Helping mental health providers build their practices, Alma raises $130 million

The company has now raised a total of $220 million

At least 90% of mental health clinicians are solo practitioners and that means they are, essentially, running a business by themselves. They have to implement technology, think about branding and marketing, and how to connect with the right clients, and deal with the administrative challenges of taking insurance. All of this is really difficult for many of them, of course, because they went to school to treat patients, not to be businesspeople.

That's why Harry Ritter founded Alma, a membership-based network that helps independent mental health care providers access to the technology, the services, and backend support, and then also brings them together into a community. The company helps mental health professionals run their practices.

On Thursday, the company announced that it raised a $130 million Series D round of funding led by Thoma Bravo, with participation from Cigna Ventures, along with existing investors Insight Partners, Optum Ventures, Tusk Venture Partners, Primary Venture Partners, and Sound Ventures. This brings the company's total funding to over $220 million.

"From the beginning, we’ve been focused on the core belief that when providers have the support they need, the system improves for everyone. I’m encouraged to see that mental health care is finally being talked about and taken seriously, as it’s enabled us as a society to drive positive change and help more people get the care they need," Ritter told VatorNews.

"Our investors believe in our mission and our provider-first approach, and that’s really gratifying to see. We are really excited to welcome Thoma Bravo to the team - they are remarkable investors who bring incredible experience and financial acumen investing in the technology sector. We are also really excited to have Cigna Ventures joining. Their expertise and understanding of the healthcare industry will be invaluable to us as we find new and better ways to support our provider community."

When providers join Alma, they are given access to insurance support, teletherapy software, automated billing and scheduling tools, as well as a community of clinicians that come together for education, training, and events. Alma also allows patients to find a physician on its platform, and uses technology to help match the right patients to the right providers. 

Over the past 12 months, Alma has grown its network of physicians over 3X to 8,000 mental health providers, who are licensed to practice in all 50 states. Almost 40 percent of providers in Alma's network self-identify as Black, Hispanic/LatinX, or Asian, and they speak over 40 languages.

With Alma, the average clinician will save over 30 hours a month in administrative time that they can invest back in their own self care, and in patient care.

"We want to continue expanding the reach of Alma to new providers to ensure that providers around the country have the support they need to succeed. We’re also going to continue creating the best experience for our mental health providers, enabling them to deliver high quality, in-network care," said Ritter.

That means building out its billing and practice tools, expanding its relationships with insurance companies, and continuing to elevate its community experience and training opportunities for its providers.

Along with the funding, the company also revealed that it hired Dr. Elisabeth Morray, a licensed psychologist and the former director of telehealth at LifeStance Health, as its vice president of clinical operations. In her role, Morray will serve as an advocate for Alma's providers and continue to see clients on Alma's platform.

"I am so excited to have Dr. Elisabeth Morray on our leadership team. In her role, Elisabeth works closely with our community of mental health providers to offer clinical support and ensure that we are staying close to the needs of our members. She’s also working to expand our community offerings - including affinity groups - and leading innovative new training programs. She’s also a practicing clinician and continuing to see clients on the Alma platform," said Ritter.

The company also brought on two other members of its leadership team: Erik Lumer, the former Chief Product Officer at Maven Clinic, as its new Chief Product Officer to lead the company's next phase of product development, and Chiddy Onyia, Esq., the former General Counsel and Chief Compliance Officer at Quartet Health, as General Counsel.

Looking ahead, Alma remains committed to its mission of simplifying access to high quality, affordable mental health care for everyone, said Ritter.

"We know there’s still work to be done and we’re proud to be on this journey with our clinicians, clients, and insurance partners. In particular we are excited to continue innovating around how patients can find the right provider that fits their needs and working with payers in new and innovative ways that work for providers to support their goals and impact."

(Image source: helloalma.com)