Quartet Health, a startup that uses analytics to connect patients with mental health solutions who match their needs and preferences are teaming up with Independence Health Group to make mental health care available to all Independence members, according to a press release Thursday.
The startup raised over $ 60 million to support a new venture, building on an existing partnership between two companies to expand access to mental health services in southeastern Pennsylvania. Independence spearheaded a funding round with additional investments from GV and Oak HC / FT. As part of the strategic partnership, Independence CEO Gregory Devens will join Quartet’s board of directors.
The Quartet believes the move will enable the company to improve its data and analytics to better manage patient care, accelerate access to mental health services, measure and reward. quality more effectively and support additional conditions for patients and populations.
The demand for mental health care surged during the COVID-19 pandemic, leading to a wave of new investments in companies that make it easier to access behavioral medicine.
Eleven percent of adults reported symptoms of anxiety and / or depressive disorder between January and June 2019, according to the Kaiser Family Foundation, with that figure rising to over 41% in January 2021.
Investment in mental and behavioral health startups reached over $ 4.4 billion in the first nine months of the year, up 70% from 2020, according to data from report from the Global Institute for Investment in Mental and Brain Health.
According to Digital Health Business & Technology, Oak HC / FT and GV were two of the largest digital health venture capitalists in the third quarter, with five and four deals, respectively.