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The funding came from Resurgens Technology Partners
Mental health organizations have very specific workflow, financial and patient engagement needs to ensure they deliver high quality, efficient and financially rewarding care. A mental health clinic has very different needs from a primary care group practice, for example, but their unique needs are not met by most of the service providers on the market, who tend to be horizontal in nature.
That's where Valant, a cloud-based EHR for behavioral health practices, comes in: the company, which has taken a purpose built approach to deliver market specific solutions for these clinics, announced that it has taken funding from Resurgens Technology Partners. While the amount invested in this round was undisclosed, the company had previously raised over $26 million.
Resurgens invested in Valant alongside the firm’s Operating Partner, Trey Carter, who will join the company's board and partner with the Valant management team to accelerate the company’s growth.
"We understand concepts like group therapy, recurring appointments, market specific insurance requirements, and teletherapy, as a few specific examples. These are all solutions with well-thought out workflow, design, and execution," CEO Ram Krishnan told VatorNews.
The Seattle-based Valant provides technology to better connect behavioral health patients and providers. Currently, over 3,000 practices are using the company's solution to manage the administrative functions such as lead management, appointment scheduling, intake paperwork, payments, and insurance claims processing.
For example, its customers use the company's documentation engine to collect patient self-assessments on clinical measures, and store those in a digital patient chart, while their clinical staff uses the system to establish a digital treatment plan, and document progress notes and hand out assignments. They then package all of this up and send it to insurance companies to get paid.
Meanwhile, Valant's patient engagement platform allows them to keep patients informed of appointments, health assessments, and to deliver care through teletherapy technology, all in a mobile app.
"We affect all aspects of the group practice. Our customers have experienced a wide range of benefits, from financial improvements, to improved quality of care, staff retention and more time to spend with patients," said Krishnan.
The company plans to invest the new funding in the business in order to accelerate growth from new customer acquisition, and by creating new products and services.
"We want to continue to be and expand upon our goal to be the one-stop shop for behavioral health practices, delivering solutions for their ever changing needs. We believe we’ll be the market leader with a wider range of solutions, market share, and markets we cover within behavioral health," said Krishnan.
(Image source: valant.io)
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