About Greylock
Greylock Partners invests in entrepreneurs that focus on consumer and enterprise software companies.
- 📌 Menlo Park, California, United States
- 👥 101-250
- 📊 Venture Capital
- 🌟 Early Stage Venture, Late Stage Venture, Private Equity, Seed, Venture
- 🌐 www.greylock.com
About Solv
Solv is a digital platform which allows patients to book same-day doctor’s appointments and urgent care visits.
- 📌 Oakland, California, United States
- 👥 51-100
- 📊 Venture – Series Unknown
- 🌟 Private
- 🌐 www.solvhealth.com
Our Investment in Solv
A huge part of the value of the consumer internet has been driven by network businesses that connect people together.
How we transact has changed dramatically over the past decade, and these shifts continue to accelerate.
The way we buy a car, a house, and most local products and services, has been made materially more efficient.
In the past couple of years, the ubiquity of mobile devices has driven even greater efficiency. In the last-second economy, people now decide and book a ride or a reservation at the last second, with a couple of clicks of an app, and with high expectations of service quality.
The Shift Towards On-Demand Health Care
While many industries have already been dramatically changed by the last-second economy, health care now sits at the knee of the transformation curve.
At $3 trillion in annual spend, health care is the largest industry in the U.S. and it touches each and every one of us.
Businesses and consumers are more motivated than ever to find value in health care. Approximately 46% of corporate profits are now funneled back out by employers to cover health care expenses.
And consumers are increasingly dealing with high-deductible plans that shift a significant amount of the cost burden to their out-of-pocket spend.
There’s a heightened sense of urgency to seek better outcomes in a more efficient way.
And there’s growing awareness of the gap between how we still access health care relative to the on-demand efficiency with which we now buy almost everything else.
Solv’s Mission to Modernize Healthcare Accessibility
A new generation of health tech companies is now attacking these problems by building modern consumer front-end experiences that connect into higher-performance specialized networks.
A modern front-end experience enables the health care consumer to easily discover based on his needs the optimal doctor or facility and to efficiently book an appointment and pay for care.
The system uses data to build and refine the right curated supply network, and to intelligently route patients to the options that offer the best combination of availability, quality and cost.
At Greylock, we’ve invested in several of these intelligent routers for health care including Grand Rounds (second opinions for serious health conditions) and Lyra (evidence-based mental health care).
Today, we’re excited to announce our investment in Solv. We’ve led the Series B for Solv, and I’ve joined the Board.
Solv is health care for “the last second economy”. The company provides access to high-quality same-day health care.
We’re thrilled to be in business with Solv’s founders, CEO Heather Fernandez and CTO Daniele Farnedi, and the entire Solv team.
Heather and Daniele were two of the key executives to help scale Trulia from the early stages through a $2.5 billion acquisition by Zillow, and beyond.
They’re now applying the experience and skills honed building a transformational network in another large broken industry towards the mission of modernizing access to on-demand health care.
Solv’s Innovative Solutions for Seamless Patient Care
Health care consumers have already been voting with their feet. There are over 170 million annual visits to convenient care in the U.S. That’s a huge number.
Convenient care, which includes both urgent care and retail clinics, has been one of the fastest growing trends in health care because it saves people time and money.
Convenient care clinics help patients who want to be seen within 24 hours, and at a small fraction of the cost of an ER visit.
My wife and I have three kids, and we’ve been to our fair share of urgent care clinics. We go to urgent care because it’s nearly impossible to get a last-minute or after-hours appointment with our pediatrician.
It takes 24 days on average to get an appointment with a new primary care physician, and that just doesn’t work for most health care needs.
In fact, 75% of consumers now report that they won’t choose a doctor who can’t see them within a week.
Impact and Success of Solv in the Healthcare Landscape
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.
For patients, Solv offers online access to same-day, high-quality convenient care, and transparency up-front about the cost of the visit.
People can book an appointment through Solv, and can often see a nearby doctor in as little as 15 minutes.
Through Solv, you share your health care need, and you get back a targeted list of nearby urgent care clinics and the services they offer to help you get well.
Before meeting the doctor you can see the cost of each service and whether you’ve met your deductible. Today, Solv is also announcing their new payments product.
Through Solv Pay, you can pay directly from your phone at the end of each visit.
Solv’s focus on designing a product that meets the needs of both patients and providers is proving out. In less than a year, Solv has already become the #1 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%.
Conclusion
We are excited to join Heather, Daniele and the Solv team on their journey to elevate the delivery of on-demand health care for both patients and providers.
You can read the rest of “Why we invested in” collection here:
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