Destination Hope — an addiction treatment provider in Fort Lauderdale, Florida — has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Florida. The company submitted the voluntary petition August 28, citing the coronavirus and other issues as the impetus. Founded in 2007, Destination Hope provides substance use disorder […]
Category: Finance
Cultivate Behavioral Health and Education acquires Progressive Behavioral Science Cultivate Behavioral Health and Education, a portfolio company of the private equity firm Imperial Capital, has acquired Progressive Behavioral Science, according to a press release from Livingstone, who advised Progressive on the transaction. Financial terms were not released. Both Cultivate and Progressive provide applied behavioral analysis […]
The last five months have been hard for behavioral health providers to weather, with many being forced to cut back services as a result of COVID-19-related financial strain. Some are even facing the risk of closure. Then there’s Pinnacle Treatment Centers, which has actually been expanding. Pinnacle is one of the largest substance use disorder […]
Acadia, Covenant Health break ground on new behavioral hospital Acadia Healthcare (Nasdaq: ACHC) and Covenant Health have officially started construction on their newest inpatient behavioral health hospital, East Tennessee Behavioral Health. Franklin, Tennessee-based Acadia is a behavioral health provider that operates nearly 600 behavioral health facilities across the U.S., the U.K. and Puerto Rico. Meanwhile, […]
Recovery Centers of America (RCA) — a private equity-backed substance use disorder (SUD) treatment provider based in the Northeast — has opened its first Midwestern location. The new facility in suburban Chicago started accepting patients Tuesday. The organization plans to expand its presence in the heartland even further later this year. Based in St. Charles, […]
While the nation’s fourth coronavirus stimulus package has been in the works since May, lawmakers have yet to agree on a final piece of legislation. Democrats are pushing for the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act), which would cost about $3 trillion. It would give Americans another stimulus check, provide hazard […]
Behavioral health providers now have a few extra weeks to apply for provider relief funding — federal aid that could play an important role in helping them navigate COVID-19. The U.S. Department of Health and Human Services (HHS) has extended the application deadline from Friday, August 28, to Sunday, September 13. Created by the CARES […]
The behavioral health technology providers Qualifacts and Credible Behavioral Health will merge, the companies’ private equity backers announced Tuesday. Nashville-based Qualifacts is an electronic health record provider for behavioral health and human service organizations. It was acquired by Warburg Pincus, a global private equity firm focused on growth investing, last year. Meanwhile, Rockville, Maryland-based Credible […]
Lyra Health — a mental health care benefits provider — has raised $110 million in Series D funding, the company announced Tuesday. Addition led the round, with funding also coming from Adams Street Partners and existing investors, such as former Starbucks CEO Howard Schultz, Casdin Capital, Glynn Capital, Greylock Partners, IVP, Meritech Capital Partners, Providence […]
Evolve Treatment Centers opens two new locations Evolve Treatment Centers has opened two new residential treatment centers for teens. Both centers are located in the East Bay, with one in Walnut Creek, California, and the other in Lafayette, California. Los Angeles-based Evolve has 13 locations across the state of California. It specializes in treating teens […]