What You Should Know:
– Quartet acquires InnovaTel Telepsychiatry, a provider of virtual mental healthcare services with a differentiated expertise in treating complex conditions.
– The partnership lays the foundation for a comprehensive, nationwide solution to help all people — including those with complex needs — and focuses on speed to high-quality mental health care.
Quartet Health, a tech-enabled mental health care company that works with health plans, systems, and provider groups to deliver speed to quality care for all announced the acquisition of InnovaTel Telepsychiatry, a provider of virtual mental healthcare with a differentiated expertise in treating complex conditions, today announced their decision to partner to help millions of people nationwide get speed to quality mental health care. The acquisition of InnovaTel is Quartet’s next step to advance its new strategic direction that was announced last week.
Acquisition Impact for Quartet
Through this acquisition, Quartet will develop market-leading care delivery capabilities to complement its existing ecosystem of high-performing clinicians who practice in-network on behalf of health insurance plans. InnovaTel will also expand its reach to serve members of health plans and systems nationwide through this partnership. Over time, the two companies will expand their virtual care delivery capabilities, with an initial focus on providing timely and high-quality access to care for those with a serious mental illness.
To date more than 300,000 people across the country — across Medicaid, Medicare Advantage, and commercial insurance — have come to Quartet to access quality care. In addition to care navigation teams that provide high-touch, white-glove support to patients who want it, Quartet’s sophisticated data and analytics enable its SmartMatch technology to seamlessly route patients to the care that’s most appropriate for them, including in-network mental health care professionals nationwide. The deep focus on supporting and enabling mental health clinicians — including those on staff with InnovaTel — will allow Quartet to improve speed and quality for patients across conditions. As a result of the acquisition, Quartet will scale to more than 30 states by the end of 2022.
“At Quartet, during this time of increased demand, we’ve seen first hand the limitations of the system’s current capacity,” said Puneet Singh, CEO of Quartet Health. “Data shows that 65% of mental health organizations have had to cancel, reschedule, or turn away patients during the pandemic. By coming together with InnovaTel, we believe we can successfully meet this increased demand with a focus on speed to quality care for all.”
InnovaTel Background
As one of the nation’s leaders in virtual psychiatric care delivery, InnovaTel has 130 clinicians on staff, 51% of whom are prescribers and 27% of whom are clinicians of color. The company’s model of working with community mental health centers to get patients in-network mental health care has improved the capacity to treat patients with mental health needs by anywhere from 5x to 10x. More than 50% of patients who InnovaTel serves have a serious mental illness.
