Behavioural health company UpLift has raised $10.7m in Series A financing to expand its insurance-based access to psychotherapy and psychiatric healthcare.
The round, led by new investor Ballast Point Ventures, takes the Florida, US-based company’s total funding to over $22m.
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UpLift currently operates in four US states and says it will use the funding to expand patient access to its virtual healthcare platform and bolster the company’s presence in other US states.
According to UpLift, fewer than 30% of therapists accept insurance for payment, meaning affordability can be a barrier for patients attempting to seek mental and behavioural healthcare.
AmeriHealth Caritas District of Columbia, an American health insurance organisation for Medicaid-managed care, has partnered with UpLift to increase patient access to the platform in the region.
UpLift’s platform provides patients with personalised behavioural care by matching them with therapists and psychiatrists. The company says that, on average, new joiners can book their first appointment in less than two days.
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By GlobalDataKaren M. Dale, AmeriHealth Caritas D.C.’s market president and CEO said: “At AmeriHealth Caritas D.C., we are committed to providing our members with access to quality healthcare and an outstanding member experience. We are excited to join forces with UpLift to offer our members access to its extensive network of therapists and psychiatrists, increasing immediate access to critical behavioural healthcare services.”
“We will also leverage UpLift’s technology platform for many of our credentialed behavioural health providers to streamline onboarding, claims adjudication, and quality of care. With UpLift’s partnership, we look forward to improving access to behavioural health and better service our network of providers.”
In a market report by GlobalData, telehealth (which includes all forms of virtual care) was globally worth $690m in 2015. It is predicted to increase five-fold and be worth $3.8bn by 2030.
