pH Partners Serves as Exclusive Financial Advisor to Socially Determined on its $26M Series B Financing
Washington, D.C., July 12. 2022 - Socially Determined®, a healthcare analytics company that provides Social Risk IntelligenceTM to organizations dedicated to addressing the Social Determinants of Health (SDOH), today announced that it closed a $26 million Series B financing. The money will be used as growth capital to accelerate the company's national expansion of its SaaS platform. In addition to previous investors LRVHealth, OSF Healthcare, Ziegler Link-Age Funds, and HealthWorx, the investment and innovation division of CareFirst BlueCross BlueShield, the investment was spearheaded by Questa Capital (CareFirst).
Through product improvements, sales and marketing programs, and research and development projects centered on more technology and platform automation, the firm will use the investment's profits to accelerate the growth and scalability of its ground-breaking solutions.
“The advancement of health equity and the broader measurement of SDOH are trends we have been following for a decade, and, until recently, there has not been a scalable solution for quantifying the impact of SDOH on health outcomes,” said Brad Sloan, co-founder and Managing Partner at Questa Capital. “With its experienced leadership and enterprise SaaS platform, we believe Socially Determined represents a unique opportunity to deliver industry-leading risk intelligence to a diverse constituency of clients at scale. We are excited to partner with an outstanding management team to accelerate the company’s growth and raise awareness of an important issue within our healthcare system.”
Socially Determined and its team of experts reveal where social risk occurs, why it matters, and how to handle it for maximum business and community impact using their Social Risk Intelligence technology platform, SocialScape®. This unrivaled knowledge empowers payers, life sciences companies, providers, and other stakeholders to make quick decisions that can enhance healthcare outcomes, lessen gaps in access to care, and improve interactions with the populations they serve.
“It is impossible to address the need for affordable, quality, accessible, and equitable healthcare without considering all of the factors that influence health,” said Doba Parushev, Vice President and Managing Partner of Healthworx Ventures. “To serve CareFirst’s 3.5 million members and our communities, gaining a deeper understanding of individual SDOH circumstances allows us to deliver the type of support needed at the right time. Socially Determined’s technology empowers our data-driven decisions, providing the visibility and insights to take action and drive better health outcomes.”
Recently, CareFirst and Socially Determined announced an expansion of their collaboration, beginning an enterprise-wide rollout of the SocialScape platform and services from Socially Determined.
“Designing interventions that make an impact on SDOH – at scale – requires more than anecdotal evidence or one-to-one patient screening where it’s too easy for the most vulnerable to fall through the cracks. It requires reliable and comprehensive data,” said Trenor Williams, MD, CEO and co-founder of Socially Determined. “We’ve done the work to gather the right data sets that illuminate social determinants like food insecurity, transportation barriers, and financial strain for people and communities across the U.S., developed the analytics to interpret them, and amassed an expert team that shows organizations how to use them. Put simply, we’ve pioneered a standardized and repeatable approach for assessing SDOH across the country, and our success with clients has proven that it works.”
Read the full article at http://www.mobilehealthtimes.com/socially-determined-closes-26m-series-b-financing-to-set-the-standard-for-propelling-successful-health-equity-and-sdoh-initiatives/
About CareFirst
In its 85th year of service, CareFirst, an independent licensee of the Blue Cross and Blue Shield Association, is a not-for-profit healthcare company which, through its affiliates and subsidiaries, offers a comprehensive portfolio of health insurance products and administrative services to 3.5 million individuals and employers in Maryland, the District of Columbia and Northern Virginia. In 2021, CareFirst invested $26.2 million to improve overall health, and increase the accessibility, affordability, safety and quality of healthcare throughout its market areas. To learn more about CareFirst BlueCross BlueShield, visit our website at www.carefirst.com and our transforming healthcare page at www.carefirst.com/transformation, or follow us on Facebook, Twitter, LinkedIn or Instagram.
About Socially Determined
Socially Determined is a social analytics firm that provides Social Risk Intelligence™ solutions to organizations committed to addressing the Social Determinants of Health (SDOH) impacting their communities and populations. The company’s platform, SocialScape®, delivers unmatched insights into social risk dynamics and their effect on health outcomes and business performance through secure, scalable social risk intelligence data processing and proprietary analytics. With SocialScape’s unparalleled view of social risk and Socially Determined’s advisory services expertise, clients can deploy interventions and investments that translate to quantifiable impact. Socially Determined is headquartered in Washington, DC and operates a second office in Blacksburg, VA. For more information, visit our website at www.SociallyDetermined.com, follow Socially Determined on Twitter (@SocDetermined) or LinkedIn (www.linkedin.com/company/socially-determined).
About pH Partners
pH Partners, LLC, is a boutique investment banking firm delivering capital formation, strategic partnership, and merger and acquisition services to companies at the convergence of Healthcare, Technology and the Consumer. The pH Partners team consists of senior-level executives with extensive backgrounds in investment banking, life sciences, medicine and operations, and have collectively closed over $20B in strategic advisory transactions, and have raised more $5B in capital for their clients. pH Partners is headquartered in Austin, Texas with offices in Houston, Portland and New York. To learn more, visit phpartners.com.
pH Partners’ transaction leads:
Benjamin Perkins
Managing Partner
