Concert Health Raises $42M Series B Financing to Scale Quality Behavioral Health Services Nationwide
With an expert clinical team and robust technology, nation’s leading behavioral health medical group makes evidence-based behavioral health services an integrated part of primary care, women’s health and pediatricsApril 27, 2022 09:00 AM Eastern Daylight Time
SAN DIEGO–(BUSINESS WIRE)–Concert Health, a leading behavioral health medical group, today announced the closing of its $42M Series B financing, led by Define Ventures with participation from existing investors Healthy Ventures, Vertical Venture Partners, and Townhall Ventures as well as strategic investments from CommonSpirit Health and Advent Health. The capital will be used to further scale Concert’s behavioral health services and quality outcomes through primary care, pediatric care and women’s health nationwide.
With 50 million Americans currently in need of behavioral health support there has never been a more critical time for accessible services, especially for underserved and vulnerable populations. Concert makes it easy for primary care and women’s health practices to deliver behavioral health care and improve clinical outcomes through Collaborative Care, an evidence-based model for treating depression and anxiety in primary care settings. Through deep partnerships, Concert’s clinical experts become an integrated part of preexisting care teams.
“Great behavioral health care can be transformative for patients, but in this country it is incredibly difficult to access and it rarely connects back to the rest of your health and your care,” said Spencer Hutchins, co-founder and Chief Executive Officer of Concert Health. “A tremendous amount of data supports bridging the gap between physical and behavioral health. We’re focused on making behavioral health an integrated part of whole-person care, and accessible to as many people as possible.”
“We founded Concert Health to be a partner for primary care providers, and ultimately expand access to quality behavioral health services for people who wouldn’t otherwise get it,” said Virna Little, LCSW, PsyD, co-founder and Chief Clinical Officer of Concert Health. “We’re incredibly proud of the outcomes we are seeing driven by the clinical team we have built, who are working hard to make this a reality for primary care providers.”
By integrating behavioral health clinicians into existing primary care, pediatrics, and women’s health care teams, Concert enables physicians to provide patient-centered care that addresses both behavioral and physical health. The model has been found to decrease depression or anxiety symptoms, promote higher medication adherence, and increase satisfaction of care.
“We know that primary care teams need exceptional, integrated behavioral health services to meet the needs of their patients and succeed in value-based care agreements,” said Lynne Chou O’Keefe, Founder and Managing Partner at Define Ventures. “That’s why we’re so excited by Concert and their approach. Concert has developed a turnkey model built on clinical expertise and a robust technology platform that makes it possible to scale behavioral health services. They continue to deliver and exceed the industry’s best research benchmarks demonstrating clinical impact, and we’re excited to support them as they set a new standard of care nationwide.”
The company serves the needs of those with both private and public insurance, with 55% of the over 27,000 patients it has served to date have been insured by Medicaid or Medicare. Concert partners with 54 medical groups across 11 states, with plans to expand in Arkansas, Massachusetts and Washington this quarter. Concert’s partners include leading health systems, independent medical groups, Federally Qualified Health Centers and Rural Health Clinics.
“Our work with Concert is an important component in both improving outcomes and mitigating health disparities,” said Rich Roth, SVP / Chief Strategic Innovation Officer at CommonSpirit Health, an integrated health system across 21 states encompassing hospitals and clinics with primary care and specialty providers. “Integrating behavioral health resources into primary care addresses access needs of our communities and we look forward to expanding this approach nationally.”
“Accessible behavioral health support is imperative to improving whole-person health, and Concert has been instrumental in helping us deliver this important service,” said Jeff Graff, Vice President of Treasury and Strategic Investments at AdventHealth. “Through our work with Concert we have seen a significant increase in patient engagement with behavioral health, and we are excited to support Concert as they continue to scale their services with our clinicians around the country.”
About Concert Health
Concert Health is building America’s best behavioral health medical group. Through Collaborative Care, an evidence-based model for treating depression and anxiety in primary care settings, Concert makes it easy for primary care and women’s health physicians to deliver high-quality behavioral health care and improve clinical outcomes. Concert’s turnkey behavioral health services, which include an expert clinical team and a powerful technology platform, are available through partnerships with medical groups and health systems in eleven states: Arizona, California, Connecticut, Florida, Georgia, Missouri, New York, North Carolina, South Carolina, Texas, and Washington. To learn more about Concert Health’s approach, visit concerthealth.io.
Concert Health, Inc. is an administrative and managerial services company affiliated with several professional corporations that deliver medical services. Together, these organizations operate under the “Concert Health” brand.
About Vertical Venture Partners
Vertical Venture Partners (“VVP”) is a Silicon Valley-based venture capital firm focused on making Seed and Series A investments in B2B technology companies targeting pain points in specific industry verticals. The VVP team has decades of operating and investment experience gained from diverse backgrounds in venture capital, investment banking, and advanced R&D. In addition to its core fund, VVP is proud to manage the UC San Diego Triton Technology Fund and the UC Riverside Highlander Fund, both dedicated to commercialization of UC intellectual property by distinguished alumni. Please visit www.vvp.vc to learn more.
About Define Ventures
Define Ventures is an early-stage venture capital firm focused on building digital health companies redefining healthcare that will change all of our lives. We believe unparalleled change is happening in healthcare at the intersections of healthcare, technology, and consumer trends. The Define team has partnered with companies, such as Livongo, HIMS, etc and believes that digital health entrepreneurs deserve investors that have proven digital health expertise and experience. We focus on partnering with entrepreneurs from incubation, seed, Series A, and Series B investments. For more information, please visit www.definevc.com.
Contacts
Thermal for Concert Health
Gabriel Poe
concerthealth@thermalpr.com