Soda Health Launches Healthcare Platform
Healthcare payment provider Soda Health launched Thursday, Aug. 19, following a combined $6 million funding round, according to a company press release. Lightspeed Venture Partners and Define Ventures co-led the funding round, which also included support from Qiming Venture Partners USA.
As part of its core offerings, Soda Health intends to help consumers seek reimbursement for health-related items and services essential to maintaining good health, but not covered by traditional medical claims. In many cases, a person’s limited financial resources make it more difficult to access benefits. In conjunction with its healthcare payment platform, the company will work to ensure patients can more easily access their benefits, according to the post. To help streamline the process, the company said health plans will have a technology platform to help oversee and reimburse benefits more efficiently.
The newly formed company was co-founded by CEO Robby Knight along with Daryl Risinger, Jared Dauman and Chris Brown.
“We are building an organization solely dedicated to eliminating health inequalities,” said Robby Knight. “We achieve this by making the healthcare transaction and experience more like retail purchases using debit cards.”
The nearly 20 million Medicare Advantage beneficiaries who use supplemental health insurance to cover over-the-counter drugs demonstrates the growing need for patient support for these health-related transactions, the company said.
Like Soda Health, MiSalud also announced the launch of a healthcare platform this week, according to PYMNTS. Citing the impacts of the COVID-19 pandemic on the Hispanic community — with that population 2.3 times more likely to die from the virus — MiSalud hopes to customize its platform specifically for Hispanics.
Learn more: MiSalud To Debut Health, Wellness Platform for the Hispanic Community; Obtains $5 million funding increase
Other healthcare companies are also striving to provide a better patient experience. This week, ClosedLoop.ai announced a $34 million funding round that will be used to build on its artificial intelligence tools to help healthcare providers predict patient-specific outcomes to change patient-specific outcomes. patient care, reduce costs and achieve better end results.
Read more: ClosedLoop.ai Secures $34M in Series B Funding
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