Array Behavioral Health — previously known as InSight + Regroup — has scored a $24 million growth equity investment led by Wells Fargo Strategic Capital, according to a press release announcing the news.
InSight + Regroup was formed in Dec. 2019 as the result of a merger between InSight Telepsychiatry and Regroup Telehealth. The deal created the largest telepsychiatry provider in the nation, just before the pandemic prompted a virtual behavioral health care boom in 2020.
Since the merger, the company has conducted thousands of telepsychiatry sessions, hired 325 new clinicians, expanded its home-based service line and developed several new integrated care partnerships. Plus, last month, it changed its name to Array to represent the breadth of services it offers across the continuum of care, according to a press release on the rebranding.
Headquartered in Mount Laurel, New Jersey, the telepsychiatry provider’s service lines include OnDemand Care, which brings psychiatric consultations to emergency departments (ED); Scheduled Care, which provides psychiatric assistance to outpatient mental health centers in underserved communities; and AtHome Care, which provides services directly to patients at home.
At the time of its rebranding, Array hinted that more growth opportunities were headed its way. Specifically, in the press release, it forecasted “significant enhancements and scaled-growth within [its] three service lines, as well as a major investment in the organization’s growing ‘people’ function.” (The company hired a chief people officer just a few weeks before its rebranding.)
The new $24 million growth equity investment in Array will likely help the provider achieve those goals. In addition to Wells Fargo Strategic Capital, Health Velocity Capital and several existing shareholders also contributed to the investment, according to the press release.
Health Velocity Capital is no stranger to growing telehealth companies like Array. In fact, it has previously invested in companies such As Teladoc, MDLive, Livongo and Ginger.
Like those organizations, Array aims to improve the timeliness and quality care available to people nationwide.
“With this new funding, we will be able to move faster to enhance our service offerings and operations, implement and use better systems, hire more people, take on new initiatives and increase our overall market presence and impact,” Array CEO Geoffrey Boyce said in the press release.
This year, the company anticipates it will see 30% top-line growth, with leadership especially bullish on in-home and on-demand opportunities, Boyce told PE Hub.
Given factors such as the nationwide shortage of behavioral health providers and the COVID-19 pandemic, many of Array’s services are in high demand.
Take its work with EDs for example. About one in eight ED visits nationwide is related to a behavioral health issue, despite the fact that EDs rarely have the specialized personnel on hand to treat such conditions. Array’s OnDemand Care is poised to help.
Meanwhile, Array’s AtHome Care services line has seen a boost in the past year, as the pandemic has made people wary of venturing into public and worsened the nation’s overall mental health.
But even when pandemic-related demand dies down, Boyce told PE Hub he’s bullish on Array’s long-term outlook.
“There’s no shortage of demand for the services we offer,” Boyce said. “We’re building what could become one of the largest behavioral health care practices out there.”