Concert Health raises $42M for mental health services
Behavioral health company Concert Health raised $42 million in Series B funding led by Define Ventures as it looks to expand services in three states.
Why it matters: As demand for behavioral health continues to rise, primary care providers are feeling the pressure, and companies like Concert aim to provide them with access to a network of trained behavioral health staff.
Details: Previous backers Healthy Ventures, Vertical Venture Partners and Townhall Ventures also participated in the round, as did CommonSpirit Health and Advent Health.
- That brings its total funding to roughly $59 million, according to PitchBook data.
How it works: Founded in 2016 in San Diego, Concert is a behavioral health medical group that identifies patients using a combination of screening tools, prescription data and provider referrals.
- Its behavioral care managers connect with patients over phone or video, where they set goals, provide counseling and manage medications.
- A Concert psychiatric consultant regularly looks for patients who aren't getting better and adds treatment recommendations to their primary care provider's medical record.
- Concert is covered as a collaborative care benefit as part of Medicare, commercial insurance, and, in some states, Medicaid.
- The company partners with 54 medical groups across 11 states and works with independent medical groups, Federally Qualified Health Centers and rural health clinics.
What's next: Concert plans to expand its services in Arkansas, Massachusetts and Washington this quarter.