This news comes just days after Quartet announced a $60 million funding round.
Digital mental health company Quartet Health announced that it snapped up InnovaTel Telepsychiatry, a virtual behavioral health provider, for an undisclosed sum.
This news comes just days after Quartet announced a $60 million funding round led by Independence Health Group.
InnovaTel Telepsychiatry is able to connect organizations to a network of mental health clinicians, including psychiatrists, psychiatric nurse practitioners and licensed clinical social workers. Health systems are able to loop in providers from InnovaTel’s network into their clinical teams. Patients can remotely access mental healthcare with a dedicated provider.
Quartet has a track record of matching patients with mental health providers. Patients are able to use the tool to find a clinician or a provider who can refer a patient.
WHY IT MATTERS
Quartet said that the acquisition will help grow its capacity and expand its delivery capabilities. Additionally, the news is expected to help expand Quarters membership and reach.
“As a longtime clinician and provider of care, I know first-hand the systemic challenges that people face every day across our country when they need to quickly access mental health care,” said Jonathan Evans, clinical psychologist and InnovaTel’s president and CEO.
“We are thrilled to come together with Quartet Health to build a comprehensive, nationwide solution to help all people – across insurance types and clinical needs – obtain timely access to high-quality care. Quartet’s sophisticated data and analytics and technology infrastructure will provide the framework for InnovaTel to scale quickly to communities nationwide, with a continued focus on those with the most complex needs.”
THE LARGER TREND
The digital mental health space continues to grow. In fact, in 2021 behavioral health startups landed $3.1 billion, according to Rock Health.
Traditional telehealth players are also expanding their mental health efforts. For example, in July Amwell bought virtual behavioral health company SilverCloud Health. This came roughly two years after the company purchased telepsychiatry provider Aligned Telehealth.
In May, Teladoc built out its behavioral health services through myStrength Complete
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