Quartet Health’s time as a standalone venture is over.
The New York City-based, value-based care-focused technology and services provider has been acquired by NeuroFlow, another behavioral health-focused technology company.
This deal was announced just days after the divestiture of now-former tele-psychiatry provider innoTel. That company was acquired by Iris Telehealth.
“When our leadership team began this process, we were laser-focused on finding organizations that aligned closely with our vision and purpose,” Quartet Health said in an unsigned blog post. “In NeuroFlow and Iris, we found like-minded leadership teams that believe in doing the right thing – putting patients first and looking to ensure that care for mental illness is accessible and affordable.”
It’s not precisely clear why Quartet Health sold or why it sold in parts. A request for additional comment has not been answered. Quartet Health’s blog posts allude to the complementary nature of each sold entity to their respective acquirers.
NeuroFlow’s software is geared towards better integrating behavioral and physical health service workflows. It also tracks care quality and risk management. The company acquired measurement-based care software company Owl in June 2024. Quartet Health’s focus on behavioral health value-based care enablement services bolsters Neuroflow’s patient referral and care navigation services.
Quartet Health raised a hefty pile of funding from venture capital firms and less traditional investors such as health plans. It raised $266 million across seven rounds, according to Crunchbase. It disclosed raising $51 million in February 2022 via public U.S. Securities and Exchange filings, its latest funding round.
Its previous round was led by Philadelphia-based insurance company Independence Health Group, a licensee of Blue Cross Blue Shield and parent organization to AmeriHealth. That round totaled $60 million and involved the venture capital firms GV and Oak HC/FT. Other investors included Centene Corp. (NYSE: CNC), F-Prime Capital Partners, GV and Polaris Partners.
Quartet Health was founded in 2014 by Arun Gupta and Steve Shulman.