Value-based behavioral health company Forge Health announced an $11 million growth investment led by HC9 Ventures.
WHAT IT DOES
The company is an outpatient provider for mental health conditions and substance abuse treatment that provides care for patients through digital health and in-person clinics.
Currently operating in six states, the company uses multidisciplinary clinical teams and data analytics to streamline and personalize patient care. Forge works with payers and health systems to provide care.
WHAT IT’S FOR
The White Plains, New York-based startup plans to use the new cash to expand its services and create partnerships with health systems, accountable care organizations (ACOs), government agencies and employers.
“The current behavioral health delivery system is broken – care is extremely fragmented, emphasizes point solutions and fails to properly address the whole person. The need for accessible, affordable and effective care is more important now than ever,” Eric Frieman, cofounder and CEO of Forge Health, said in a statement.
“The HC9 team’s extensive experience and success in building transformative companies and driving healthcare innovation make them the perfect partner as we accelerate the expansion of our proven care model, and we’re confident that this investment will solidify our position as the market leader as well as be the catalyst for new groundbreaking partnerships.”
MARKET SNAPSHOT
Hybrid models of care are becoming increasingly popular. One Medical offers brick-and-mortar and virtual health offerings to patients. In 2020, One Medical went public on the Nasdaq. The company has recently been expanding. In fact, in June 2021 One Medical announced its acquisition of Iora Health, a Medicare-focused provider.
Meanwhile, rural hybrid-care provider Homeward launched in March with $20 million in investment from General Catalyst.
Forge isn’t the only hybrid provider looking to address mental healthcare. Multimodal provider Crossover Health launched a health and wellbeing community called Be Well in September.