ATLANTA, August 18, 2022 /PRNewswire/ — Reason Healththe first marketplace connecting mental health therapists with clinical supervisors online, has raised $14 million in Series A financing led by Cox Enterprises with participation from SteelSky Ventures and Great Oaks Venture Capital. This investment allows Motivo, which was founded by a licensed therapist Rachel McCrickard in 2018, to carry out its mission of providing accessible and affordable clinical supervision to aspiring therapists.
The United States is facing a mental health crisis, exacerbated by the COVID-19 pandemic. A key barrier to accessing mental health care is the unfortunate reality that demand for licensed therapists far outstrips supply. There are simply not enough therapists to meet the growing mental health needs of the population.
A key reason for the shortage of mental health providers is the long and arduous process to become licensed. Just as a physician is required to complete a hospital residency, those working in mental health professions must complete approximately two years of personal consultation with a licensed therapist after graduate school. According to the respective licensing agencies, 64% of those earning a master’s degree in counseling never become licensed due to the time (two to four years of clinical supervision) and expense associated with becoming licensed. Historically completed in person, the rise of telehealth, as well as the global pandemic, prompted most states to allow counseling and supervision hours to be delivered virtually, resulting in a $173 billion total addressable market.
Motivo allows for virtual supervision and coordination of licensing requirements at the state level to reduce the cost and time to obtain and maintain a license for therapists. McCrickard’s own experience traveling two hours to the nearest supervisor sparked his idea for the company.
“At a time when our society is in need of quality mental health providers, it is critical that we harness technology to remove unnecessary barriers in the licensing process,” McCrickard said. “We are delighted to deepen our partnership with Cox Enterprises, SteelSky Ventures and others. Our investors align with our mission and will help accelerate our growth, while keeping a close eye on the overall quality and impact we are having on the mental health profession.” .”
To date, Motivo has helped more than 2,500 therapists become licensed. In 2020, the company hired key executives, miguel chen as CTO/Co-Founder and Sarah Louragh as COO, both prior to Airbnb. Earlier this year, Dr. Carla Smith joined the company as clinical director. tim howe of Cox Enterprises and Chris Cavazos, formerly of Humana, is on Motivo’s board of directors. Motivo is run by doctors, which separates the company from many of the other health technology companies that have launched in recent years.
“There is a tremendous opportunity to impact the mental health industry in a significant way,” he said. tim howe, associate vice president of healthcare investment and strategy, Cox Enterprises. “Behavioral health is an important component of our healthcare strategy, and Motivo is focused on helping therapists, social workers, behavior analysts and psychologists take the final step in their careers. As a licensed therapist, Rachel deeply understands pain points that exist for therapists, and their solution addresses their most critical needs, with a focus on access and affordability.”
“I saw the potential of Motivo early on and am proud to have been an early investor. Fast forward to 2022, and therapists are needed more than ever due to the mental health crisis, yet the workforce is in short supply.” Motivo has become instrumental in providing a strong and capable pipeline of therapists by assisting with licensing, upskilling and staffing, and is effectively strengthening access to care for those who need it most. The past success and positive track record of Motivo Bajo by Rachel McCrickard leadership gives me the utmost confidence in the future of the company and inspired us to invest in the company’s Series A round,” said Maria Toler VelissarisFounding Partner of SteelSky Ventures.
Motivo currently employs 23 full-time employees with plans to immediately hire sales leaders and software engineers with the new funding. The new round brings Motivo’s total funding to $16.3 million.
Motivo will use the funds to grow its sales and engineering team, acquire additional contracts with behavioral health organizations, digital health companies and health plans, and sign channel partnerships with graduate universities. Motivo will also expand to provide continuing education for therapist recertification and create a product offering for clinical staff augmentation and direct service delivery.
You can find more information about Motivo Health at motivehealth.com.
About Health Reason
Motivo Health is the first marketplace connecting mental health therapists with clinical supervisors online. Motivo is helping solve the nation’s behavioral health crisis by supporting therapists through the licensing process. Like physicians doing residency, therapists must complete two years of supervised experience after graduate school. Historically, these hours had to be completed in person, but the rise of digital health now allows supervision to be done virtually in most states. Motivo partners with community mental health organizations, treatment centers, and digital health companies to provide access to quality, vetted clinical supervisors in a completely virtual environment. For more information, visit motivehealth.com.
SOURCE Reason Health
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