San Francisco-based appointment booking app Solv Health announced today that it has closed a $16.8 million Series B round of funding. The round was led by Greylock Partners, with participation from Benchmark and Aspect Ventures.
In the same announcement, the company also unveiled its new Solv Pay feature, which looks to make remuneration quicker and more convenient for users.
“When you give consumers tools to simplify their experience, it should be no shock that they know exactly what to do with them. When given the opportunity, consumers engage,” Solv Health CEO and cofounder Heather Fernandez wrote in a Medium.com post announcing the news. “Solv is putting patients in front of a provider who can treat their symptoms in as little as 15 minutes. The benefit this provides consumers is real. We’ve already given approximately 5.1 years back to consumers who typically spend two hours between booking an appointment and getting their issue resolved.”
Solv’s service is specifically designed for the urgent care setting. The app asks users for their symptoms and preferred appointment time, and then connects them to local providers able to meet their needs. Through the newly announced payments product, patients can view their insurance information and deductibles, and make their payments directly through their smartphone at the end of a visit. For providers, the service offers automated patient communications via text, appointment scheduling with wait time estimates for busy patients, mobile dashboards with operational data, and patient referrals directly through the service.
“Solv is rapidly scaling the best convenient care solution by partnering with existing urgent care and retail clinic providers. These clinics engage with Solv to increase patient volume, and to improve the end-to-end patient experience,” Greylock Partners’ James Slavet, who will be joining Solv’s board, wrote in a blog post. “In less than a year, Solv has already become the number one online destination for patients seeking same-day care. More than 1.5 million patients have seen a provider through the Solv platform and consumers have saved more than $36 million using Solv to book convenient care visits online instead of visiting an emergency room. Urgent care clinics who are partnered with Solv have increased their online bookings by as much as 60 percent.”
Today’s funding comes roughly a year after Solv’s previous round, which raised $6.25 million from Benchmark Capital and others in April 2017. This brings the company’s total announced funding to just over $23 million.
“Consumers want to engage with their healthcare and, given the opportunity, they will,” Fernandez wrote. “However, they’ll do so on their terms by seeking out transparent, convenient care, over and over again.”