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January 25, 2024

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1 big thing: Being Health gets $5M for NYC clinic

Illustration of a therapy couch with a pillow made of money.

Illustration: Gabriella Turrisi/Axios

Being Health, a psychiatrist-founded mental health practice, raised $5.4 million in seed funding, co-founder Allie Sharma tells Aaron exclusively.

Why it matters: Mental health resources can be fragmented, with many point solutions. Being Health aims to treat patients with a personalized, holistic approach.

Details: Investors include 18 Park and HDS Capital.

  • Proceeds will help Being Health open its first clinic in lower Manhattan, Sharma says.
  • Once the concept is proven as a repeatable model, the company hopes to expand further in New York City and other areas of the U.S.

How it works: Being Health provides psychiatry and psychotherapy, along with alternative treatments like ketamine infusion therapy, acupuncture and nutrition counseling.

  • The company has a team of 11 providers — spanning psychiatrists, licensed clinical social workers, nurse anesthetists, care advocates, and acupuncturists and nutritionists.
  • Being Health offers hybrid care — ketamine consultations and preparation sessions, as well as psychiatry services and follow-ups, are available in person and virtually.
  • Being Health is not in-network with insurers right now but accepts HSA/FSA coverage, and offers financing to those who qualify.

By the numbers: Being Health's services aren't cheap. A ketamine consultation costs $425 a pop, with each session priced at $225.

  • The company offers a package of ketamine sessions priced at $4,200, as well as nutrition packages ($450 to $1,500) and "functional medicine" packages priced at $1,480.
  • Acupuncture services are priced around $150 to $175 a session, and psychiatry services range from $325 to $550 depending on appointment type.

What's next: Being Health aims to add to its administrative team and hire more clinicians.

  • Sharma declined to comment on financial runway.

What they're saying: "We are combining the best of what is tried and tested in psychiatry with what is new and novel in our field," Sharma says.

  • "For certain patients with certain conditions, psychedelics is another tool in the toolkit," she adds.
  • "Over 90% of mental health is done by individual practitioners and they are not in a position to do holistic approach," says HDS founder Haim Dabah.

Be smart: Patient demand for alternative treatments including psychedelics is robust, but a shortage of clinicians and lack of standardization and general oversight has stymied the market.

  • In the meantime, investors have pursued companies that provide back-end support for ketamine therapy and track outcomes.

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