InSight Telepsychiatry and Regroup Telehealth have merged to form the “largest and most comprehensive telepsychiatry service provider” in the country, according to a press release announcing the news.
Financial terms of the deal were not disclosed.
Mount Laurel, New Jersey,-based InSight is a telepsychiatry company with more than twenty years of experience. It provides on-demand, scheduled and direct-to-consumer services to hundreds of individuals and organizations across the nation.
Meanwhile, Regroup Telehealth is based in Chicago and backed by venture capital firms Hyde Park Angels and Frist Cressey Ventures. Regroup partners with providers at more than 175 locations across the country to integrate behavioral health care, supplementing their services with clinicians who provide psychiatric care remotely.
The goal of the new company is to provide services to an expanded network, helping to address the nationwide shortage of behavioral health providers amid a growing need for behavioral health care.
“This merger allows us to align our shared goals, operational efficiencies and established models to offer scalable solutions across the continuum of care,” InSight CEO Geoffrey Boyce said in the press release.
Boyce will serve as CEO of the new organization, while David Cohn, founder and CEO of Regroup, will serve as chief growth officer and hold a seat on the board of directors.
“Regroup is excited to complement our proven approach to integrated telepsychiatry with InSight’s breadth of services, including on-demand services for partners and direct-to-consumer solutions for patients seeking care at home or other care settings of their choice,” Cohn said in the press release.
InSight and Regroup will continue to use their names and brands “throughout the integration process,” according to the press release.
Investors in the new company include Harbour Point Capital, HLM Venture Partners, OCA Ventures, OSF Ventures and Impact Engine.