Boston-based Author Health, a hybrid care platform for Medicare Advantage members with severe mental health conditions and addictions, has launched with $115 million in funding.
General Atlantic led the round with participation from Flare Capital Partners.
WHAT THEYRE DOING
Author Health provides virtual and in-person psychiatric care to Medicare Advantage beneficiaries with a mental illness or substance use disorder. The company uses a team approach, bringing together doctors, therapists, community health workers, nurses and therapists. The company was first launched in South Florida in conjunction with Humana.
The funding will help Author expand into new markets and develop partnerships with other insurance and healthcare companies.
“By aligning Medicare Advantage health plans and clinicians to improve health, and using a combination of technology and community relationship building to open access to hard-to-reach populations, Author Health is poised to meet the growing demand for psychiatric care nationwide on a large scale,” Katherine Hobbs, CEO of Author Health, said in a statement.
MARKET OVERVIEW
According to the Census Bureau, the senior population has grown significantly over the past decade, driven by the aging of the baby boomer generation. As society undergoes the demographic shift known as the “grey tsunami”, it is expected that there will be a growing need for elderly care options to respond to group requests.
Another company focused on providing mental health assistance to seniors is Ripple, which provides seniors with dementia and other cognitive impairments with mental health services. In September, the company launched with a $32 million seed round led by ARCH Venture Partners and General Catalyst.
MyndVRa virtual reality digital therapeutic company, also partners with insurance plans provide behavioral health services to older adults.
