New Investments from Echo Health Ventures and Deerfield Management Close Out Quartet's Series D Funding Round
NEW YORK and PORTLAND, Ore., Nov. 27, 2019 /PRNewswire/ -- Today Quartet, a healthcare technology and services company, announced a new partnership with Cambia Health Solutions to help improve the lives of people with mental health conditions. Cambia's regional health plans and Quartet will work with health care providers to help patients with mental health conditions get the right care at the right time.
Additionally, Echo Health Ventures, a strategic collaboration of Cambia and Mosaic Health Solutions, made an investment in Quartet as part of its commitment to building and scaling innovative solutions in the behavioral health space. Centene Corporation also invested in Quartet earlier this year. Research shows that connecting primary and mental health care, as Quartet does, improves patients' overall health and reduces the total cost of health care. Commercial and government-sponsored plans both recognize Quartet as a payer-agnostic solution to improve mental health access for members.
The partnership with Quartet and Cambia will first launch to regional health plan members in Washington state and later expand to Oregon, Idaho, and Utah. This work is part of Cambia's commitment to helping to ensure those members have access to the mental health care they need. With Quartet's technology and services, Cambia's regional health plans will better integrate mental health care with primary care. Together, the two companies will:
"Our health plans are focused on collaborating with providers to improve quality of care, access and affordability," said Dr. Cheryl Pegus, President of Consumer Health Solutions and Chief Medical Officer for Cambia. "We are deeply committed to delivering an integrated approach to behavioral health that will ensure people can access the care they need on their terms."
Nearly one in four Americans experience a mental health condition, yet more than half don't get the treatment or support they need. Many also experience poor health, chronic illnesses, lower quality of life, and shorter life expectancy as a result. By addressing the mind and body, and allowing primary care doctors and mental health providers to work together, patients can get the best care and see improvements in their health and wellbeing.
"Mental health is an important part of a person's overall health, yet we know that it can be difficult to get connected to the right care. We're thrilled to partner with Cambia to make it easier for both patients and providers," said David Wennberg, MD, MPH, CEO of Quartet. "We believe that mental health is health, and strive to get people the right care at the right time. We look forward to working with more providers and their patients in Washington and throughout the Pacific Northwest to help people get the care and support they need."
Traditionally, it can take months for people to get an appointment with a psychiatrist or therapist. Quartet's network of mental health providers offers in-person and telehealth options and online resources to ensure people are matched to the right care based on their needs, preferences, and insurance coverage in the right setting and at the right time. Quartet has worked with thousands of providers around the country and more than 60,000 patients.
Quartet has operated in the Washington market since 2016, and this partnership will drive significant expansion. To date, there are more than 2,000 mental health and primary care providers in Washington state on the Quartet platform, and more than 14,000 patients have been referred to Quartet in Washington.
These investments close out Quartet's Series D funding round at $67.5MM, with Echo Health Ventures, Deerfield Management and formerly announced Centene Corporation joining returning investors GV (formerly Google Ventures), Oak HC/FT, F-Prime Capital Partners, and Polaris Partners. This round will fuel continued growth as Quartet works in communities nationwide to make it easier for people with mental health conditions to get the care they need.
About Quartet
Quartet is a healthcare technology and services company on a mission to improve the lives of people with mental health conditions. We connect people to the right care at the right time. Our collaborative technology and range of services bring together physicians, mental health providers, and insurance companies to effectively improve patients' health and drive down healthcare costs. Backed by $160.5MM in venture funding from top investors like Oak HC/FT, GV (formerly Google Ventures), F-Prime Capital Partners, Polaris Partners, Deerfield Management, Centene Corporation, and Echo Health Ventures, Quartet is headquartered in NYC and is currently operating in several markets across the United States — Pennsylvania, Washington, Northern California, New Jersey, North Carolina, Louisiana, and Illinois.
About Cambia Health Solutions
Cambia Health Solutions, headquartered in Portland, Oregon, is a total health solutions company dedicated to transforming health care. We are a family of more than 20 companies that work together to make the health care system more economically sustainable and efficient for people and their families. Our company reaches more than 70 million Americans nationwide, including more than 2.6 million people in the Pacific Northwest who are enrolled in our regional health plans, which have served the region for more than 100 years. To learn more about us, visit CambiaHealth.com or Twitter.com/cambia.
SOURCE Quartet
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