Brave Health CEO Anna Lindow had a first-hand look at how the demand for mental health services skyrocketed during the Covid-19 pandemic.
The Miami-based behavioral health care company began offering telehealth services in 2019, giving it a leg up when other ventures began to pivot in response to the virus. Because of that, Brave Health saw its patient base grow 20-fold from 2019 to 2020.
"I can resoundingly say that virtual health care is here to stay," Lindow said.
Brave Health specializes in providing virtual mental health and addiction treatments for individuals covered by Medicaid, the federal health care program for low-income Americans. Nationally, the number of psychiatrists accepting Medicaid has declined by half over the past decade, leaving far fewer health care providers for the 75 million Americans that receive health insurance through the government program.
The company partners with primary care physicians, health plan case managers and hospitals to bring virtual mental health care directly to the patients who need it, particularly in rural and urban areas where doctors can be difficult to access. It's also an option for people who may not be able to access in-person services because they don't have a car or access to reliable public transit.
While patients were immediately responsive to Brave Health, it took longer to convince investors. Before the pandemic, Lindow said investors often said they didn't see the "overlap" between virtual care and Medicaid populations, who tend to have less access to broadband internet and smart phones.
"There was also just way less interest in mental health care even a few years ago," she added. "Now, more and more investors are embracing the possibilities of supporting a business that focuses on Medicaid populations."
Brave Health has now raised $21 million since its founding, including a $10 million series B round that closed in October. Although the venture specializes in services for Medicaid patients, it also accepts Medicare and other insurance plans.
It's not the only local telehealth company to gain traction during Covid. Last year, Miramar-based MDLive closed a $50 million equity investment round to expand its virtual platform for primary care after telehealth visits increased by more than 95% in the first half of 2020 and was then acquired by insurance giant Cigna. And Miami-based Papa, a tech service for seniors and families, entered the health care market last December with Papa Health, a platform that connects members with virtual doctor appointments.
Brave Health is currently accepted by health plans in Florida, North Carolina, Kentucky, Georgia, Illinois, Texas, New York, Ohio, Michigan and Alabama, with plans to expand to 10 more states in 2022. Lindow said Brave Health will also expand its treatment options, with new services that target serious mental illness, adolescents and pregnant women to meet the country's rising demand for mental health care.
"What we're seeing a marked change in behavior in patients and providers and now, lawmakers see it as well," she said. "Now they see that telehealth is a real asset."
For more stories like this one, sign up for Miami Inno newsletters from the South Florida Business Journal and the American Inno network.
