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evolvedMD Raises $5.4M Series A Round to Integrate Behavioral Health Support into Primary Care
FOR IMMEDIATE RELEASE
SCOTTSDALE, Ariz. – evolvedMD, the market leader in delivering integrated Psychiatric Collaborative Care Management (CoCM) services in primary care, has raised a $5.4 million Series A round of financing led by Waterline Ventures and Conductive Ventures. Operating under the philosophy of “Behavioral Health for All”, evolvedMD’s model integrates behavioral health services on-site with healthcare providers to provide in-person and virtual mental health care.
Since its inception in 2017, evolvedMD has focused on providing fully integrated behavioral health staff and technology in the primary care environment in one seamless, easy-to-administer experience for both the patient and the provider. evolvedMD clinicians, case managers, psychiatric professionals, and administrators are embedded within the primary care setting to increase access to behavioral health services and reduce provider burnout.
“There is a dire need for easy access to behavioral health care across all segments of our society – from developing adolescents and isolated seniors to Medicare beneficiaries and private market patients. Many of us need behavioral health support for our overall well-being,” explains evolvedMD co-founder and Managing Partner Erik Osland. “The COVID-19 pandemic has accelerated these needs even more”.
“By leaning on the diverse expertise of our team, evolvedMD identified early on that we can provide life-altering collaborative care. Our comprehensive model involving everything from intake and diagnosis to ongoing patient care and administrative support is cost-effective and unobtrusive to existing care pathways. We improve patient outcomes and quite literally changes people's lives,” Osland said.
Nearly 50 million American adults experienced a mental illness or episode in 2019, almost 20 percent of the adult population. Yet more than half of U.S. adults with a known mental illness do not receive treatment. In addition, over 60 percent of children and young adults with major depression do not receive any mental health treatment. evolvedMD makes it easy for primary care to deliver behavioral health care and improve clinical outcomes through Collaborative Care, an evidence-based model for treating depression and anxiety in primary care settings.
“Our goal is to reduce stigma and increase access so that more people who need transformational and life-changing services can receive care where they are most comfortable – alongside their primary care provider,” fellow co-founder and Managing Partner Steve Biljan says. “This model and approach integrates mental health care into existing care delivery models, while providing tools for PCPs to deliver care to patients.”
“We are excited to partner with evolvedMD, who is disrupting the exploding behavioral health market,” said Robbie Greenglass, Managing Director of Waterline Ventures. “evolvedMD's integration with primary care is critical to the success of both the patient and provider in delivering the best care possible.”
“We are thrilled to partner with the team at evolvedMD and support them on their growth expansion plans,” said Carey Lai, Managing Director of Conductive Ventures. “evolvedMD is transforming an industry that is ripe for change with their innovative approach towards the behavioral health market.”
evolvedMD is currently working with several primary care partners in Arizona and Utah, such as Honor Health, Foothill Family Clinic, Ogden Clinic, Apricus Health, Granger Medical, Premiere Family Health and many others. The new investment from Waterline and Conductive will be used to scale technology infrastructure and continue building the clinical delivery team. Along with expansion in Arizona and Utah, the company plans on launching in additional states.
ABOUT WATERLINE VENTURES
Waterline Ventures is a Boston-based venture capital firm that invests in the early stage healthcare technology and services companies that are improving the way care is delivered. Increasing costs, inconsistent quality, and inadequate access to healthcare create the need for innovation. Companies that address these issues stand to create tremendous value while improving people's lives across the country and around the world. There is a massive and growing opportunity for technological transformation in healthcare. Our entrepreneurs are leading the change within the healthcare system.
ABOUT CONDUCTIVE VENTURES
Conductive Ventures is an early-stage venture capital firm that invests in software, hardware, technology-enabled services and blockchain. With $450 million of capital under management, Conductive Ventures invests in early efficient growth companies led by non-traditional founders. The team is led by institutional venture investors and operators. For additional information, please visit www.conductive.vc
Launched in 2017, evolvedMD is leading the integration of behavioral health services in modern primary care. Uniquely upfront and ongoing, our distinctive model places behavioral health specialists onsite within a practice. evolvedMD offers an economically viable and better way to integrate behavioral health that ultimately drives improved patient outcomes.
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Head of Strategy, evolvedMD