Brave Health, a virtual mental health platform focused on serving Medicaid populations, has raised $60 million from investors to support the company’s expansion into value-based care arrangements and into new and existing markets.
Since launching with health plans in Florida in 2019, Miami-based Brave Health has grown to serve more than 65 million covered lives in more than 200 health plan contracts through its consumer engagement approach. patient, treatment and integration with plans and other providers. Year to date in 2022, more than 23,000 people have been referred to Brave Health for care.
Earlier this year, the company announced its first value-based contract with Molina Healthcare of Texas. Working with the Molina Healthcare of Texas case management team, Brave Health is engaging select members as they are discharged from the hospital to participate in a six-month episode of care, during which Brave Health places a specific focus on quality outcome measures such as completion of 7-day and 30-day follow-up appointments and delivery of ongoing care. Participants will have the option to continue Brave Health care indefinitely to ensure continued support on their mental health journeys.
Brave Health also recently signed a value-based contract with Florida-based Medicaid insurer Sunshine Health, bringing the total number of potential Medicaid members under Brave Health’s care in value-based arrangements to More than a million.
The company describes its process as a step-by-step approach to improving outcomes: first, getting people into care quickly, and then providing ongoing support to keep them engaged in their treatment. The Brave Health team employs nearly 200 behavioral health providers, including therapists, psychiatrists, peer support specialists and nurse practitioners, all of whom work together to dramatically improve patient outcomes and lower health plan costs. Health.
By working within the system and sharing data and information, Brave Health said it can drive better short- and long-term outcomes and reduce costs associated with events such as potentially preventable hospitalizations, leading to up to a 66 percent reduction in readmission. . related costs.
The company’s most recent $40 million funding round was led by Town Hall Ventures, and was also joined by existing investors Union Square Ventures, City Light Capital and others. Brave Health is the first investment from Town Hall Venture’s recently announced $350 million fund.
“The team at Brave Health has demonstrated their commitment to doing the hard work of engaging the most vulnerable populations at their most vulnerable times and providing them with ongoing care. And they are taking responsibility for improving patient outcomes and ultimately, reduce the total cost of care,” Andy Slavitt, general partner of Town Hall Ventures, said in a statement. “We are delighted to support the expansion of Brave Health as they work to revamp the way mental health services are delivered and paid for on behalf of Medicaid populations across the country.”
Brave Health will use these funds to continue building the technology and data infrastructure that drive its patient engagement and outcomes engine, as well as further expand into new states and accelerate the closing and activation of new value-based contracts. in the 18 states in which they operate.
“Innovation in Medicaid reimbursement and care delivery models is critical to our health care system,” Anna Lindow, co-founder and CEO of Brave Health, said in a statement. “Today, we are fueled by the enthusiasm of our forward-thinking investors and health plan partners around this goal.”
