NYC-based membership-based network for mental health care providers, Alma raised US$ 28m in Series B funding on 2 February 2021.
Investors: The funding round was led by Insight Partners with participation from Optum Ventures and existing investors, Primary Venture Partners, Sound Ventures Tusk Venture Partners, BoxGroup and Rainfall Ventures. Ross Devor, Managing Director at Insight Partners and Martha Temple, former CEO of Optum Behavioral Health, will join Alma’s Board.
Purpose of the funding: The funds will be utilized to accelerate the expansion of Alma’s national network and expand its growing team. Alma will also invest in product development and increase in-network care options.
About Alma
Founded in 2018 by Dr. Harry Ritter, Alma aims to simplify and improve access to high quality, affordable mental health care. It partners with independent mental health providers to offer a “practice-in-a-box” solution, including practice management tools, insurance contracting and revenue cycle management for members’ practices. Alma is currently present in New York, New Jersey and Connecticut,
According to the company, health providers do not accept insurance and an average session can cost between US$ 150 and US$ 500. Alma aims to make healthcare affordable to everyone. Its platform allows providers to accept insurance. It also provides a member directory, client-matching service, scheduling and billing functions. The platform provides education, training and a community for support. Alma claims that it has reduced session costs down to an average of US$ 18.
Alma claims that the number of clients seeking care through its platform rose 120 per cent in the past six months and the number of in-network sessions grew by 200 per cent.
What the founder has to say: “The toll of mental health has never been more significant, and there is an immediate focus for health care and the society at large. Prior to the global pandemic, we saw opioids and teen suicide, but now we are seeing more of that, as well as a wave of real pain and suffering from inadequate services. Some 60 per cent of people report they are suffering from some kind of mental illness related to quarantining and the current political atmosphere,” said Dr. Harry Ritter.
“We intend to expand the platform anywhere and everywhere. We are rolling out new geographies in 2021 with the goal of having people in all 50 states. By focusing on the technology and support services, we can help clinicians provide better care,” said Dr. Ritter.
What investors have to say: “What drew us to Alma was that all three parties on this platform benefit: providers, patients and payers. When we saw a unique flywheel and the size of the opportunity, it got us excited, and with Harry’s enthusiasm, it was a no-brainer for us,” said Ross Devor, Managing Director at Insight Partners.
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