Investment firm KKR has launched a mental health services company that will provide in-person and virtual care across the United States, according to June 9. Bloomberg Transfer.
The new company, called Geode Health, plans to own and operate clinics across the country to make mental health care for conditions like anxiety and depression easier and cheaper to access.
“In the mental health space, especially in the wake of Covid-19, things have gotten worse and not been better in the market where you don’t have a lot of extended platforms,” Ali Satvat, co-chair of KKR US Private Healthcare Equity said. Bloomberg.
Geode looks to support its national expansion by acquiring mental health practices and hiring psychiatrists, psychologists, therapists, and nurse practitioners. Gaurav Bhattacharya, former CEO of Elite Dental Partners, will lead Geode as CEO.
KKR will help support Geode’s growth with an investment funded through the Healthcare Strategic Growth Strategy. According to the report, the company’s investment in strategy typically ranges from $100 million to $200 million. Over the past 17 years, KKR has invested approximately $14 billion in the healthcare sector.