New Directions Behavioral Health, which provides a range of behavioral health services in partnership with various entities, announced Friday that it is purchasing digital health solutions platform Tridiuum.
Headquartered in Overland Park, Kansas, New Directions works with payors, employers and higher education institutions to serve over 15 million members nationwide. New Directions’ offerings include managed behavioral health care, employee assistance programs, organizational consulting and health coaching.
Founded in 1995, New Directions is majority-owned by GuideWell, a Jacksonville, Florida-based member of Blue Cross Blue Shield.
“This represents an incredible step forward in our mission of ensuring member access to the highest quality behavioral health solutions when demand is incredibly high,” New Directions CEO Shana Hoffman said in a press release regarding the deal.
Founded in 1997, Philadelphia-based Tridiuum operates a platform that allows patients, payors and providers to access patient health care information that integrates behavioral and primary health care. The platform allows for virtual group therapy sessions to be held, online payments to be made and appointment notifications to be sent out, among various services.
Tridiuum – which focuses on facilitating value-based care for users – also operates the Behavioral Health Index, a measurement tool used for tracking the emotional well-being of patients. Among those in its network of providers that use the index is Ginger.
New Directions and Tridiuum are already familiar with each other on a business level. Last December, the companies began partnering on a Florida-based program that tracks the care journey provided to individuals starting from the time of an initial appointment. Over 100 providers, including some brick-and-mortar establishments, are part of the program.
“This transaction comes at a time when the need for behavioral health innovation continues to grow,” Tridiuum CEO Mark Redlus said in the press release about the New Directions deal.
Tridiuum previously raised $9.5 million in a 2018 Series B round.
As part of the transaction, Redlus will become New Directions’ new president.
“By joining New Directions, a like-minded, mission-driven company, we will be able to set a new standard of care characterized by accelerated access to quality treatment and meaningful outcomes,” Redlus added.
Investment bank Ziegler acted as a financial advisor to Tridiuum for the transaction, with Morgan Lewis LLP acting as legal advisor.
For New Directions, Moelis & Company was its financial advisor on the transaction, while Foley & Lardner LLP served as legal advisor.
Financial terms of the deal were not disclosed.