– NYC-based Healthify raises $16M led by SV Health to fuel the company’s growth to integrate social determinants of health in the era of value-based care.
– Healthify provides an intuitive SDoH referral platform that enables collaboration between network partners.
– The funding will support the company’s rapid growth as it continues to bring healthcare and social service organizations together in accountable networks.
Healthify, an NYC-based company integrating the social determinants of health (SDoH) in the era of value-based healthcare, has raised $16 million in a Series B financing round led by SV Health Investors and existing investors like BlueCross BlueShield Venture Partners (BCBSVP). The latest round of funding provides strategic capital to fuel the company’s rapid growth as it continues to bring healthcare and social service organizations together in accountable networks.
Understanding Social Determinants of Health
The CDC defines “social determinants of health” as the circumstances in which people are born, grow up, live, work, and age. This also includes the systems in place to offer health care and services to a community. These circumstances are in turn shaped by a wider set of forces: economics, social policies, and politics. Over sixty percent of our health is determined by social needs like access to food, jobs, childcare, and housing. Right now, the way healthcare organizations address these problems is broken. Failure is costly.
End-to-End Solutions to Address Social Determinants of Health
Founded in 2013, Healthify set out on a mission to build a world where no one’s health is hindered by their need. To achieve its mission, the company launched a technology platform that allowed health plans, providers, and social service organizations to coordinate care across health and social services seamlessly. But it became clear that closing the loop on referrals requires more than a technology solution: driving better health outcomes and ROI requires strong, equitable partnerships between health and social services.
Each network is geo-targeted and intervention-focused to ensure that the unique needs of each community are addressed. Healthify also works directly with social service organizations to develop and formalize contracts, ensuring accountability across its networks.
To support its networks, Healthify provides an intuitive SDoH referral platform that enables collaboration between network partners. With its interoperable platform, healthcare and social service organizations can longitudinally track social needs, coordinate referrals, and measure the success of interventions all within one central system.
Since its founding, Healthify has grown from a bidirectional referral platform to an infrastructure-first organization with established and contractually-bound social service networks in key communities across the country. Today, Healthify builds the infrastructures to support SDoH initiatives at scale. Through its partnerships with social service organizations, Healthify delivers access to intervention-focused networks of social services to address the social determinants of health.
Healthify’s solutions are used across the country – the company has worked with over 40 enterprise healthcare organizations and thousands of social service organizations to drive better health outcomes for over 20 million individuals nationwide. The new funding will help deepen relationships with current clients and drive new growth in additional locales, like Kansas City, Phoenix, Cincinnati, and more. To date, Healthify has raised over $28 million through investments, grants, and awards.
“It’s amazing to see the increased focus on the social determinants of health in the industry for the past few years. Since day one, our vision has been to make sure communities had the right infrastructure in place to support families in need and that social services had access to sustainable funding streams from healthcare. With this new round of capital, we are focused on not only expanding our accountable networks of social services to support a growing value-based healthcare ecosystem but also set the standard for reimbursement structures for social services across the country,” said Healthify CEO and Cofounder, Manik Bhat.