Growth Capital to Accelerate National Expansion of the Company’s SaaS Platform
Socially Determined®, a healthcare analytics company that delivers Social Risk Intelligence™ to organizations committed to addressing the Social Determinants of Health (SDOH), today announced that it closed a $26 million Series B financing. The investment was led by Questa Capital with participation from existing investors LRVHealth, OSF Healthcare, Ziegler Link-Age Funds and HealthWorx, the investment and innovation arm of CareFirst BlueCross BlueShield (CareFirst).
The company will use proceeds of the investment to accelerate the growth and scale of its pioneering solutions through product enhancements, sales and marketing initiatives, and research and development focused on further technology and platform automation.
“The advancement of health equity and the broader measurement of SDOH are trends we have been following for a decade, and, until recently, there has not been a scalable solution for quantifying the impact of SDOH on health outcomes,” said Brad Sloan, co-founder and Managing Partner at Questa Capital. “With its experienced leadership and enterprise SaaS platform, we believe Socially Determined represents a unique opportunity to deliver industry leading risk intelligence to a diverse constituency of clients at scale. We are excited to partner with an outstanding management team to accelerate the company’s growth and raise awareness of an important issue within our healthcare system.”
Through it’s Social Risk Intelligence technology platform, SocialScape®, Socially Determined and its team of experts illuminate where social risk exists, why it matters, and how to address it for maximum business and community impact. This unmatched intelligence enables payers, life sciences companies, providers and other stakeholders to take decisive action that can improve health outcomes, reduce healthcare disparities and more effectively engage with people they serve.
“It is impossible to address the need for affordable, quality, accessible, and equitable healthcare without considering all of the factors that influence health,” said Doba Parushev, Vice President and Managing Partner of Healthworx Ventures. “To serve CareFirst’s 3.5 million members and our communities, gaining a deeper understanding of individual SDOH circumstances allows us to deliver the type of support needed at the right time. Socially Determined’s technology empowers our data-driven decisions, providing the visibility and insights to take action and drive better health outcomes.”
CareFirst and Socially Determined recently announced an expansion of their partnership, embarking on an enterprise-wide expansion of Socially Determined’s SocialScape platform and services.
“Designing interventions that make an impact on SDOH – at scale – requires more than anecdotal evidence or one-to-one patient screening where it’s too easy for the most vulnerable to fall through the cracks. It requires reliable and comprehensive data,” said Trenor Williams, MD, CEO and co-founder of Socially Determined. “We’ve done the work to gather the right data sets that illuminate social determinants like food insecurity, transportation barriers, and financial strain for people and communities across the U.S., developed the analytics to interpret them, and ammassed an expert team that shows organizations how to use them. Put simply, we’ve pioneered a standardized and repeatable approach for assessing SDOH across the country, and our success with clients has proven that it works.”