Soraka's heal is too powerful at all points. It needs to be more situational.
I think it should be just as strong as it is now, if not stronger, but only situationally so. It should be notably weaker the rest of the time.
Here are a few ideas, but don't shoot me.
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Have it so that the heal is notably weaker if Soraka or the heal target is in combat. This makes her less obnoxious to deal with in lane in 2v2 combat as she can just pump heals out basically nonstop and negate any and all damage dealt. To combat this, make it stronger the longer the target is out of combat (a la thresh's Flay passive)
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Make it a rooted channel and heal over time. This is self-explanatory.
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Stacking mechanic. Don't groan, just hear me out I think this one is actually a good one.
When Soraka or a nearby allied champion last-hits a minion, the remaining health of the minion is 'absorbed' by Soraka. For example, Draven does 90 AA damage. The minion is at 80 health. Draven last hits the minion. Soraka absorbs 80 health onto her Q. The next heal she has heals for that much amount or a Base amount + the absorbed amount. Or whatever. I don't know man I'm not on the balance team