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Solace Secures $60 Million in Funding for Patient Advocacy

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News Summary

Solace, a healthcare navigation platform, has raised $60 million in Series B funding, led by Menlo Ventures. This funding will help expand their network of healthcare advocates to assist patients in navigating the healthcare system. With many advocates being covered by Medicare, patients can access essential services at no cost. The investment aims to innovate and enhance patient support, solidifying Solace’s role in the future of healthcare advocacy.

Exciting Boost for Patient Advocacy as Solace Scores $60 Million in Funding!

Big news in the healthcare world! Solace, a fantastic healthcare navigation platform, has just made headlines after securing a whopping $60 million in Series B funding. This significant funding round was spearheaded by Menlo Ventures, alongside participation from other reputable investors such as Inspired Capital, Torch Capital, Craft Ventures, and a newcomer to the mix, SignalFire.

What Exactly Does Solace Do?

Solace is on a mission to help patients through the often confusing maze of healthcare. With their platform, patients are connected to professional healthcare advocates who offer guidance on a variety of healthcare challenges. From navigating new diagnoses to finding the right doctors, coordinating care, and managing chronic illnesses, Solace is there every step of the way!

What’s even better? Many of these advocates are covered by Medicare, most Medicare Advantage plans, and some health insurance carriers. That means patients can access these helpful services without worrying about the cost. This unique feature positions Solace as a key player in providing support to those who need it most.

How Does It Work?

Solace has developed a seamless way for healthcare providers to refer patients directly to its advocates. Plus, they’ve incorporated an electronic health record (EHR) system that allows advocates to access and update patient medical records efficiently. This integration makes sure that advocates are well-informed and can offer the best possible assistance to patients.

Growth on the Horizon!

With this new funding, Solace is gearing up for some exciting changes. The investment will be used to expand the number of healthcare advocates available across the nation and accelerate their development efforts. This means more patients will have access to critical support just when they need it. In a time when navigating the healthcare system can feel daunting, Solace aims to make the process a little less overwhelming!

Past Achievements and Future Potential

It’s worth noting that this isn’t Solace’s first time raising funds. The company previously raised $14 million in Series A funding, bringing their total funding to an impressive $21 million. This continuous influx of capital reflects a strong belief in the necessity and effectiveness of patient advocacy within today’s healthcare systems.

Keeping Up with Industry Trends

Solace is not alone in the healthcare navigation space. Other companies like Sharecare, Transcarent, and Healthee also strive to improve patient experiences. In fact, Sharecare is currently in the spotlight as it has entered a definitive agreement to be purchased by a healthcare investment firm for a massive $518 million. Such developments indicate a growing recognition of the importance of patient advocacy in healthcare operations.

The Future is Bright!

As we watch Solace expand and thrive with its new funding, it’s clear that the role of patient advocacy is only becoming more critical in navigating healthcare challenges. With more advocates on board and innovative developments ahead, Solace is poised to reshape the healthcare landscape. For patients, that means more help, more understanding, and ultimately, more smiles on the road to better health!

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