UpLift Raises $8M in Funding to Integrate Psychiatry Into the Mental Healthcare Delivery Platform
"At UpLift, we're building the infrastructure to deliver a continuum of mental healthcare," said Kyle Talcott, CEO, UpLift.
NEW YORK, Dec. 14, 2021 /PRNewswire/ -- Today, UpLift, the first vertically integrated mental healthcare delivery system, announced their expansion into psychiatry as well as the closing of $8M in secondary funding. The round was led by B Capital Group with additional participation from Vivek Garipalli, Bay Gross, Bobby Green, as well as pro rata financing from several others. Founded in May 2021 by CEO Kyle Talcott at Redesign Health, UpLift is committed to building the infrastructure to deliver a continuum of mental healthcare. By including psychiatry onto the UpLift platform, psychotherapists work hand-in-hand with psychiatrists in order to close the behavioral healthcare gap, coordinate with the primary care provider and optimize the appropriate plan of care.
Recent reports show approximately 1 in 5 American adults have a mental health diagnosis1, causing a surge in consumer demand and exponential growth in the behavioral health market. While demand was met by a flood of new behavioral healthcare startups, the industry failed to meet the consumer need for accessible and affordable, satisfactory treatment using evidence-based integrated mental healthcare, leaving more than 55% of those in need without adequate care.3
"Our investment into UpLift reflects our continued belief that effective mental healthcare services should be accessible, affordable, and scalable for all," said Karen Page, partner at B Capital. "We are acutely aware of the market need for a streamlined approach to mental healthcare and are inspired by the work Kyle and his world-class team are doing."
UpLift's new treatment model will integrate psychiatric and psychotherapy care to create a comprehensive and unified team of clinicians to enable treatment for high acuity populations. The integrated strategy allows UpLift to manage the full spectrum of patient needs, from mild depression and anxiety, to more complex conditions, like bipolar disorder and schizophrenia.
"At UpLift, we're building the infrastructure to deliver a continuum of mental healthcare," said Kyle Talcott, CEO, UpLift. "UpLift starts with an in-network, virtual or in person therapist and uses medication to augment the base treatment plan, delivering the most effective and sustainable care to patients. The providers on our platform work as a truly integrated care team and our platform team provides support every step of the way - from insurance and billing to prescription fulfillment - to ensure a seamless and effective patient experience from start to finish."
Studies show that an integrated treatment plan has proven to be more 2x more effective than standalone medication or psychotherapy treatment,4 yet more than 70% of patients taking antidepressants have not seen a mental health provider in the past year.5 A medication-first treatment model often fails to address a patient's underlying mental health challenges, which is one reason UpLift leads with psychotherapy and integrates medication for supplemental support to create a comprehensive care plan effective in the long term.
"It is critical for therapists to create mutual treatment plans with psychiatrists, but in everyday practice, clinicians work in silos," said Yavar Moghimi, MD, Psychiatrist at UpLift. "At UpLift, therapists work hand-in-hand with psychiatrists using their novel care delivery platform in order to optimize treatment."
Along with the company's expansion into psychiatry, Uplift has hired Julian Cohen, as their Chief Clinical Services Officer. Julian has over 35 years in healthcare with deep experience in behavioral health and telehealth services and most recently was SVP of Behavioral Health at Hims & Hers. Prior to that, Cohen was President of Behavioral Health at Teladoc and CEO and Founder of one of the earliest companies in teletherapy, called Breakthrough which he sold to MDLiveCare.
"During my decades in virtual behavioral health, mental health has entered the mainstream conversation, but the barriers to high-quality, accessible care remain," says Julian Cohen, Chief Clinical Services Officer, UpLift. "UpLift's modern approach merges two essential efforts, core psychotherapy treatment with medication management, that will help facilitate an integrated treatment plan and continuum of care."
UpLift launched in May 2021 in DC and VA with its first health plan partner, BCBS CareFirst. UpLift has since expanded to MD and partnered with United/Optum, Cigna and BCBS Anthem, and has plans to more than double its geographic footprint in 2022.
About UpLift
UpLift is a digital platform that empowers patients to find in-network therapists and psychiatrists who are covered by their insurance plans. UpLift negotiates rates with insurance companies, reduces overhead through automated scheduling, billing, and claims processing, and delivers a 2-sided marketplace to seamlessly match patients with the right provider for them. Dedicated to tackling today's supply and demand problem in mental health, UpLift streamlines behavioral healthcare accessibility and removes the barriers to identifying in-network, affordable and effective treatment. UpLift was founded in 2020 by Kyle Talcott at Redesign Health. For more information on UpLift, please visit joinuplift.co.
About Redesign Health
Redesign Health is on a mission to redesign health — for everyone. Its idea-to-scale approach builds companies that create a better healthcare experience for all. Redesign Health integrates a complex process of ideating, developing, funding, and launching companies into a streamlined platform. Its multidisciplinary experts work in tandem with founders to introduce transformational health solutions and develop a new foundation for healthcare. To learn more, visit redesignhealth.com.
Contact:
Chelsea Harrison
Head of Communications, Redesign Health
[email protected]
Emma McCormick
Senior Account Executive, Media, Lippe Taylor
[email protected]
1https://www.fortunebusinessinsights.com/u-s-behavioral-health-market-105298
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