The company is now valued at $2 billion, almost doubling its valuation in just five monthsRead more...
NeuroFlow works with health systems like Jefferson Health and the U.S. Air Force
Mental health was already a problem for many people before COVID, and the pandemic has only made it worse: over 40 percent of respondents to a survey in June "reported at least one adverse mental or behavioral health condition," including anxiety and depression, according to the CDC. Access has been a problem for years, due to cost and availability, and, again, that has only become more of an issue in the age of lockdowns and social distancing.
NeuroFlow is coming up with the solution: it's a digital health platform provider for enabling behavioral health access and engagement.
The company, which helps organizations find the best treatments for their patients, allowing them get treated on an on-going basis, even between visits, announced on Wednesday the initial closing of a $20 million Series B funding. The round led was by Magellan Health, along with a syndicate including previous investors; NeuroFlow had previously raised $7.5 million in Series A funding in 2019.
NeuroFlow was founded in 2017 by West Point graduate Christopher Molaro after he served in the army for five years; when he came back, he found that his fellow veterans, as well as civilians, lacked access to much needed mental health services.
To help increase access and get patients the care they need, NeuroFlow allows providers to blend behavioral health into their overall care and remotely monitor patients. This is done by combining provider workflow augmentation solutions, clinical care dashboards, and a patient-facing application, with the end result being the ability to monitor patient progress, compliance and outcomes on an on-going basis.
"NeuroFlow supports nearly 200 commercial health systems, payers, accountable care organizations, independent medical groups, and federal agencies to provide technology-enabled care solutions. NeuroFlow combines provider workflow augmentation solutions, clinical care dashboards, and an end user facing mobile application to create a clinical feedback loop centered around behavioral health," James Coates, Vice President of Marketing at NeuroFlow, told VatorNews.
"End user generated data including validated assessment scores, mood and sleep ratings, journal responses and more are fed into NeuroFlow’s clinical-facing web platform to remotely monitor user progress, risk stratify populations, and enhance care coordination efforts."
NeuroFlow's contracted user base has now grown 10x to over 330,000. The company works with health plans and provider systems, including Jefferson Health, as well as the U.S. military, including the U.S. Air Force, as well as with government agencies. By using NeuroFlow's platform to monitor patients remotely, they are able to reduce the cost of care.
"Numerous studies point to the increase in costs when treating a patient with a co-occuring mental health disorder. NeuroFlow helps address these costs directly by facilitating the remote delivery of evidence-based treatment and resources helping to facilitate integrated care," said Coates, noting that "80 percent of NeuroFlow users report a reduction in depression or anxiety symptoms based on validated assessments and rating scales."
In addition to investing in NeuroFlow, Magellan Health will also become a partner for the company, giving it access to Magellan's network of more than 118,000 credentialed providers and health professionals.
“Together with NeuroFlow, we will pave the way for a personalized, whole health approach that is fueled by leading edge digital capabilities,” Ken Fasola, CEO at Magellan Health, said in a statement.
“Our goal is to support optimal experience and outcomes for members and deliver transformative technology for our clinical professionals. This partnership is beneficial in achieving the best outcomes through measurement-based care, and best in class technology.”
NeuroFlow says it will use the new funding to scale its operations and to help support its growth in data analytics, artificial intelligence, and direct health record integrations.
Support VatorNews by Donating
Read more from our "Trends and news" series
The company, which raised two rounds of funding in 2020, saw revenue climb by 400%Read more...
The company will be headed by Allon Bloch, CEO and co-founder of K HealthRead more...
Related Companies, Investors, and Entrepreneurs
Joined Vator on
NeuroFlow is a digital health company combining workflow automation, consumer engagement solutions, and applied AI to promote behavioral health integration in all care settings. NeuroFlow’s suite of HIPAA-compliant, cloud-based tools simplify remote patient monitoring, enable risk stratification, and facilitate collaborative care. With NeuroFlow, health care organizations can finally bridge the gap between mental and physical health in order to improve outcomes and reduce the cost of care. http://www.neuroflow.com.