Solera Health, a healthcare technology company, has raised $40 million in Series E financing to expand access to digital health support, the company announced on Tuesday. In addition, Interim CEO John Santelli will officially assume the role of CEO.
Phoenix, Arizona-based Solera Health is a digital health company that works with payers and employers to help match members and employees to point solutions. Using the company’s HALO Platform, customers can manage all of their contracted point solutions in one place, whether they’re part of Solera’s network or their own contracted solutions. Employees or members can also access all of their benefits through one web-based interface.
Solera Health’s Series E funding round was co-led by Health Care Service Corporation (HCSC), an insurance company that serves more than 23 million people. The other co-lead investor has opted not to be disclosed. Adams Street, Cobalt Ventures, and Horizon Mutual Holdings, Inc. also participated in the financing round. In total, Solera Health has raised $160 million.
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“This investment is aligned with our mission to expand access to quality, affordable health care across the United States,” said Arun Prasad, executive vice president, chief strategy officer and president of diversified businesses for HCSC, in a statement. “The Solera platform has capabilities that allow individuals to more easily access the right health tech solutions at the right time based on their individualized care needs.”
With the financing, Solera Health will further invest in its HALO platform, which launched in 2023. The company will also expand its on-benefit digital network by more than 100 specialty and other digital providers, as well as improve its analytics and AI capabilities, according to Santelli.
When asked what the company’s exit strategy is, Santelli noted that an exit is not Solera’s primary focus at the moment. Instead, the company is “investing in growth and expanding our solutions to deliver efficiency and value to payers and a growing number of employers and point solution vendors across the digital health ecosystem,” he said.
Santelli added that in his new position as CEO, he hopes to help make the healthcare system more sustainable. Prior to joining Solera in March, he was chief information officer at UnitedHealth Group.
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“Ultimately, I want to build a first-of-its-kind comprehensive system that allows organizations to configure digital, on-benefit care – on-benefit,” he said in an email. “Our digital delivery system will harness data and analytics and an integrated EHR system to seamlessly connect with on-premises brick-and-mortar care. We have the unique ability to steer individuals back to the proper in-network brick-and-mortar care and gather and ensure all care providers have visibility to patient data spanning modalities.
“There’s a real opportunity to transform digital care from a series of fragmented, individual condition solutions into an organized delivery system that’s national in coverage, almost instantly accessible, and offers high-quality care at lower costs,” he continued.
Solera Health is not the only company that helps employers manage point solutions. Others include Quantum Health and Accolade, which just announced that it’s being bought by Transcarent.
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