Growth Capital to Accelerate National Expansion of the Company’s SaaS Platform and Advisory Services
In a recent interview with MHealth Times, Dennis Daily, and Trenor Williams, M.D., Socially Determined’s founder and CEO, discussed Socially Determined's exciting next steps. See a video snippet below:
Socially Determined®, a healthcare analytics company that provides Social Risk IntelligenceTM to organizations dedicated to addressing the Social Determinants of Health (SDOH), today announced that it closed a $26 million Series B financing. The money will be used as growth capital to accelerate the company's national expansion of its SaaS platform. In addition to previous investors LRVHealth, OSF Healthcare, Ziegler Link-Age Funds, and HealthWorx, the investment and innovation division of CareFirst BlueCross BlueShield, the investment was spearheaded by Questa Capital (CareFirst).
Through product improvements, sales and marketing programs, and research and development projects centered on more technology and platform automation, the firm will use the investment's profits to accelerate the growth and scalability of its ground-breaking solutions.
“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.”
Socially Determined and its team of experts reveal where social risk occurs, why it matters, and how to handle it for maximum business and community impact using their Social Risk Intelligence technology platform, SocialScape®. This unrivaled knowledge empowers payers, life sciences companies, providers, and other stakeholders to make quick decisions that can enhance healthcare outcomes, lessen gaps in access to care, and improve interactions with the populations 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.”
Recently, CareFirst and Socially Determined announced an expansion of their collaboration, beginning an enterprise-wide rollout of the SocialScape platform and services from Socially Determined.
“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 amassed 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.”
Read the full article at http://www.mobilehealthtimes.com/socially-determined-closes-26m-series-b-financing-to-set-the-standard-for-propelling-successful-health-equity-and-sdoh-initiatives/