Nashville-based telepsychiatry company MindCare Solutions Group Inc. acquired telehealth and on-site mental health provider Psych360 for an undisclosed sum.
The deal, announced Tuesday, gives MindCare Solutions Group telehealth and on-site mental health services in the long-term care facility space.
MindCare Solutions Group offers 24/7 telepsychiatry and behavioral health services to hospitals, emergency departments, outpatient clinics and correctional facilities. It is backed by the Chicago-based private-equity firm WP Global Partners, according to a news release.
“Joining with MindCare Solutions Group allows us to improve patient care a step further by providing continuity of care and increased interdisciplinary collaboration from the long-term care, rehab and acute hospital setting,” Rocco Coniglio, Psych360 CEO, said in the release. “We will increase our options for psychiatric placement and can follow patients from those acute settings to the nursing home.”
Founded in 2015, Psych360 offers mental health services to long-term care facilities including nursing homes, assisted living facilities and group homes. It inked a deal in 2018 with private equity firm Physician Growth Partners.
In the past 12 months, Psych360 interacted with more than 85,000 patients. MindCare Solutions Group administers more than 200,000 telepsychiatry visits in a year, according to a news release.
The deal also continues MindCare Solutions Group’s growth through M&A. In March 2020, it announced the acquisition of the Dallas-based regional telepsychiatry provider PsychNow. In July 2021, it used a $20 million credit facility to acquire TriCounty Tele Behavioral Services. It also acquired Orlando, Florida-based Virtual Inpatient Psychiatry Physicians Behavioral Network.
Behavioral Health Business has tracked the expansion of other telepsychiatry companies as well.
Austin, Texas-based telepsychiatry provider Iris Telehealth announced a $40 million Series B funding round in April. It was also recognized as one of the fastest-growing countries in America, in terms of revenue growth, by the Inc. 5000 — it came in at No. 4,232 with 109% in revenue growth from 2018 to 2021.
In February 2021, Array Behavioral Health — previously known as InSight + Regroup — raised a $24 million funding round following the 2019 merger that formed the company.
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