Brave Health Expands Geographic Footprint and Platform with $10M Series B Financing

MIAMI, Oct. 26, 2021 /PRNewswire/ -- Brave Health, a virtual-first behavioral health provider focused on serving Medicaid populations, today announced that it completed a $10M Series B financing round led by City Light Capital, Union Square Ventures and Able Partners, bringing its total funding to $20.75M. Since launching with health plans in Florida in 2019, the company is rapidly scaling to serve more than 65M covered lives across 113 health plan contracts in 10 states, including North Carolina, Kentucky, Georgia, Illinois, Texas, New York, Ohio, Michigan and Alabama.

Today, access to basic behavioral health services for the nation's most vulnerable populations is a public health crisis. The percentage of psychiatrists accepting Medicaid has been cut in half in the past decade. With nearly one in four Americans now using Medicaid, this gap leaves many without access to the critical care they need.

"As demand for behavioral health care continues to grow, the gap between people who need services and those who are receiving services has continued to widen, especially for those with Medicaid," said Anna Lindow, CEO and co-founder, Brave Health. "At Brave Health, we're focused on changing the narrative about Medicaid-based innovation and delivering sustainable solutions designed to improve behavioral health outcomes for millions of people."

Brave Health offers a virtual alternative to traditional outpatient services (therapy, psychiatry, case management, medication-assisted treatment) for mental health and addiction that have traditionally been hard to access in local communities. The company offers same-day assessments, reduces wait times to less than a week, and works closely with Medicaid case managers, providers and major Medicaid plans across the U.S. to increase patient engagement and lower overall costs of care.

In the first 10 months of 2021 alone, health plan case managers, primary care physicians, and hospitals have made over 11,000 referrals to Brave Health. Of the referrals sent, approximately two-thirds of patients opted into care. By partnering with Brave Health, Medicaid plans are improving overall member health outcomes and reducing costs. For example, one large national Managed Behavioral Health Organization reported that patients who had at least one encounter with Brave Health had 90 percent fewer readmissions and 66 percent lower costs in approximately a one-year period.

"City Light Capital was one of the most active mental health investors in the country through the first half of 2021, and we are excited to help fuel Brave Health's rapid geographical expansion this year," said Josh Cohen, Partner. "What makes Brave Health particularly interesting is their impressive growth and unique approach to mental health care delivery for traditionally-underserved populations. Their mission aligns with ours of improving the lives of those who have historically been left behind by both the traditional healthcare system and by the investment community."

As part of the financing, City Light Capital's Josh Cohen joined Brave Health's board of directors as a strategic advisor to help guide Brave Health's next phase of national expansion.

About Brave Health
Brave Health (www.bebravehealth.com) is a national, virtual-first behavioral health provider focused on serving people with Medicaid. The company offers outpatient services (therapy, psychiatry, case management, MAT) for mental health and addiction through its virtual behavioral health platform. Brave Health partners with 113 health plan contracts to cover more than 65M members across 10 states, including Florida, New York and Texas.

Media Contact:
Jen Long, 120/80 MKTG
617-784-3245
[email protected]

SOURCE Brave Health

Related Links

https://bebravehealth.com/

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