Boston-based Author Health, a hybrid care platform for Medicare Advantage members with serious mental illness and substance use disorders, has launched with $115 million in funding.
General Atlantic led the round with participation from Flare Capital Partners.
WHAT THEY DO
Author Health provides virtual and in-person mental health care for Medicare Advantage beneficiaries with a mental illness or substance use disorder. The company takes a team-based approach that brings together doctors, therapists, community health workers, nurses and therapists. The company was originally founded in collaboration with Humana in South Florida.
Funding will help the author expand into new markets and establish partnerships with other insurance and healthcare companies.
“By aligning Medicare Advantage health plans and clinicians to improve health, and using a combination of technology and community relationship building to provide access for hard-to-reach populations, Author Health is able to meet the growing demand for of mental health care on a national scale,” said Katherine Hobbs, CEO of Author Health, in a statement.
MARKET SNAPSHOT
According to the Census Bureau, the elderly population has grown significantly over the past decade due to the aging of the baby boomer generation. As society experiences the demographic shift dubbed the “grey tsunami,” demand is expected to increase Senior care options to meet the needs of the group.
Another company that focuses on providing mental health care to seniors is Rippl, which provides mental health services to seniors with dementia and other cognitive disorders. In September, the company launched with a $32 million seed round led by ARCH Venture Partners and General Catalyst.
MyndVRa virtual reality therapy company, also partners with insurance plans to provide behavioral health services to seniors.
