Virtual primary care provider LifeMD (Nasdaq: LFMD) has branched into the behavioral health industry and tapped a behavioral health executive with decades of experience to lead the expansion.

New York City-based LifeMD announced Monday that it launched teletherapy, psychiatry and medication management services. It named Julian Cohen its senior vice president of behavioral health and clinical operations.

“LifeMD and its various brands are well established and highly regarded in the burgeoning telehealth sector and provide an excellent foundation upon which to serve a growing number of patients with an expanded clinical service offering,” Cohen said in a statement. “With highly competitive private-pay offerings and strong expansion of third-party payer coverage, the time is right for LifeMD to fortify its position with new services, including comprehensive psychiatry and teletherapy offerings that address common mental health conditions.”

LifeMD offers virtual primary, urgent and chronic care in all 50 states. In 2024, the company launched in-home laboratory services, GLP-1 weight management and men’s hormonal therapy. It has treated over 600,000 patients, according to its site. The company netted $53.4 million in revenue in Q3 2024, according to its most recent earnings report.

Following the announcement that LifeMD would enter the behavioral health market, the provider’s stock price increased by around 3%, according to Seeking Alpha.

Cohen has formerly served as the chief clinical services officer of mental health care provider UpLift, senior vice president of behavioral health at Hims and Hers and president of behavioral health at virtual health care provider Teladoc.

“Julian brings deep expertise, proven leadership and a passion for improving patient access to quality medical care and improving clinical outcomes,” Justin Schreiber, chairman and CEO of LifeMD, said. “With his track record of successfully launching and scaling mental health programs, I am confident in his ability to lead LifeMD’s entry into behavioral health.”

Behavioral health is a hot commodity within telehealth. In the first half of 2024, investors poured $682 million into the segment – more than any other digital health care segment. Many primary care and physical health providers have added behavioral health services onto their offerings. For example, Amazon’s One Medical, Hims and Hers and LGBTQ+ provider Folx have added behavioral health care to their suites of services over the years.