Solv scores $45M to develop same-day appointments and digital care
Solv, a supplier of same-day and next-day appointment software program, banked $45 million in contemporary funding to construct out its nationwide community of healthcare suppliers.
The sequence C funding spherical was led by Acrew Capital and Nook Ventures. Different members embrace prior buyers Greylock Companions and Benchmark Capital. Solv has raised $95 million up to now, in keeping with Crunchbase.
The San Francisco-based firm sells software program to healthcare suppliers to assist them construct out digital capabilities like on-line scheduling, paperless registration, AI-driven queuing and automated repute administration. Solv additionally provides an app for shoppers to search out care and schedule appointments, together with telehealth visits.
The corporate compares itself to different business marketplaces that join drivers and passengers in transportation, consumers and sellers in actual property, and eating places and diners in meals. Solv connects sufferers and suppliers in healthcare, in keeping with firm executives.
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“At Solv, we see a possibility to push the business in the direction of a extra digital, consumer-focused, and accessible actuality,” mentioned Solv CEO and co-founder Heather Fernandez in an announcement. “Simply because the monetary disaster modified shopper expectations and drove innovation in fintech, we’re seeing the identical tendencies in healthcare due to the COVID-19 pandemic. By inserting sufferers entrance and heart, either side of the healthcare system profit, and we are able to transfer the business nearer to the longer term we’re working to construct.”
Right this moment, 1 in 16 Individuals have used Solv to schedule care, making same-day appointments with only a few faucets of a cellphone, lowering their in-office wait time by filling out digital kinds pre-appointment and texting with their supplier, in keeping with the corporate. Over 100 million Individuals reside inside 5 miles of a same-day appointment with Solv.
Almost 50% of sufferers who scheduled care on-line utilizing Solv had been new sufferers to that observe, the corporate mentioned.
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Solv has seen robust progress in telehealth bookings on account of the COVID-19 pandemic. Since March of 2020, there have been 1.5 million telehealth bookings in comparison with solely 9,500 telehealth appointments in early 2020 and in all of 2019.
“Whereas I’ve recognized Heather and lots of members of the Solv workforce from their time at Trulia, I proceed to be amazed by their imaginative and prescient and progress since we initially invested in Solv in early 2016,” mentioned Theresia Gouw, founding associate of Acrew Capital and Solv board member, in an announcement.
“Over the previous year-and-a-half, Solv has accelerated in the course of the pandemic serving to tens of millions of Individuals navigate the healthcare system particularly concerning entry to fast COVID testing and digital care. Solv’s know-how and pace of execution deal with essential wants in healthcare throughout a time of latest and evolving shopper demand,” Gouw mentioned.
Solv additionally introduced the institution of its business advisory board, which can work carefully with the Solv management workforce and board of administrators to information the corporate via future progress. The three founding advisory board members are: Alexandra Morehouse, chief advertising officer of Banner Well being; Florence Chang, government vp and chief working officer of MultiCare Well being System; and Regina Benjamin, M.D., former U.S. surgeon basic.
