Massachusetts-based Eleanor Health is a mental health and addiction recovery service provider that offers both in-person and virtual telepsychiatry services including medication-assisted treatments, psychiatric evaluation, treatment of co-occurring psychiatric conditions, individual and group therapy, and peer recovery coaching. The company uses a reimbursement or value-based model through its partnerships with insurance payers rather than a fee-for-service model. The company claims that 70% of its patients have reported improvement in depression and anxiety as well as an 84% improvement in substance use between 2019 and 2021.
Founded in 2019, Eleanor Health operates 18 clinics and provides online services across 6 states as of May 2021. In addition, the company reported a 6x YoY increase in members and intends to manage more than 50,000 members through its population-based partnerships by 2022.
Funding and financials
In April 2022, the company raised USD 50 million in a Series C funding round led by General Catalyst. The company, which operates in Louisiana, New Jersey, North Carolina, Ohio, and Washington allocated the funds for expansion into new markets (including Texas). The company also planned to promote new partnerships and further refine its care delivery and analytics platform in order to scale it for the six markets in which it currently operates.
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