PE Firm Reportedly Looking to Sell SpringStone for $1B

Welsh, Carson, Anderson & Stowe is reportedly looking to sell SpringStone, its network of more than 30 behavioral health facilities, according to PE Hub.  The news outlet cited “four sources with knowledge on the matter,” reporting that the private equity firm is hoping to get upward of $1 billion for the Louisville, Kentucky-based business it […]

Group Therapy Startup Real Raises $10M

Real, a digital group therapy startup, has raised $10 million in Series A funding. Lightspeed Venture Partners led the round, along with other existing and new investors, some of which include soccer star Megan Rapinoe and Minnesota Vikings linebacker Erik Kendricks. Actress Gwyneth Paltrow has also previously invested in the company. Founded in 2019, Real […]

Transactions: KKR’s $1.2B Behavioral Deal; IBH buys Uprise

KKR to acquire Therapy Brands The global private equity giant KKR has agreed to acquire a majority interest in Therapy Brands, a practice management and EHR software platform for behavioral health and physical rehabilitation providers. The investment firm announced the news Wednesday. While terms of the transaction were not disclosed, Bloomberg reported that KKR is […]

Behavioral Provider Pays $273K to Settle Improper Billing Allegations

A Hartford, Connecticut-based behavioral health care practice and its owners have agreed to a civil settlement with federal and state governments to settle allegations they improperly billed Medicaid. The U.S. Department of Justice (DOJ) announced Tuesday that Maurice Stuckey and Joyce Anderson, as well as their company Today’s Youth LLC, will pay $273,000 to resolve […]

Behavioral Home Health Company ViaQuest Scores PE Investment from Council Capital

ViaQuest — a Dublin, Ohio-based provider of intellectual and developmental disabilities (IDD), behavioral health and hospice services — has received an equity investment from Council Capital, a health care-focused private equity firm. Terms of the investment were not announced. Operating in Ohio, Indiana and Pennsylvania, ViaQuest provides residential, day and employment services to individuals with […]

Pipeline: New Projects for Acadia, UHS; SUD Providers Expand Reach

Acadia forms JV with Geisinger Acadia Healthcare (Nasdaq: ACHC) has formed a joint venture (JV) with Danville, Pennsylvania-based Geisinger Health System to build two new inpatient behavioral health facilities. The companies are putting a combined total of about $80 million toward the projects. The first of the two facilities will open next year in Moosic, […]

Cigna Doubles Down on Commitment to Virtual Behavioral Health Post-Pandemic

The health insurance giant Cigna (NYSE:CI) is once again doubling down on its commitment to virtual behavioral health care post-pandemic. Like most insurers, Cigna watched its virtual behavioral health claims spike amid the COVID-19 emergency. And Stuart Lustig, Cigna’s senior medical director for behavioral health, told Behavioral Health Business there’s no going back now. “It […]

Movers & Shakers: Autism Provider Hires New CEO; Happify Health Fills CFO Role

Happify Health adds investment banking veteran to management ranks New York-based digital behavioral health provider Happify Health has named Bilal Khan as its chief financial officer. Khan comes to Happify Health from Goldman Sachs, where he was vice president of investment banking for the firm in the San Francisco area, specializing in digital health care […]