Quartet Health, a startup that uses analytics to connect patients with mental health solutions that fit their needs and preferences, is teaming up with insurer Independence Health Group to make mental healthcare available to all Independence members, according to a news release Thursday.
The startup raised more than $60 million to support the new venture, building on an existing partnership between the two companies to expand access to behavioral health services in southeastern Pennsylvania. Independence led the funding round with additional investment from GV and Oak HC/FT. As part of the strategic partnership, Independence CEO Gregory Deavens will join Quartet’s board of directors.
Quartet believes the move will allow the company to improve its data and analytics to manage patient care better, speed access to mental health services, measure and reward quality more effectively and support additional patient conditions and populations.
The demand for behavioral healthcare has skyrocketed during the COVID-19 pandemic, leading to a wave of new investment in companies that make it easier to access behavioral.
Eleven percent of adults reported symptoms of anxiety and/or depressive disorder from January to June 2019, with that figure shooting up to more than 41% in January 2021, according to the Kaiser Family Foundation.
Investment in mental and behavioral health startups reached more than $4.4 billion during the first nine months of the year, a 70% increase over 2020, according to a report from the Global Institute of Mental and Brain Health Investment.
Oak HC/FT and GV were two of the top venture capital investors in digital health during the third quarter, involved in five and four deals, respectively, according to data from Digital Health Business & Technology.