Florida-based Brave Health is a virtual behavioral healthcare provider for Medicaid members. Its offering comprises video consultations and medication-assisted treatments for a wide range of conditions across the spectrum of mental health and substance use disorders. Members can connect with a network of specialists, including licensed physicians, nurse practitioners, therapists, and counselors through the platform. As of October 2021, the company had a team of 120 healthcare experts.
The company takes a three-step approach to treatment: 1) conducting an assessment of each member to establish their goals and options, 2) creating a personalized treatment plan together with a therapist and medical team, and 3) continuing engagement with the member. The platform was available as a benefit to nearly 65 million members through 113 health plan contracts across 10 states as of October 2021. Although these services are covered by most major insurance providers in the US, the company also provides a self-pay option for those without insurance, which is priced according to the service provided. For example, a 60-minute group therapy session is priced at USD 82.50 out-of-pocket while a counseling visit for 50 minutes costs USD 157.50. The treatment period would depend on each individual and typically lasts between 6 to 18 months.
Funding and financials
In October 2022, Brave Health raised USD 40 million in a Series C funding round led by Town Hall Ventures along with participation from existing investors. The funds were set aside to expand Brave Health’s geographic footprint in current and new locations in addition to partnering with health plans to add more value-based contracts. The company also earmarked the funds to further develop its platform in terms of technology and data infrastructure.
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