Originally published by PR Newswire on September 13, 2022
BENTONVILLE, Ark., Sept. 13, 2022 /PRNewswire/ -- Soda Health, Inc. ("Soda Health") a healthcare technology company reshaping the supplemental benefits system, announced today it has raised $25 million in a Series A round from an investor syndicate comprising Lightspeed Venture Partners, Define Ventures, and Qiming Venture Partners USA. Soda Health's platform first streamlines how individuals are matched with supplemental benefits from their health insurance plan, and then provides a simplified, frictionless member experience to easily use these vital resources for access to better health.
According to publicly available data from the Centers for Medicare and Medicaid ("CMS"), the U.S. dedicates over $80 billion in funding for Medicare Advantage plans to provide supplemental benefits that improve social determinants of health, including access to healthy foods and transportation. According to CMS, in 2021, about 17.1 million Americans with Medicare Advantage plans had $5 billion in over-the-counter benefits available. Yet only 30% of these funds were utilized.
Because of the current health insurance medical claims system, payers today typically provide supplemental benefits using a combination of mail order, online or in-store fulfillment, using one or more debit cards through a system that's confusing to navigate and generally lacking cohesion between each benefit offered.
Soda Health's platform creates a longitudinal healthcare solution that adapts to the ever-changing needs of members through the company's best-in-class payment technology and member experience.
"Supplemental benefits today are offered in a patchwork, disconnected, and inefficient manner," said Soda Health CEO Robby Knight. "The funding is there, the desire to help people is there, but the infrastructure necessary to connect these disparate pieces doesn't exist. With today's funding, Soda Health will build the bridges to connect members to personalized benefits available through their plans, and with retailers where they can use those benefits."
By personalizing the benefits offered to Medicare Advantage and Medicaid members based on their health status and need, Soda Health aims to ensure every dollar addresses the disparities people experience across the range of social determinants of health. Soda Health intends to expand its platform to reach other Americans with unmet needs and provide a customizable, easy-to-use, single card to access any type of benefit that improves an individual's whole health.
Soda Health's founding team brings together leaders across the retail, healthcare, and technology sectors. CEO Robby Knight, President and Chief Growth Officer Daryl Risinger, and Head of Operations Jared Dauman all have years of leadership experience at Walmart. Risinger also previously served as SVP, Marketing and Product Development at Concentra, a subsidiary of Humana Inc. CTO Chris Brown was previously a VP of digital wellness platform company Rally Health, which UnitedHealthcare acquired in 2017.
"Soda Health has the technology and leadership team, including several former Walmart executives, to create a solution in our healthcare system where currently, billions of dollars are going unused," said Ling Wong, Senior Advisor at Lightspeed Venture Partners and General Partner and Founder of Highbury Group.
"Healthcare goes beyond drugs and doctor visits," said Lynne Chou O'Keefe, Define Ventures founder and Managing Partner. "Social determinants of health have a large impact on our wellbeing, and Soda Health is ensuring that individuals are empowered to improve their health through personalized benefits."
If you're a Medicare Advantage member and believe you qualify for supplemental benefits, you can use the plan finder to search for a health insurance plan that offers the benefits that are right for you. If you're a payer interested in streamlining your supplemental benefits offerings, contact Soda Health at contactus@sodahealth.com.
About Soda Health
Soda Health is a healthcare technology company focused on building solutions which eliminate health inequities and create a healthier America. We provide a technology platform to administer and reimburse benefits personalized to individual needs, delivered more cost-effectively. Our expertise in healthcare, retail and consumer experience provides us with the foundation for creating easy-to-use solutions with an experience which moves beyond transactional relationships to sustained engagement and overall health improvement. That is a win for everyone. Soda Health is a remote-first company headquartered in Bentonville with offices in Chicago.
Media contact:
Sarah Rumfelt
press@sodahealth.com
SOURCE Soda Health