Mindful Care raises $7M to make mental health care accessible and affordable

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The company offers Microtherapy, a hybrid model of 20-minute therapy sessions

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Many mental health providers do not accept insurance, which means that managed Medicaid and commercially insured patients have to wait up to eight weeks to see a prescriber. Meanwhile, startups focus on either cash or high-paying commercial payers, making immediate and affordable mental health care out of reach for many patients.

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Dr. Tamir Aldad founded Mindful Care with the goal of solving that problem with its “same day/next” care mode, which involves testing patients, assessing what services they need. need, and determining whether an outpatient setting is appropriate for them. So that they can get treatment as soon as possible.

The company also has a multi-disciplinary approach to care, which includes social workers, nurse practitioners, physician assistants, psychiatrists and counselors, all of whom are committed to ensuring that care is holistic and cohesive.

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“By most metrics, there is no other company as accessible as Mindful Care, including a hybrid model, meaning virtual and personalized. We see patients 12 years of age and older, we seriously And we see all diagnoses at all levels of acuity, and we accept almost all managed and commercial plans,” he said.

On Wednesday, the company announced a $7 million oversubscribed Series B funding round led by Sopris Capital, with participation from the University of Chicago, the Caruso Foundation, Vancon Group and others. This brings its total funding to $11.1 million.

Mindful Care offers a form of therapy called microtherapy, which is a hybrid model of 20-minute sessions combining MindFit group therapy, psychotherapy, and psychotherapy and therapy as often as the patient wants. In addition, Mindful Care provides mental health urgent care for urgent mental health care needs.

While Mindful Care does not prescribe controlled substances to its patients, it does provide access to GeneSight, a DNA service that determines how a patient’s body will respond to potential drugs, allowing patients to make informed decisions about prescriptions. gets permission. The company prescribes buprenorphine through its addiction program called Mindful Recovery, which is currently in its pilot phase.

Currently, Mindful Care has a monthly average of over ten thousand patient visits, and has helped over 30,000 patients receive immediate mental health treatment. The company helps patients deal with issues such as anxiety, depression, bipolar disorder, psychosis, OCD, eating disorders and substance abuse disorders.

Since its founding in 2018, the company has shown an 85% reduction in avoidable emergency room visits and psychiatric hospitalizations, meaning the company has saved employers, Medicare, Medicaid and commercial payers nearly $20 million since inception. is of.

“Most patients are middle-aged, employed and hardworking individuals who seek immediate care and have become frustrated by poor access to care in our health system,” Aldad explained.

Now that it has this new money, Mindful Care plans to use it to expand its services to new regions, including the Midwest and Southeast; The company opened its first location in West Hampstead, New York, and has since opened seven more locations in the Greater NYC area, including two in New Jersey and two in Chicago.

Aldad said, “We score each area by a weighted metric analyzing both patient demand for services and the prevalence of mental illness, as well as the density of mental health professionals available to provide adequate care for our model. Huh.”

“The areas with high demand and a large population of highly qualified talent are attractive, therefore, we will penetrate them first. We are committed to serving as many people as possible and will soon be nationwide.”

It will also be used to launch new personalized medicine and addiction treatment programs, as well as further develop technology to improve clinical outcomes and patient satisfaction.

“Mindful Care is committed to strong patient engagement. Our team of engineers is developing a variety of tools to ensure that patients stay connected to their treatment plans, have easy access to them, and manage refills, from scheduling to communication. to have a frictionless experience ranging from video conferencing, among other benefits,” Aldad said.

“Our goal is to make a meaningful impact on the mental health crisis. Building a financially strong business with social impact sounds contradictory, but we are committed to changing that to help as many Americans as possible. Mindful Care Committed to being the most affordable and accessible mental health company in America.”



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