The company’s virtual platform connects people with healthcare advocates for personalized healthcare support, covered by Medicare.
Solace, a digital health platform that connects patients with expert healthcare advocates, today announces that it has raised $14 million in Series A funding. Solace was founded in 2022 to improve health outcomes for individuals and families through a human-centric, personalized navigation approach.
The round was led by Inspired Capital with participation from existing backers Craft Ventures and Torch Capital, as well as new investors, including Anne Wojcicki, the late Susan Wojcicki, RiverPark Ventures and Coalition Operators. With $21M in total funding since its founding, Solace plans to accelerate development of its digital platform for patients and advocates and expand its network of healthcare advocates and its coverage across the United States.
Solace’s Co-Founder and CEO, Jeremy Gurewitz, knows firsthand how challenging the healthcare system can be. His mom passed away in 2018 from a debilitating battle with pancreatic cancer, despite having a deep understanding of healthcare as a NYC-based radiologist. Together with co-founder Sara Sargent, Gurewitz founded Solace to fight for the millions of patients in the U.S. who have to navigate healthcare alone.
“Nearly everyone has had, or knows someone who has had, a nightmare interaction with the U.S. healthcare system,” Gurewitz said. “No matter how great your insurance plan is or how well-off you are, when you experience a devastating health event, you’re forced to manage a complex web of paperwork, prior-authorizations, provider availability, scheduling appointments and insurance claims entirely on your own—all during one of the most stressful moments of your life. This is why Solace exists.”
The healthcare system in America is fundamentally broken. Gaps in care and health literacy are at the root of countless health issues and preventable procedures for millions. Clinical evidence shows that healthcare advocates are highly effective at improving health outcomes for patients, but access to advocacy has been limited due to a lack of awareness and insurance coverage—and even more limited in lower-income populations that are disproportionately impacted by social determinants of health. By working with Medicare on healthcare advocacy reimbursement and offering easy virtual visits, Solace is making healthcare advocacy accessible to the 65 million Americans currently enrolled in Medicare plans.
Health advocates on Solace are former doctors, nurses, pharmacists and other clinical and experience-driven professionals who navigate patients through the complexities of healthcare. With thousands of healthcare advocates across all 50 states, Solace provides personalized support for patients in a vast variety of life-stages and conditions, including aggressive and autoimmune diseases, active hospitalizations, chronic conditions, care transitions, and over 100 more identified diagnoses.
“We are committed to redefining the healthcare landscape in the U.S. for patients,” said Sara Sargent, Co-Founder and Chief Product Officer at Solace. “Solace Advocates are exceptional at knowing the right words to say and the best steps to take to solve problems and help patients get the care they need. Our technology removes the barriers to insurance reimbursement for advocates, expanding patient access and enabling the advocates to focus on people, not paperwork.”
Solace Advocates work with individuals through the entirety of their care journey to listen, inform, and empower patients on a personal level. Solace uses a proprietary matching algorithm that has led to a world-class NPS score of 96. Even outside of virtual sessions, patients can interact with their advocate in real-time using Solace’s platform to ask questions, share changes in health, and track progress. Through direct partnerships with Medicare and Medicare Advantage plans, Solace provides services to most patients for as little as $0 out-of-pocket.
To maintain the quality of its network, Solace utilizes data from patient surveys, supporting clinical physicians, and electronic medical records to determine the efficacy of its advocacy services. Advocates are also invited to join a supportive clinical community, where they can ask questions and exchange resources with other advocates across the U.S.
With this round of funding, Solace will continue fueling its expansion into Medicaid & private-insurance patient coverage and fulfilling its mission of empowering every patient with a healthcare advocate as a part of their care journey.
“Regardless of what insurance coverage you have, everyone has had moments of confusion and panic around healthcare decisions for themselves or their loved ones,” said Penny Pritzker, Co-Founder of Inspired Capital and former U.S. Secretary of Commerce. “I would love to see a world where Solace is the first call for every patient who is in distress. It’s clear that having an experienced professional on your team as an advocate can make all the difference, and I believe this will be an essential part of the healthcare industry in the decade ahead.”
“It’s clear to us that Jeremy and Sara personally understand how complex navigating the healthcare system can be,” said Alexa von Tobel, Co-Founder and Managing Partner of Inspired Capital. “That personal experience is what will drive Solace into a category-defining company.”
About Solace
Solace is a digital platform that connects people with expert healthcare advocates covered by insurance. Healthcare in the U.S. is so complex that most people struggle to manage even mild health issues. After personal experiences with the healthcare system, Solace’s co-founders Jeremy Gurewitz and Sara Sargent launched Solace in 2022 to fight for the millions of patients in the U.S. who have to navigate healthcare alone.
Solace exists to empower patients, improve outcomes, and restore the promise of the U.S. healthcare system. Using proprietary technology to match individuals with dedicated, personal advocates, Solace cuts through the red tape of healthcare and supports individuals and families in ways the health system can’t. Solace is now covered across all 50 U.S. states by Medicare and most Medicare Advantage plans. Start seeing a healthcare advocate today by visiting www.solace.health
View source version on businesswire.com: https://www.businesswire.com/news/home/20240822742962/en/
