Behavioral health startup NeuroFlow secured a $20 million series B investment backed by managed care company Magellan Health.
NeuroFlow’s platform aggregates mental health data and builds comprehensive patient profiles, which care teams can use to identify patterns and treatment decisions. The company's technology facilitates healthcare management for patients in between traditional office-based visits.
The company's contracted user base has grown 10x times to over 330,000 and it works with more than 200 commercial health systems, payers, accountable care organizations, independent medical groups and federal agencies.
A group of previous investors also backed NeuroFlow's series B round.
NeuroFlow CEO and West Point graduate Christopher Molaro served in the army for five years, including a tour in Iraq as a platoon leader. Coming back home, he experienced firsthand the gaps in the behavioral health system.
Molaro and co-founder Adam Pardes had a shared mission to improve mental health care by ensuring that care providers were a part of the solution in a meaningful way.
Launched in 2016, NeuroFlow offers a platform that enables providers to blend behavioral health into their overall care and remotely monitor patients.
The Philadelphia-based company closed a $7.5 million series A funding round in December 2019.
Magellan Health provides behavioral health and employee assistance program services, specialty health, and integrated care management to health plans, employers, and the federal government. Centene Corporation recently announced a deal to acquire Magellan Health in a deal valued at $2.2 billion.
NeuroFlow will use the fresh capital to scale its operations and support its growth in data analytics, artificial intelligence, and direct health record integrations, the company said.
Health providers are looking to double down on better solutions for the country's mental health crisis with historic spikes in depression and anxiety due to the ongoing pandemic.
NeuroFlow’s technology increases access to personalized, collaborative care while empowering primary care providers, care managers, and other specialists to most effectively support patient populations by accounting for and addressing behavioral health, according to the company.
Among patients on the platform, 80% of users self-reported a reduction in depression or anxiety symptoms and 62% of users with a severe depression score see their score improve to moderate or better, the company said.
“Behavioral health is not independent of our overall health—it affects our physical health and vice versa, yet most underlying behavioral health conditions go unidentified or are ineffectively treated. Most healthcare providers are overburdened, so introducing the concept to account for a person’s mental health in addition to their primary specialty can be overwhelming and lead to inconsistent and inadequate treatment,” said NeuroFlow CEO Chris Molaro in a statement.
“Technology, when used strategically, can enhance and augment providers, making the concept of holistic and value-based care feasible at scale and easy to implement.”
Philadelphia-based health system Jefferson Health began working with NeuroFlow in 2019 to offer a new digital health platform to help address patients' mental health.
Magellan Health’s network of more than 118,000 credentialed providers and health professionals will join NeuroFlow customers across the country by leveraging the integrated data and analytics platform to meet the rising demand for enhanced mental health services and support.
By partnering with and investing in NeuroFlow, Magellan has the opportunity to drive further adoption of NeuroFlow’s behavioral health integration tools, and drive collaborative care initiatives with its customers as well as its vast network of credentialed providers and health professionals.
“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," said Ken Fasola, chief executive officer, Magellan Health.