Investment, led by BlueCross BlueShield Venture Partners, will accelerate team growth, enhance new coordination product line, and support national expansion.
Healthify, the leading community referral and social determinants management platform, announced the close of a $6.5 million Series-A round led by BlueCross BlueShield Venture Partners (BCBSVP). Primary Venture Partners (PVP) and Activate Venture Partners (AVP) increased their investment in Healthify after participating in last year’s $2.5 million seed round. To date, Healthify has raised over $9.5 million through investments, grants and awards.
Healthify works with managed care plans and healthcare providers in 30 states, helping more than 15,000 healthcare staff coordinate the care of nearly five million Medicare Advantage and Medicaid beneficiaries. 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.
The Centers for Medicare & Medicaid Services (CMS), the federal agency that supports the administration of Medicaid and Medicare, has made managing the social determinants of health a priority through 1115 waivers and the Accountable Health Communities Model. Unaddressed social needs, which include access to healthy food and stable housing, are strongly linked to poor health outcomes and high health costs.
Tom Hawes, Managing Director of Sandbox Industries, will join the Board of Healthify representing BCBSVP. “As the industry transitions to value-based care, healthcare organizations must focus on improving the health of their entire patient population, which requires addressing a significant, often-overlooked challenge—the social determinants of health,” said Tom Hawes. “Healthify’s platform helps providers and payors to build out integrated networks of community-based organizations which can improve health. We look forward to partnering with this impressive management team as they facilitate a critical transition in healthcare.”
Healthify’s 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.
“We are excited to have BCBSVP join us on our next phase of growth,” said Manik Bhat, co-founder and CEO of Healthify. “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.”
Powered by a mission to build a world where no one’s health is hindered by their need, Healthify delivers a leading solution to enable healthcare organizations to find community services for their patients, track social needs across their population, and coordinate care with community-based services. As a partner to health plans, social service agencies, and provider networks working with Medicaid and Medicare members, Healthify enables integrated care to fulfill the promise of a value-based healthcare system.
About BlueCross BlueShield Venture Partners
BlueCross BlueShield Venture Partners, L.P. is a corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The fund invests in promising emerging companies of strategic relevance to Blue Cross and Blue Shield Plans. Sandbox Industries is the exclusive provider of investment management services to BlueCross BlueShield Venture Partners. For more information, visit www.bcbsvp.com.