Four mental health providers have merged to form a new outpatient behavioral health platform with multi-state reach. The resultant company is called Transformations Care Network, and it boasts 23 outpatient mental health practices across four states, with more than 400 clinical employees total.
NorthEast Health Services (NEHS), InterCare Psychiatric Services, GR&W Health and My Transformations joined forces to make it happen. Shore Capital, a Chicago-based private equity firm, is also involved.
Terms of the merger were not disclosed.
According to a press release announcing the news, Transformations was formed to make engaging, in-network community-based services more accessible and give clinicians the resources and technology they need to deliver evidence-based care.
The companies involved in the merger serve patients in Massachusetts, Pennsylvania, West Virginia and Alabama. Additionally, their expertise spans a variety of specialties, from community-based counseling and child and adolescent psychiatry to interventional psychiatry and psychedelics.
As such, Transformations will leverage those skill sets, providing outpatient mental health treatment, telehealth counseling, psychiatric evaluations, medication management, transcranial magnetic stimulation and ketamine treatment for depression.
“We are committed to supporting our entire team to ensure that these services are not only accessible to those that seek them, but that we address the needs of our clients throughout each of their interactions with our organization,” Transformations CEO Brian Wheelan said in a press release announcing the news.
Meanwhile, John Hennegan, founding partner at Shore Capital, said the new company would impact the lives of “countless individuals and their families.”
“Shore is committed to ensuring that Transformations Care Network like all of our healthcare companies has the tools, processes, talent, and resources to rapidly scale and improve access to care that will help people live happier and more fulfilling lives,” Hennegan said in the press release. “We could not be more excited about the team we have built and the organization’s vision – for all communities to have a space where people can improve their mental health and well-being.”
Transformations’ creation comes just a few weeks after the Chicago-Based PE firm Thurston Group also created a mental health platform of its own called ARC Health.
Thurston Group formed the platform in partnership with Advanced Recovery Concepts, an Ohio-based outpatient mental health provider.
ARC will provide virtual, inpatient and outpatient mental health treatment. The platform will address patients’ behavioral health needs in holistic, innovative ways and offer value-added services such as Transcranial Magnetic Stimulation (TMS) and Electroconvulsive Therapy (ECT) to supplement its more mainstream offerings.