Behavioral health solutions company Quartet Health announced that it has purchased InnovaTel Telepsychiatry, a health care platform that comprises a nationwide network of psychiatrists, psychiatric nurse practitioners and licensed clinical social workers.
According to Quartet, the merger provides the foundation for a comprehensive and nationwide solution for all people, including those with complex needs.
“By coming together with InnovaTel, we believe we can successfully meet this increased demand with a focus on speed to quality care for all,” said Puneet Singh, CEO of Quartet Health, in a press release announcing the deal.
Founded in 2014, New York-based Quartet works with health plans, systems and providers to connect users to virtual behavioral health services. Through its SmartMatch tool, Quartet pairs patients to providers based on needs and preferences.
To date, the company employs about 250 people and has served more than 300,000 patients, with 80% being referred by primary care providers.
Quartet has raised $219.5 million throughout its history, according to Crunchbase. The company provided an update of its most recent funding windfall last week, when it announced that it had landed $60 million in a round led by Philadelphia-based insurance company Independence Health Group.
The deal provides Quartet with a new business line and the ability to meet the rising demand for mental health services as it plans to expand into more than 30 states by the end of 2022.
“Quartet’s sophisticated data and analytics and technology infrastructure will provide the framework for InnovaTel to scale quickly to communities nationwide, with a continued focus on those with the most complex needs,” said InnovaTel President and CEO Jonathan Evans in the press release.
Erie, Pennsylvania-based InnovaTel is a clinically-led service that is licensed to provide care in all 50 states. Founded in 2014, InnovaTel has a staff of 130 clinicians and partners with organizations to embed qualified psychiatrists, psychiatric nurse practitioners, and licensed clinical social workers to meet patient demand.
According to InnovaTel, more than 50% of patients that use its platform have a serious mental illness. InnovaTel also asserts that its platform is able to improve by 5X to 10X the ability of patients to receive in-network care for mental health needs.
The company raised $2 million from Canyon Healthcare Partners in 2007, according to CrunchBase.
Both companies said they are driven by connecting people to quality care and improving mental health outcomes, which is critical as the industry continues to shift towards more value-based care models.
“Together, InnovaTel’s bedrock of clinically excellent care, along with Quartet’s technology platform, care navigation services, and data and analytics, make for a powerful combination to make these shared goals a reality,” said Singh in a post announcing the deal.
Over time the company said it plans to use its data to develop actionable insights about the quality of care delivered and reward high-performing clinicians through value-based care arrangements.
The terms of the deal were not disclosed.