On December 8, Quartet Health and InnovaTel Telepsychiatry, a provider of virtual mental healthcare with differentiated expertise in treating complex conditions, announced their decision to join forces and bring quicker access, improved experience and evidence-based care to all who need mental health care. The InnovaTel acquisition is Quartet’s next step to advance its new strategic direction that was announced last week.
Founded in 2014, Quartet Health is a leading tech-enabled mental health company that works with health plans, systems and provider groups to deliver speed to quality mental health care for all. 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, 80% of which are referred from primary care. Quartet is backed by venture funding from top investors including Oak HC/FT, GV, F-Prime Capital Partners, Polaris Partners, Deerfield Management, Echo Health Ventures, Centene Corporation and Independence Health Group.
InnovaTel Telepsychiatry, backed by private equity firm Canyon Healthcare Partners, is a clinically led mental health as a services platform dedicated to improving mental health outcomes for individuals and communities by providing timely access to a national network of qualified psychiatrists, psychiatric nurse practitioners and licensed clinical social workers. 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. More than 50% of patients who InnovaTel serves have a serious mental illness.
Last week, Puneet Singh, the CEO of Quartet Health, outlined the next stage of growth for Quartet in a piece published by Medium. As part of a new collaboration with IHG, and with participation from IHG and existing investors GV and Oak HC/FT, Quartet had raised $60 million of capital for its new growth strategy. Mr. Singh hopes to enhance, develop and deliver on capabilities to better integrate mental and physical health in four specific areas: patient identification and engagement, optimized patient matching to providers, actionable insights to measure and reward quality and patient conditions and populations. By working as an integrated part of the mental health care industry and supporting patients longitudinally across the care journey, patients will experience improved speed to mental health care, a more streamlined experience, better outcomes and lower costs.
