What You Should Know:
– Talkiatry, a leading provider of high-quality, in-network psychiatric care raises $130M led by Andreessen Horowitz (a16z) with participation from Perceptive Advisors and debt financing from Banc of California.
– Talkiatry boasts in-network status with over 60 health plans, including major insurers like Aetna, Blue Cross Blue Shield, and United Healthcare. This covers over 70% of commercially insured individuals in the US.
– With this new funding, Talkiatry is poised to further expand its reach and revolutionize the way mental health is delivered and financed, ensuring better outcomes for patients and creating a more sustainable healthcare system.
The Need for Change: A Mental Health Crisis in America
Despite billions spent annually, Americans are struggling with mental health. Only 31% report “excellent” mental health, a concerning 12% drop in two decades. While telehealth has expanded access to care, existing models lack data on outcomes and cost savings, and often neglect physician-centric approaches. This hinders health plans from implementing effective risk-based payment structures.
Talkiatry: A Model for Success
Talkiatry stands out with its proven value-based behavioral health model. This model demonstrably improves access to quality care, generates cost savings, and delivers positive patient outcomes. A leading health plan partnered with Talkiatry for a matched cohort analysis. Patients receiving care from Talkiatry’s psychiatrists experienced a remarkable 68% reduction in hospitalizations, 32% fewer emergency room visits, and an estimated $700 monthly saving per member on total cost of care compared to the control group.
Impact at Scale: Expanding Access and Delivering Results
Since 2020, Talkiatry has delivered telepsychiatry services to over one million patients, including underserved populations previously lacking access to treatment. Their team of over 300 licensed psychiatrists across 43 states treats patients with conditions like anxiety, depression, PTSD, and more. A study revealed that after an average of five appointments over 15 weeks, 67% of Talkiatry patients no longer exhibited clinically significant anxiety symptoms, and 62% no longer had clinically significant depression symptoms.
“Over the past few years we’ve built one of the country’s largest and highest-quality in-network psychiatric practices, while proving with real-world data that we deliver superior health outcomes and cost savings,” said Robert Krayn, CEO and Co-Founder, Talkiatry. “We’re thrilled to be part of the a16z family as we continue to bring more health plans into value-based contracts and expand to reach more Americans in need.”
