Fort Health Defies Challenging Funding Environment with New VC Raise, Expands into 2 States
Summary
The provider plans to continue moving into two to four new states a year while growing density in its existing markets.Schneider aims to reach 25% to 30% penetration for mild to moderate pediatric behavioral health conditions in the states it operates in.Cementing the latest funding round to spur new growth was no easy feat, Schneider said. Nema offers talk therapy, psychiatric medication management and peer support.To convince investors to buy in, Schneider had to focus on the companys differentiators, including its collaborative care clinical model and its go-to-market strategy, which involves working with pediatricians.Pediatricians working with Fort Health can refer patients to the mental health provider, which then matches patients with a care team clinician for an evaluation and personalized care plan. Other companies, especially digital-only behavioral health providers, may be impacted by the resumption of the prescribing requirements of the Ryan Haight Act. While temporarily roled first during the COVID pandemic and through to the present moment, the act requires prescribers to complete an in-person medical evaluation before being treated with a controlled substance. By leaving the prescribing to the pediatricians, the company stays ahead of the puck, Schneider said.Schneider envisions that Fort Health can leverage the untapped resource of pediatricians to expand Fort Healths go-to-market strategy and work with payers to move toward value-based care contracting.That would help payers, because they would have a better way to qualify practices, and it would also encourage providers and practices to not only meet but exceed that quality bar, Schneider said.