Buyers perceive that digital behavioral well being companies are usually not solely right here to remain, however are essential to addressing the nation’s psychological well being disaster. That’s why CVS Well being on Monday poured $25 million right into a Collection C funding spherical for Array Behavioral Care.
Array’s current traders additionally participated within the spherical and contributed further capital — these embody Wells Fargo Strategic Capital, Health Velocity Capital, Harbour Point Capital, HLM Venture Partners, OCA Ventures and OSF Healthcare. The New Jersey-based firm raised $24 million throughout a Series B round in 2021, however its prior investments aren’t disclosed.
The corporate’s historical past dates again to 2009, Array CEO Geoffrey Boyce stated in an interview. That yr, he based a startup referred to as InSight Telepsychiatry together with Dr. James Varrell, who serves as Array’s government chief medical officer. The startup started as an extension of the work Dr. Varrell was doing at his bricks-and-mortar psychiatry observe.
In 2019, InSight merged with a Chicago-based firm referred to as Regroup Telehealth, which was offering comparable companies. The mixed firm rebranded as Array in 2021 — Boyce stated the title represents the array of choices that the corporate provides throughout the continuum of care.
Array operates as a virtualized outpatient psychological well being observe. The corporate is targeted on creating an setting the place clinicians will be profitable and ship companies to their sufferers with the very best outcomes, Boyce declared.
“We labored very arduous to construct a tradition — and techniques and processes — that places clinicians ready to observe as a bunch of colleagues,” he stated. “They’re actually making an attempt to use team-based care, utilizing expertise to distribute their companies. We’re placing them ready the place they will give attention to actually top quality scientific care that makes use of measurements and is targeted on outcomes to drive nice outcomes.”
Array’s companies are in-network with most main payers — together with Aetna, which is part of CVS Well being. The corporate paperwork all affected person visits in its digital well being file after which submits claims to well being plans on the again finish.
Array additionally generally integrates its clinicians into different supplier teams, Boyce defined. In these conditions, a hospital or clinic is likely to be Array’s buyer. As soon as Array’s clinicians be a part of the medical workers at a hospital or clinic, they doc their visits and submit claims utilizing that supplier’s EHR.
Final yr, Array’s clinicians had greater than 400,000 encounters with sufferers, Boyce stated.
CVS made the choice to put money into Array as a result of the demand for digital psychiatric care is excessive, stated Cara McNulty, CVS Well being’s president of behavioral well being and psychological well-being. When CVS was figuring out the best way to greatest democratize high quality psychological well being care entry for members, it selected Array as a trusted accomplice as a result of the corporate has been within the digital psychological well being area far earlier than it took off through the pandemic, she stated.
McNulty acknowledged that one firm can’t resolve the nation’s psychological well being entry points — for issues to get higher, many suppliers and well being plans must collaborate and scale companies. That’s why Array isn’t the one psychological well being firm CVS has invested in or plans to put money into. For instance, CVS participated in suicide prevention startup Oui Therapeutics’ $26 million funding spherical final yr.
There’s loads of digital psychological well being firms CVS has to select from in the case of their subsequent funding. This additionally means Array is competing with many various startups. However Boyce believes that Array stands out for 2 causes.
The primary is Array’s “heavy emphasis” on psychiatry. Greater than half of Array’s clinicians are psychiatrists, which permits the corporate to offer companies to extra acute sufferers, Boyce stated.
The second differentiator is Array’s capacity to offer companies throughout the continuum of care. Sufferers can join with Array clinicians from quite a lot of settings — resembling their dwelling throughout a second of disaster, the emergency room, an inpatient hospital room or an outpatient clinic.
“We’re actually making an attempt to have the ability to bridge that continuum of care to assist people and our companions discover options to handle psychological well being considerations, versus simply offering one level answer after which disappearing,” Boyce stated.
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