BetterHelp Refunded Customers $93M in 2023

Teladoc’s (NYSE: TDOC) direct-to-consumer mental health subsidiary, BetterHelp, refunded $93 million to consumers in 2023.  That amounts to about 8% of the company’s revenue, according to public SEC filings. BetterHelp saw its refund total increase by 15% compared to 2022. “BetterHelp regularly discloses the annual amount of refunds issued to members. Refunds may be offered […]

Psychiatric Provider InSite Health Raises $2.9M; Hybrid Care Company Octave Raises $5M

Psychiatric care provider InSite Health raises $2.9M New Jersey-based InSite Health has raised $2.9 million, according to an SEC filing. The psychiatric care provider offers services for adults and children. It specializes in medication management, psychiatric evaluations, behavioral threat assessments, and psychotherapy. It treats patients with anxiety disorders, PTSD, addiction, depression, ADHD, autism and behavioral […]

Medicaid Redeterminations Sunk UHS’ Child, Teen Behavioral Offerings in 2023

Universal Health Services (NYSE: UHS) saw its behavioral health services for children and teens take a downward turn in the latter half of 2023.  The company attributes its child and adolescent business declines to Medicaid redeterminations. Despite softness in residential and adolescent segments, UHS experienced “robust” demand for its behavioral health services in Q4 of […]

Hybrid Addiction Treatment Provider Eleanor Health Raises Over $22M

Substance use disorder (SUD) provider Eleanor Health has raised $22.23 million for its value-based care platform, according to an SEC filing. This new infusion of capital brings the company’s total raise to roughly $104 million. According to the SEC filing, the Waltham, Massachusetts-based provider plans to sell up to $30 million in equity in this […]

Talkspace Targets Teens and Seniors in Payer, Enterprise Push

In 2024, Talkspace (Nasdaq: TALK) will focus on expanding its services to teenagers and seniors via new partnerships with schools and municipalities, as well as broadening its reach within the Medicare program. Talkspace, which started as a direct-to-consumer company, continues to double down on its payer partnerships and direct-to-enterprise (DTE) strategy. Part of that strategy […]

Acadia Begins Construction on Florida JV; Ideal Option Opens New MAT Clinic

Ideal Option opens new MAT clinic  Outpatient addiction treatment provider Ideal Option opened a new clinic in Great Falls, Montanna. The new clinic will provide buprenorphine-based medication-assisted-treatment (MAT) to individuals with substance use disorder (SUD). The American Rescue Plan Act partly funded the new clinic. “The grant funding from the American Rescue Plan Act allows […]

Behavioral Health Providers Could Turn to Foreign Investors for Next Capital Infusion

As the domestic capital market for behavioral health companies tightens, foreign investment presents a timely new financing opportunity. Specifically, the EB-5 investment visa program, which incentivizes foreign investors to pour capital into American businesses, could be a new avenue for providers.    High-interest rates and high-profile stumbles in the behavioral health space have significantly slowed investment […]

Beacon Behavioral Partners Adds 9 New Clinics

Beacon Behavioral Partners announced it will expand further into the Southeastern U.S. by acquiring nine new partner clinics. Latticework Capital-backed Beacon Behavioral Partners is a network of psychiatric practices. It has locations in Louisiana, Arkansas, Mississippi and Texas. Beacon’s partnership model offers physicians equity ownership in the company and clinical autonomy. The network offers to […]

Biden Initiatives Dampen Behavioral Health Deals, But ABA Therapy Remains Hot Target

The Biden-Harris administration announced new initiatives in December 2023 to combat “corporate greed in health care.” The initiatives will likely not directly block behavioral health deals, but headline risk has caused investors to “suddenly” become more cautious.  Behavioral health, and other provider categories that serve vulnerable populations, may experience less interest from large private equity […]

Mental Health Startup Headlight Raises $18M, Hires Amazon Exec as CEO

Mental health startup Headlight, formerly Sokya Health, raised $18 million in new funding. It also named Geoff Swindle, former chief business officer of PillPack and Amazon Pharmacy, its new CEO.  The new venture funding will help to fuel expansion efforts, including entering new markets and onboarding additional clinicians at the startup. San Diego, California-based Headlight […]