Milind Parate, vice president of corporate development for Northwell Holdings, the health system’s for-profit subsidiary for venture capital investments, said the child and adolescent behavioral health space is a growing market that has historically been underserved. as much care as adult behavioral health. . She said the team chose to invest in Brightline because it partners with employers rather than relying on a direct-to-consumer model.
Northwell also liked that Brightline is “entirely focused” on child and adolescent behavioral health, Parate said, unlike other companies that focus on adult care and also offer services for younger patients.
Richard Mulry, chairman and CEO of Northwell Holdings, said the health system is now in talks with Brightline to offer it as a solution to employees and self-insured employers through Northwell Direct, its direct-to-employer health services company. .
Brightline, founded in 2019, has raised more than $210 million to date. Serves more than 50 employers and 24 million health plan members.
Mulry and Parate said they do not anticipate additional investment in the same space. They said the team will focus on other areas, such as aging in place and cybersecurity, with an emphasis on AI-enabled solutions.
Mulry declined to disclose the total Northwell Holdings has invested to date.
