Preventing unnecessary care and medication prescriptions is the primary purpose of prior authorization. Instead, it has all too often led to slower, burdensome delays to critical care for mental health and substance use treatment, but that could soon change. A group of major insurers – including UnitedHealthcare, Aetna, Cigna Group, Humana, Blue Cross Blue Shield […]
This is an exclusive BHB+ story With economic volatility in full swing, consumers are tightening their purse strings. That means fewer dinners out, vacations abroad – and maybe even therapy sessions. This could hit especially hard for cash-pay providers who rely on their clients’ financial well-being to stay afloat. Folks often pull back on expenses […]
Virtual opioid use disorder (OUD) treatment provider Bicycle Health has achieved profitability after abandoning its “growth at all costs” mindset and streamlining its business model. The company is now set for long-term, disciplined growth, including acquiring other providers, founder and CEO Ankit Gupta told Addiction Treatment Business. Bicycle will use funds from a new $16.5 […]
Tikvah Lake Recovery changed for the better when it “got rid of the 20 year olds on their phones,” according to Adam Nesenoff. Nesenoff has co-owed Tikvah Lake with his father, David Nesenoff, since 2016. It is a residential addiction treatment center in Sebring, Florida. More specifically, it is a self-described luxury rehabilitation center, charging […]
Teladoc (NYSE: TDOC) is working with a sense of “urgency” to restructure its underperforming mental health company BetterHelp, focusing on expanding insurance deals to revitalize the business. This comes after a streak of disappointing earnings results. The company announced a net loss of $837.7 million, or $4.92 per share in its second-quarter earnings call. “This […]
More Americans died by suicide in 2022 than any other year on record in the United States. Still, significant barriers to care, including lack of insurance and clinician shortages, have kept many Americans from accessing much-needed behavioral health care, according to a new report from Mental Health America (MHA) based on federal data from 2022. […]
Nearly one in every 12 Americans owes medical debt, totaling at least $220 billion nationwide. This debt may be actively worsening the mental health care gap. Adults with depression or anxiety are more likely to carry medical debt, according to a study published in JAMA Psychiatry. Approximately one in four to one in five of […]
The financial stability of private therapy practices is increasingly precarious, with the majority of therapists reporting anxiety over the current economic climate. Almost 85% of private practice therapists are concerned about the economy impacting their practice in 2024, according to a survey conducted by mental health-focused accounting startup Heard. Despite these concerns, most therapists said […]
Despite the higher reimbursement rates from private-pay models, investors are shifting their focus to in-network providers who offer stability. In-network behavioral health providers have faster growth, quicker revenue cycles and better overall returns, industry insiders told Behavioral Health Business. Although developing relationships with payers can be hard work, it can pay off with investors. Private […]
Psychedelic-focused venture studio Beckley Waves has acquired digital ketamine-assisted therapy (KAT) provider Nue Life. Beckley Waves seeks to improve access to well-being-enhancing medicines and tools in an industry that is dominated by “antiquated” approaches to mental health, according to Daniel Love, co-founder and partner at Beckley Waves and interim CEO of Nue Life. “At the […]
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