new investor SignalFire.

What Does Solace Do?

So, what exactly is Solace? Think of it as your friendly guide through the often confusing maze of healthcare. The platform connects patients with dedicated healthcare advocates—seasoned professionals who are here to support you during tough times. From understanding new diagnoses to arranging doctor appointments, those advocates are just a call away. If you’re one of the 65 million Americans enrolled in Medicare plans, you’re particularly in luck; Solace’s services are tailored just for you!

A New Era of Advocacy

But what sets Solace apart from others? Their advocates aren’t just random individuals; they’re qualified medical professionals! With a team that includes former doctors, nurses, and pharmacists, clients can expect personalized assistance for over 100 different health conditions. These trained advocates are intent on not just improving health outcomes but also on bridging the gaps in health literacy and accessibility, especially for lower-income groups.

What’s in the Funding?

With this new funding, Solace has some ambitious plans up its sleeves. The money will be used to expand the number of healthcare advocates nationwide as well as speed up its overall development. It’s clear that Solace has its eyes set on redefining the healthcare landscape and ensuring that patient advocacy becomes an essential part of the industry.

Track Record of Success

Before this latest funding round, Solace raised $14 million in Series A funding, bringing the total investment to an impressive $21 million. With a revenue run rate hitting $10 million by 2025, the company seems to be on the right track.

Backing It with Technology

In addition to providing passionate advocates, Solace offers its own electronic health record (EHR) system. This tech allows advocates to easily update and access patient medical records, ensuring that everyone stays on the same page. This ease of access is crucial for coordinating care effectively, and it’s just one example of Solace’s commitment to optimizing the healthcare experience for patients.

Patient Satisfaction

Speaking of commitment, Solace is also making a splash in the customer feedback department. The platform has achieved a remarkable Net Promoter Score (NPS) of 96 for its matching algorithm. This figure suggests that users are thrilled with how well the service connects them with the right advocates. Happy patients mean better health journeys, and that’s music to any healthcare provider’s ears!

Future Aspirations

Looking forward, Solace has exciting plans for expansion. They aim not only to broaden their base of healthcare advocates but also to include services for Medicaid and private insurance patients in the future. This will allow even more individuals to benefit from the supportive network that advocates provide, making healthcare navigation easier for all.

The Takeaway

Solace is really stepping up in the healthcare advocacy game, offering critical services to those who need compassionate support in navigating their healthcare journeys. With fresh funding, passionate advocates, and a tech-savvy approach, we’re likely to see this start-up making a real impact across the nation. Stay tuned for more exciting developments from Solace as they work to ensure that healthcare advocacy is not just a luxury for the few, but a structural necessity!