Soda Well being, which presents a advantages administration platform, has raised $50 million in Collection B funding to develop its providers, the corporate introduced final week.

The Bentonville, Arkansas-based firm connects healthcare organizations and their members with a community of shops (together with CVS, Walgreens and Kroger) to assist advantages for meals, healthcare merchandise and pharmacy providers. It presents a wise advantages card that members can use for authorized items and providers. Clients may get analytics to assist them establish gaps in care and enhance star scores. As well as, Soda Well being presents instruments that enable well being plans to simulate totally different mixtures of well being advantages. The corporate primarily serves Medicare Benefit insurers.

The $50 million Collection B financing spherical was led by Common Catalyst and included participation from former Humana CEO Bruce Broussard, Lightspeed Enterprise Companions, Outline Ventures, Qiming Enterprise Companions USA and SVB Capital. In complete, Soda Well being has raised $100 million.

Caitlin Donovan, a associate at Common Catalyst, will be a part of Soda Well being's board of administrators, in line with the announcement.

“We consider there are smarter methods to optimize healthcare plan spending. Soda Well being and their &extra community present an answer that makes extra wise use of extra profit {dollars} – delivering higher knowledge, closing gaps in care and bettering affected person outcomes on what we consider to be the best-in-class, safe and versatile platform ” mentioned Donovan. in a press release. “Healthcare is an interconnected ecosystem, and when an organization aligns the wants of payers, suppliers, retailers and sufferers, it's a win for all.”

With the funding, Soda Well being will scale its operations, launch new knowledge merchandise and develop into new profit classes, mentioned Robby Knight, the corporate's CEO.

By 2024, practically 33 million adults will be a part of Medicare Benefit plans, giving them entry to greater than $130 billion in extra advantages and rewards for his or her well being care wants. With inflation making on a regular basis objects like groceries and over-the-counter merchandise more durable to afford for seniors on fastened incomes, these advantages have develop into a key think about selecting a plan, in line with Soda Well being. Nonetheless, the administration of those advantages was insufficient, resulting in confusion and making it troublesome for beneficiaries to take full benefit of them.

“We need to make well being care smarter for the individuals the system serves,” Knight mentioned in an e-mail. “We add worth to all the healthcare ecosystem by bringing collectively members, plans and retailers. Members will get extra of their wants met the place they already store, making them more healthy and decreasing general healthcare prices.”

One other advantages administration firm is NationsBenefits, which companions with managed care organizations and presents supplemental advantages, flex playing cards and member engagement options.

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