San Diego’s Concert Health said Wednesday that it has raised $42 million in a second round of financing to drive expansion of its behavioral health services platform into more primary care, pediatric care and women’s health clinics.
The company, which has 275 employees, estimates that 50 million people need behavioral health support, though many don’t get it.
Through its Collaborative Care model, Concert Health integrates behavioral health clinicians into existing primary care, pediatrics, and women’s health teams. The company says that enables physicians to address both behavioral and physical health — decreasing depression and anxiety while promoting higher medication adherence.
“Great behavioral health care can be transformative for patients, but in this country, it is incredibly difficult to access and it rarely connects back to the rest of your health and your care,” said Spencer Hutchins, co-founder and chief executive officer of Concert Health. “A tremendous amount of data supports bridging the gap between physical and behavioral health.”
The financing brings the total raised by Concert Health to $56 million since the service launched in 2018. It currently works with 54 medical groups across 11 states, with plans to expand into three more states this year.
More than half of the 27,000 patients Concert Health has served to date have been insured by Medicaid or Medicare. The company said it also works with certain private insurers.
This latest funding was led by Define Ventures, with participation from existing investors Healthy Ventures, Vertical Venture Partners and Townhall Ventures, as well as strategic investments from CommonSpirit Health and Advent Health.
“Concert has developed a turnkey model built on clinical expertise and a robust technology platform that makes it possible to scale behavioral health services,” said Lynne Chou O’Keefe, managing partner at Define Ventures. “They continue to deliver and exceed the industry’s best research benchmarks, demonstrating clinical impact, and we’re excited to support them as they set a new standard of care nationwide.”