InnovaTel Telepsychiatry has been sold to Quartet Health, backed by Oak HC/FT, Google Ventures and Deerfield Management
InnovaTel Telepsychiatry, based in Erie, Pennsylvania, provides virtual mental healthcare with differentiated expertise in treating complex conditions across the U.S. InnovaTel operates a clinically led, mental health as a service (BHaaS) 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. In the first half of 2021, InnovaTel achieved 50 percent, year-over-year, organic revenue growth and a 60 percent expansion in its provider network.
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. Quartet’s sophisticated data, analytics and technology infrastructure will provide the framework for InnovaTel to scale quickly to communities across the U.S., with a continued focus on those with the most complex needs.
Michael Siano, Managing Director in Lincoln’s Healthcare Group, commented, “Utilization of virtual care delivery models, especially telepsychiatry, has been catalyzed by COVID-19 and continues to gain widespread adoption. Today, mental health care represents a massive unmet need that must be addressed. The virtual care delivery models of the future will combine sophisticated data and analytics with robust technology infrastructure to deliver increased access and higher quality care for patients. We look forward to continuing to support this exciting industry evolution.”
Quartet is a leading, technology-enabled, mental health company that works to deliver fast, quality mental health care for all through sophisticated data, analytics and personalized services. The company is backed by venture funding from top investors, including Oak HC/FT, GV (formerly Google Ventures), F-Prime Capital Partners, Polaris Partners, Deerfield Management, Echo Health Ventures, Centene Corporation and Independence Health Group.
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