Switchboard Health Announces $6.5M Series Seed Funding to Support New Partnerships with Health Plans and Value-Based Care Providers
[Boise, ID, May 13, 2024] - Switchboard Health, creator of a high-value specialty care network and software platform, has secured $6.5 million in series seed funding. First Trust Capital Partners’ investment led the round, with participation from founding investor Route 66 Ventures, InnovateHealth Ventures, Capital Eleven, and Ikigai Growth Partners.
Switchboard Health has built a tech-enabled, clinically integrated network that delivers seamless access to value-based specialty care. This financing round supports the continued development of its software platform and advances several implementations with health plans and value-based care providers.
“This investment accelerates our mission to improve specialty care access, affordability, and patient experience,” says Derek Baird, Co-founder and CEO of Switchboard Health. “Our team is heartened by our investor support and excited to put this capital into the development of our tech-enabled care network and the success of our growing client base.”
Switchboard is launching with a new set of health plan clients that want to deliver seamless, convenient, and modern care options to their members. With Switchboard’s care network, health plans can deploy a single platform to improve member satisfaction, reduce costs, and provide timely access to care. Switchboard-enabled care will soon be available across ten specialties in a dozen states, dramatically reducing the administrative burden for payers looking to enhance their network.
“We know that health plans are more focused than ever on specialty care access,” says Jon Phillips, managing director of First Trust Capital Partners. “We are excited to invest in Switchboard knowing that it can deliver convenient care options that result in meaningful cost and quality improvements.”
Value-based care providers are also seeking new technologies to reduce unnecessary medical expenses. They know that effective management of specialty care referrals can yield cost savings and improve patient satisfaction. The Switchboard provider matching engine identifies specialty care options for patients based on location, insurance, cost, quality, and more. The software also incorporates evidence-based virtual care models from the Switchboard Network, including providers such as Heartbeat Health, Brightside Health, Tono Health, and many more. Put together, the Switchboard software and multispecialty network can deliver immediate benefits and hasten the transition to value-based specialty care contracting.
“Since the company’s launch, we’ve seen Switchboard drive improvements in specialty care navigation,” says Ben Britt, managing partner at Route 66 Ventures. “Now we’re even more excited as the team supports provider groups and health plans in designing and administering value-based agreements.”
Switchboard will be attending AHIP 2024 in June and meeting with health plans to discuss improving Star Ratings, reducing medical expenses, and transitioning to value-based specialty care.
About Switchboard Health:
Switchboard Health helps providers, health plans, and employers identify high-value specialty care services. Our national specialty care network improves access, lowers costs, and provides much- needed support to patients seeking care. For more information, visit www.switchboardhealth.com