Quartet Health, a startup that uses analytics to connect patients with mental health solutions that fit their needs and preferences, is partnering with insurer Independence Health Group to make mental health care available to all Independence members, according to a press release Thursday.
The startup has raised more than $60 million to support the new venture, building on an existing partnership between the two companies to expand access to behavioral health services in southeastern Pennsylvania. Independence led the financing round with additional investments from GV and Oak HC/FT. As part of the strategic partnership, Gregory Devens, Independence CEO, will join the Quartet’s Board of Directors.
The Quartet believes the move will allow the company to improve its data and analytics to better manage patient care, speed access to mental health services, more effectively measure and reward quality and support additional patient cases and populations.
Demand for behavioral healthcare has skyrocketed during the COVID-19 pandemic, leading to a wave of new investment in companies that facilitate access to behaviors.
11% of adults reported symptoms of anxiety and/or depressive disorder from January to June 2019, with that number rising to more than 41% in January 2021, according to the Kaiser Family Foundation.
Investment in mental and behavioral health startups reached more than $4.4 billion during the first nine months of the year, a 70% increase from 2020, according to a report by the Global Investment Institute in Mental Health and the Brain.
Oak HC/FT and GV were the top digital health venture capital investors during the third quarter, and were involved in five and four deals, respectively, according to data from Digital Health Business & Technology.