Soda Health, a health care technology company reshaping the supplemental benefits system, revealed 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 member experience as an easy way to use these vital resources for access to better health.
Data from Centers for Medicare and Medicaid (“CMS”) shows 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. The data also shows that about 17.1 million Americans with Medicare Advantage plans had $5 billion in over-the-counter benefits available in 2021. Yet, only 30% of these funds were utilized.
Because of the current health insurance medical claims system, payers 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.
Soda Health’s platform creates a longitudinal healthcare solution that adapts to the ever-changing needs of each member 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 needs, Soda Health seeks to ensure every dollar addresses the disparities people experience across the range of social determinants of health. The company 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.
Medicare Advantage members can use the plan finder to search for a health insurance plan that offers the benefits they need.