The past five years have given perspective on how fast and how big telehealth companies providing behavioral health services have grown.

Data compiled by the Deloitte North America Technology Fast 500 list shows that four companies posted significant revenue growth over the three years ending in 2024: Uwill, Rula Health, Talkiatry and LifeMD (Nasdaq: LFMD). The list ranks companies in the technology, media, telecommunications, life sciences, fintech and energy tech sectors.

The first three companies on this list are familiar names with their focus on behavioral health. LifeMD offers a handful of mental health services as part of its larger fleet of digital health services, such as hair loss, primary care and sexual health. Founded in 1994, LifeMD has undergone several changes to get to where it is now. It pivoted its service offerings in 2018 and rebranded in 2021.

For the rest of the companies on this list, each could be considered a poster child for startups hitting the right notes in the whirlwind created by the collision of COVID-19 shutdown mandates, lower interest rates, venture capital’s fascination with the behavioral health industry and the forced adoption of telehealth during that era.

“Together, we’re pushing behavioral health care forward and ensuring patients across the country can access mental health care that is consistent and rooted in clinical excellence,” Robert Krayn, CEO and cofounder of Talkiatry, said in a news release. “As Talkiatry looks to the future of behavioral health, we remain focused on raising the standard for behavioral health care and expanding what’s possible for both patients and providers.”

Talkiatry operates a digital psychiatric practice that has recently grown its talk therapy offering. It is also working on innovating its payment arrangements with payers. It employs about 800 psychiatrists and 300 therapists.

Here is the list of companies that offer behavioral health services on the Fast 500 list:

Uwill (Natick, Massachusetts)

— Rank: 32

— Revenue growth: 4,016%

Rula Health (Santa Clara, California)

— Rank: 34

— Revenue growth: 3,343%

Talkiatry (New York City, New York)

— Rank: 56

— Revenue growth: 1,745%

LifeMD (New York City, New York)

— Rank: 489

— Revenue growth: 129%

Behavioral health continues to be a dominant force in telehealth utilization across specialties: 62% of all patients with a telehealth claim received care for mental health conditions, according to FAIR Health data. The next closest diagnosis in rank is acute respiratory disease and infections at 2.3%. In terms of procedure categories, behavioral health-related services capture two of the top five services by volume and account for about 52% of procedures.

Uwill and Rula Health have each been able to get a foothold in the market by centering different stakeholders in behavioral health. For Uwill, the company has found hay to make in partnering with higher education organizations seeking to support young people’s mental health. At Rula Health, the company partners with health plans and acts as the bridge for therapists to connect with patients on an in-network basis.