Mental health startup UpLift announced Tuesday that it has raised $8 million in a funding round led by B Capital Group.
Other investors in the round include Clover Health co-founder and CEO Vivek Garipalli, Cityblock Health co-founder and chief product officer Bay Gross, Thyme Care President and former Medical Director of Flatiron Health Dr. Bobby Green, as well as others contributing prorated financing.
It was launched in May, and the construction funded on it $3.1 million from Redesign Health.
“There are a lot of people raising money, a lot of interesting companies, and I think what’s ultimately missing is this integrated model. The therapy for us is hybrid, so it’s personal and virtual. That’s where UpLift is built,” said Kyle Talcott, CEO of UpLift. Where these relationships really are.” Moby Health News.
“Psychiatrics allows us to move upstream and deal with more complex conditions, which, frankly, a lot of the solutions out there just aren’t able to deal with.”
what’s he doing
UpLift connects patients with in-network therapists and mental health providers, either physically or in person. Therapists can also work with UpLift to find clients and manage their schedules.
Users can enter their insurance information to determine potential costs. Talcott said petty cash per session averages about $30 on the platform.
Instead of focusing on working with employers to provide its services, the company partners with insurance companies, including BCBS CareFirst, UnitedHealthcare/Optum, Cigna and BCBS Anthem.
“I think the employer model is interesting. One of the challenges I see more broadly is just the amount of change in hiring. These days it’s increasing,” Talcott said.
“But if you leave the employer who has this great advantage, you kind of start over. It’s really hard to find the right therapist, and then having to start over every couple of years is very daunting.”
What is its purpose?
UpLift will use capital flows to integrate psychiatry into its platform, which Talcott said will allow the company to help people with high-level mental health care needs.
In 2022, UpLift plans to double its geographic footprint; The startup currently operates in Washington, DC, Virginia, and Maryland.
“When we enter a new market, we really want to build deep relationships with the local primary care community, health systems and certainly health plans. So you won’t see us in a hundred different markets or half the country by the end of next year.
“But you’ll see us in several new states, some contiguous and some a little different, so we can get a sense of different demographics of patients, as well as different provider systems,” Talcott said.
Behavioral and mental healthcare is a rapidly growing space in the field of digital health. It’s the leading clinical indicators area for investing, generating $3.1 billion so far in 2021, according to October Rock Health Report.
Mental health care makes up a large portion of telehealth claims. In September, more than 61% of telehealth claims were for mental health conditions, up from about 59% in August, According to FAIR Health’s monthly regional telehealth tracker.
Others in this field include SonderMind, the newly combined Headspace Health and Quartet Health company, which last week announced a $60 million funding round and acquisition of InnovaTel Telepsychiatry.