Unless you KNOW you're going to be able to out-poke the enemy lane (say, if your ADC is trist or cait and they're running graves/braum or something), it's mandatory on Soraka.
In broader terms, it's the "defensive" choice for a support: Builds into a group movement speed increase as opposed to an AoE slow, grants self-sustain as opposed to more aggressive poke, gives more healing and mana regen instead of more ability power, etc. It does have its drawbacks (punishing you heavily for being out of lane, specifically, and not granting extra healing to your carry).
I don't really think it needs sweeping changes, but if you wanted to modify it, I'd say go for something like this:
**Unique Passive - Favor: Regular minion deaths near you grant you gold equal to their value. This effect requires and consumes a charge. Regenerates one charge every 25 seconds to a maximum of 3 charges.
**
I don't like the idea of giving it a healing / shielding bonus, because that would make it more mandatory for those champions than freaking DFG was to burst mages in addition to being passive. If you really wanted to, I'd make it limited - something like "once every 30s your heal or shield on an allied champion below 35% health is X% more effective" or something like that.