Auxa Health Announces Venture Funding Round Led by AlleyCorp
Investment will accelerate development of Auxa SCOPE, a platform that supports health plans to optimize the impact of social care services on member health outcomes and satisfaction.
NEW YORK, May 23, 2022 /PRNewswire/ -- Auxa Health, a social care orchestration technology company, announced the close of a venture round led by AlleyCorp, a New York-based firm that both incubates and invests in promising early-stage companies. The funding will support Auxa Health as it builds and scales its analytics-based platform for healthcare payers and providers to orchestrate Social Determinants of Health (SDOH) services, manage service providers, and optimize utilization.
To address the needs of a rapidly aging population, SDOH services are an urgent priority for nearly 4,000 Medicare Advantage plans. But a lack of actionable data and insights has resulted in persistently costly, inefficient, and often ineffective service delivery. To meet this challenge, Auxa Health is building the first Social Care Orchestration Platform for Health Enterprises (Auxa SCOPE). In its initial offering, the platform will incorporate SDOH data that informs a whole-person view to guide healthcare decisions for Medicare Advantage plans.
Co-founder ad President of Auxa Health, Dan M. Lee, was inspired to launch the company motivated by personal experience. "I managed my mother's care after she was diagnosed with Parkinson's Disease," said Lee, formerly an advisor to the senior leadership at the World Bank. "Learning from that challenging and poignant journey, I dedicated myself to solving the social care challenges that impact millions of older adults in the U.S. today."
For plans and providers, Auxa SCOPE identifies an individual's healthcare needs, helps to analyze, manage and curate service providers, and then coordinates the relevant service for the right person at the right time. Whether transporting patients to medical appointments, delivering groceries, or making in-home modifications for accessibility, social care services and their vendor providers can finally become more accountable and manageable through Auxa SCOPE.
"We are delighted to support Auxa as it takes on the challenge of addressing the digital infrastructure required to enable SDOH service delivery," said Brenton Fargnoli, M.D., managing partner of the AlleyCorp Healthcare Fund. "With the accelerated growth of our aging population, Auxa is meeting the moment by ensuring the right capabilities are in place for health plans and providers to effectively deliver these crucial services."
Co-founder Jeffrey De Flavio, M.D., a physician with a proven track record as an entrepreneur who has built multiple venture-backed businesses focused on health inequity added, "successful medical interventions require relevant, timely social care. Something as simple as having access to reliable transportation or a well-stocked pantry can be the difference between wellness and illness."
About Auxa Health
Our vision is a healthier, more equitable society which meets the whole-person health needs of older adults beyond the traditional limitations of medical care and benefits.
We are building the first Social Care Orchestration Platform for Health Enterprises (Auxa SCOPE), which will provide the best-in-class solution that improves the utilization, delivery, and management of Social Determinants of Health (SDOH) services to ensure plans, providers, and service vendors deliver supplemental social care benefits that are effective, accountable, and timely.
The Auxa Health team is comprised of industry veterans with experience at Google, Groups Recover Together, Cityblock Health, Flatiron Health, the World Bank, White House, and Goldman Sachs.
Learn more at www.auxahealth.com
Contact: [email protected]
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SOURCE Auxa Health