LONG ISLAND, New York, October 19, 2022 /PRNewswire/ — Mindful Care Inc., whose goal is to improve access to urgent and affordable mental health care, today officially announced that it has closed its Series B funding round with an oversubscription of 7 million of dollars.
The round was made up of the entire Serie A syndicate, led by Sopris Capital, with the participation of the University of Chicago, Caruso Foundation, Venkon Group, among others. The funds will help Mindful Care expand current offerings to other regions, including the Midwest and Southeast, launch innovative individual therapy and addiction treatment programs, and further develop technology to improve clinical outcomes and patient satisfaction. .
dr tamir aldad, the CEO and founder of Mindful Care, wanted to bring urgent and affordable mental health care by offering access to same-day care, including medication to stabilize symptoms and therapy options. The company works with nearly all insurance providers to ensure its services are available to patients and offers affordable self-pay rates.
“Mental health can be an invisible illness, and when someone who is really struggling is told they will have to wait several weeks to see a specialist, it can feel like a lifetime,” said Dr. Aldad. “We wanted to create a solution that meant patients of all economic levels could access the care they needed. This additional funding will allow us to rapidly expand our offerings to more patients across the United States as we work to change the face of healthcare.” mental health”.
The current care landscape is unsustainable to adequately treat a growing mental health crisis. On average, patients often have to wait 6-8 weeks to see an in-network mental health provider, during which time their symptoms may worsen. Those who struggle end up in emergency rooms, self-medicating with drugs or alcohol, or resorting to self-harm.
With a monthly average of over ten thousand patient visits, Mindful Care has already seen a great need for its services. Mindful expects that number to grow exponentially in the coming years as it expands into new regions and offers new treatment options where affordable care is hard to find.
“Sopris is pleased to continue to support Mindful Care in this round as its growth and impact remain strong, and its commitment to improving the mental health crisis nationally is something we strongly believe in.” said mark gronerpartner at Sopris Capital, who sits on the board of directors for Mindful Care.
“I’m excited to see Mindful opening in Connecticut and several other post-Series B states in the US, as their resolution is timely and the need for quality mental health care continues to grow. Access to care remains an issue, and patients need a reliable and trustworthy service focused on quality of care and strong clinical outcomes, making Mindful a leader in its field,” said Dr. . hugh taylorchair of Obstetrics, Gynecology, and Reproductive Medicine at Yale School of Medicine.
The total cost of care (TCOC) to the health care system is in the tens of thousands for an individual hospitalization. Mindful Care’s ability to provide immediate help to patients in need improves outcomes and reduces COBT by reducing preventable emergency room visits and hospitalizations. Based on current patient visit data, Mindful estimates that it saves insurance payers $20 million a month by offering an alternative to emergency room visits.
In 2018, Mindful Care ranked first in the University of Chicago Polsky Center for Entrepreneurship and Innovation Global New Venture Challenge and second in the Edward L. Kaplan, ’71, New Venture Challenge, which is recognized as one of the top-ranked accelerator programs in the nation. Subsequently, the company opened its first store in West Hempstead, New York. Since then, it has opened seven other locations in the Greater New York area, two in New Jersey and two in chicago. To date, Mindful Care has helped more than 30,000 patients receive urgent mental health treatment, preventing countless suicides and hospitalizations.
About Mindful Care
Mindful Care is the first same-day mental health company focused on providing psychiatric care, group therapy, and individual therapy. Providing same-day or next-day care, home and in-person treatment at an affordable cost, Mindful Care has flexible and affordable options for every client. Mindful Care services include MicroTherapy® individual therapy, MindFit® group therapy, psychiatry, and a combination of psychiatry and therapy. Additionally, Mindful Care provides urgent mental health care for immediate mental health care needs and offers access to GeneSight, a DNA service that determines how a patient’s body will respond to potential medications. This allows patients to make informed prescription decisions, saving them time from trial and error when help is most needed. Through assessment of the needs of an individual patient using the company’s flexible options, Mindful Care is a flexible, accessible and affordable option for all who seek mental health services. For more information visit conscious.attention.
About Sopris Capital
Founded in 2002, Sopris Capital is a US-based venture capital firm that invests in early-stage and high-growth healthcare and B2B technology companies. Sopris seeks to be a value-added partner for startups with validated business models, evidence of product/market fit, and a passionate management team that can capitalize on the market opportunity. Learn more at: www.sopriscapital.com.
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